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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2017
INCOME TAXES |
Schedule of components of income tax expense |
|  | Year Ended December 31, |
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 8,762 |  |  | $ | 14,730 |  |  | $ | 8,248 |
State |  |  | 937 |  |  |  | 780 |  |  |  | 1,230 |
Total current |  |  | 9,699 |  |  |  | 15,510 |  |  |  | 9,478 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 10,251 |  |  |  | 2,388 |  |  |  | 1,457 |
State |  |  | (1,004 | ) |  |  | 897 |  |  |  | (157 | )
Total deferred |  |  | 9,247 |  |  |  | 3,285 |  |  |  | 1,300 |
Total income tax expense |  | $ | 18,946 |  |  | $ | 18,795 |  |  | $ | 10,778 |
Schedule of reconciliation of the expected Federal income tax expense at the statutory tax rate to the actual provision |
|  | Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
(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 |  | $ | 13,820 |  |  |  | 35 | % |  | $ | 19,000 |  |  |  | 35 | % |  | $ | 11,161 |  |  |  | 35 | %
Tax exempt income |  |  | (1,808 | ) |  |  | (5 | ) |  |  | (1,661 | ) |  |  | (3 | ) |  |  | (1,356 | ) |  |  | (4 | )
State taxes, net of federal income tax benefit |  |  | 725 |  |  |  | 2 |  |  |  | 1,090 |  |  |  | 2 |  |  |  | 1,087 |  |  |  | 3 |
Deferred tax asset remeasurement (1) |  |  | 7,572 |  |  |  | 19 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  | (1,363 | ) |  |  | (3 | ) |  |  | 366 |  |  |  | 1 |  |  |  | (114 | ) |  |  | - |
Income tax expense |  | $ | 18,946 |  |  |  | 48 | % |  | $ | 18,795 |  |  |  | 35 | % |  | $ | 10,778 |  |  |  | 34 | %
| (1) | 2017 amount includes a charge to write-down deferred tax assets due to the enactment of the Tax Act of $7.6 million.
Schedule of components of deferred tax assets and liabilities |
|  | December 31, |
(In thousands) |  | 2017 |  |  | 2016 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses and off-balance sheet credit exposure |  | $ | 9,906 |  |  | $ | 11,401 |
Net unrealized losses on securities |  |  | 4,650 |  |  |  | 6,019 |
Compensation and related benefit obligations |  |  | 2,508 |  |  |  | 2,226 |
Purchase accounting fair value adjustments |  |  | 7,576 |  |  |  | 14,376 |
Net change in pension and other post-retirement benefits plans |  |  | 2,279 |  |  |  | 3,249 |
Net operating loss carryforward |  |  | 1,997 |  |  |  | 2,470 |
Other |  |  | 1,119 |  |  |  | 756 |
Total deferred tax assets |  |  | 30,035 |  |  |  | 40,497 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Pension and SERP expense |  |  | (3,915 | ) |  |  | (4,715 | )
Depreciation |  |  | (808 | ) |  |  | (1,537 | )
REIT undistributed net income |  |  | (2,146 | ) |  |  | (86 | )
Net deferred loan costs and fees |  |  | (1,406 | ) |  |  | (1,844 | )
Net gain on cash flow hedges |  |  | (792 | ) |  |  | (341 | )
State and local taxes |  |  | (1,255 | ) |  |  | (1,862 | )
Other |  |  | (221 | ) |  |  | (179 | )
Total deferred tax liabilities |  |  | (10,543 | ) |  |  | (10,564 | )
Net deferred tax asset |  | $ | 19,492 |  |  | $ | 29,933 |

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