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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Tax Expense

The components of the Company’s provision for income taxes for the years ended December 31, 2016, 2015, and 2014 were, as follows: 

(In thousands)		2016				2015				2014
Current:
Federal tax expense		$	6,758			$	4,696			$	294
State tax expense		1,101				(1,631		)		305
Total current expense		7,859				3,065				599
Deferred:
Federal tax expense		9,438				2,023				8,685
State tax expense		1,591				(24		)		2,509
Total deferred tax expense		11,029				1,999				11,194
Change in valuation allowance		(104		)		—				(30		)
Total income tax expense		$	18,784			$	5,064			$	11,763

Schedule of Reconciliation of the Statutory Federal Income Tax Rate to Effective Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2016, 2015, and 2014: 

		2016							2015							2014
(In thousands, except rates)		Amount				Rate			Amount				Rate			Amount				Rate
Statutory tax rate		$	27,108			35.0	%		$	19,104			35.0	%		$	15,928			35.0	%
Increase (decrease) resulting from:
State taxes, net of federal tax benefit		1,675				2.2			(974		)		(1.8	)		1,810				4.0
Tax exempt income - investments, net		(3,849		)		(5.0	)		(3,463		)		(6.3	)		(2,796		)		(6.1	)
Bank-owned life insurance		(1,364		)		(1.8	)		(1,284		)		(2.4	)		(1,070		)		(2.4	)
Disallowed merger costs		542				0.7			422				0.8			206				0.5
Non-deductible goodwill on disposal operations sale		—				—			313				0.6			—				—
Tax credits, net of basis reduction		(6,225		)		(8.0	)		(8,308		)		(15.2	)		(1,658		)		(3.6	)
Change in valuation allowance		125				0.2			—				—			—				—
Other, net		772				1.0			(746		)		(1.4	)		(657		)		(1.5	)
Effective tax rate		$	18,784			24.3	%		$	5,064			9.3	%		$	11,763			25.9	%

Schedule of Components of Deferred Tax Assets and Liabilities

As of December 31, 2016 and 2015, significant components of the Company’s deferred tax asset and liabilities were, as follows:

(In thousands)		2016				2015
Deferred tax assets:
Allowance for loan losses		$	17,747			$	16,303
Tax credit carryforwards		4,100				7,295
Unrealized capital loss on tax credit investments		6,999				2,892
Net unrealized loss on swaps, securities available for sale, and pension in OCI		—				2,371
Employee benefit plans		7,813				8,776
Purchase accounting adjustments		23,520				10,755
Net operating loss and capital loss carryforwards		2,643				3,317
Other		4,997				2,527
Deferred tax assets, net before valuation allowances		67,819				54,236
Valuation allowance		(125		)		(229		)
Deferred tax assets, net of valuation allowances		$	67,694			$	54,007
Deferred tax liabilities:
Net unrealized gain on swaps, securities available for sale, and pension in OCI		$	(5,884	)		$	—
Premises and equipment		(2,519		)		(2,577		)
Loan servicing rights		(4,546		)		—
Intangible amortization		(11,543		)		(8,904		)
Other		(2,074		)		—
Deferred tax liabilities		$	(26,566	)		$	(11,481	)
Deferred tax assets, net		$	41,128			$	42,526

Schedule of Components of the Valuation Allowance on Deferred Tax Asset

The components of the Company’s valuation allowance on its deferred tax asset, net as of December 31, 2016 and 2015 were, as follows: 

(in thousands)		2016				2015
State tax basis difference, net of Federal tax benefit (of 35%)		$	(125	)		$	(229	)
Valuation allowances		$	(125	)		$	(229	)

Schedule of Changes in Unrecognized Tax Benefits

The following table presents changes in unrecognized tax benefits for the years ended December 31, 2016, 2015, and 2014:

(In thousands)		2016				2015				2014
Unrecognized tax benefits at January 1		$	307			$	553			$	477
Increase in gross amounts of tax positions related to prior years		270				—				55
Increase in gross amounts of tax positions related to current year		—				—				93
Decrease due to lapse in statute of limitations		(117		)		(246		)		(72		)
Unrecognized tax benefits at December 31		$	460			$	307			$	553

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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