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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2016
INCOME TAXES |
Schedule of components of income tax expense |
|  | Year Ended December 31, |
(In thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 14,730 |  |  | $ | 8,248 |  |  | $ | 3,926 |
State |  |  | 780 |  |  |  | 1,230 |  |  |  | 507 |
Total current |  |  | 15,510 |  |  |  | 9,478 |  |  |  | 4,433 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 2,388 |  |  |  | 1,457 |  |  |  | 2,187 |
State |  |  | 897 |  |  |  | (157 | ) |  |  | 619 |
Total deferred |  |  | 3,285 |  |  |  | 1,300 |  |  |  | 2,806 |
Total income tax expense |  | $ | 18,795 |  |  | $ | 10,778 |  |  | $ | 7,239 |
Schedule of reconciliation of the expected Federal income tax expense at the statutory tax rate to the actual provision |
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
(Dollars in thousands) |  | Amount |  |  | Percentage of Pre-tax Earnings |  |  | Amount |  |  | Percentage of Pre-tax Earnings |  |  | Amount |  |  | Percentage of Pre-tax Earnings |
Federal income tax expense computed by applying the statutory rate to income before income taxes |  | $ | 19,000 |  |  |  | 35 | % |  | $ | 11,161 |  |  |  | 35 | % |  | $ | 7,141 |  |  |  | 34 | %
Tax exempt interest |  |  | (986 | ) |  |  | (2 | ) |  |  | (927 | ) |  |  | (3 | ) |  |  | (665 | ) |  |  | (3 | )
State taxes, net of federal income tax benefit |  |  | 1,090 |  |  |  | 2 |  |  |  | 1,087 |  |  |  | 3 |  |  |  | 743 |  |  |  | 4 |
Other |  |  | (309 | ) |  |  | — |  |  |  | (543 | ) |  |  | (1 | ) |  |  | 20 |  |  |  | — |
Income tax expense |  | $ | 18,795 |  |  |  | 35 | % |  | $ | 10,778 |  |  |  | 34 | % |  | $ | 7,239 |  |  |  | 35 | %
Schedule of components of deferred tax assets and liabilities |
|  | December 31, |
(In thousands) |  | 2016 |  |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses and off-balance sheet credit exposure |  | $ | 11,401 |  |  | $ | 9,154 |
Net unrealized losses on securities |  |  | 6,019 |  |  |  | 3,224 |
Compensation and related benefit obligations |  |  | 2,226 |  |  |  | 1,435 |
Purchase accounting fair value adjustments |  |  | 14,376 |  |  |  | 15,942 |
Net change in pension and other post-retirement benefits plans |  |  | 3,249 |  |  |  | 2,811 |
Net operating loss carryforward |  |  | 2,470 |  |  |  | 1,955 |
Net loss on cash flow hedges |  |  | - |  |  |  | 524 |
Other |  |  | 756 |  |  |  | 672 |
Total deferred tax assets |  |  | 40,497 |  |  |  | 35,717 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Pension and SERP expense |  |  | (4,715 | ) |  |  | (4,142 | )
Depreciation |  |  | (1,537 | ) |  |  | (1,828 | )
REIT undistributed net income |  |  | (86 | ) |  |  | (482 | )
Net deferred loan costs and fees |  |  | (1,844 | ) |  |  | (1,416 | )
Net gain on cash flow hedges |  |  | (341 | ) |  |  | - |
State and local taxes |  |  | (1,862 | ) |  |  | (1,541 | )
Other |  |  | (179 | ) |  |  | - |
Total deferred tax liabilities |  |  | (10,564 | ) |  |  | (9,409 | )
Net deferred tax asset |  | $ | 29,933 |  |  | $ | 26,308 |

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