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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2019
INCOME TAXES |
Schedule of components of income tax expense |
|  | Year Ended December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,665 |  | $ | 5,270 |  | $ | 8,762
State |  |  | 639 |  |  | 1,023 |  |  | 937
Total current |  |  | 13,304 |  |  | 6,293 |  |  | 9,699
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (419) |  |  | 3,299 |  |  | 10,251
State |  |  | 1,175 |  |  | (451) |  |  | (1,004)
Total deferred |  |  | 756 |  |  | 2,848 |  |  | 9,247
Total income tax expense |  | $ | 14,060 |  | $ | 9,141 |  | $ | 18,946
Schedule of reconciliation of the expected Federal income tax expense at the statutory tax rate to the actual provision |
|  | Year Ended December 31, |
|  | 2019 | 2018 | 2017 |
|  |  |  |  | Percentage |  |  |  |  | Percentage |  |  |  |  | Percentage |
|  |  |  |  | of Pre-tax |  |  |  |  | of Pre-tax |  |  |  |  | of Pre-tax |
(Dollars in thousands) |  | Amount |  | Earnings |  | Amount |  | Earnings |  | Amount |  | Earnings |
Federal income tax expense computed by applying the statutory rate to income before income taxes |  | $ | 13,808 |  | 21 | % | $ | 10,157 |  | 21 | % | $ | 13,820 |  | 35 | %
Tax-exempt income |  |  | (920) |  | (1) |  |  | (1,002) |  | (2) |  |  | (1,808) |  | (5) |
State taxes, net of federal income tax benefit |  |  | 1,425 |  | 2 |  |  | 1,999 |  | 4 |  |  | 725 |  | 2 |
Deferred tax asset remeasurement (1) |  |  | — |  | — |  |  | — |  | — |  |  | 7,572 |  | 19 |
Other |  |  | (253) |  | (1) |  |  | (2,013) |  | (4) |  |  | (1,363) |  | (3) |
Income tax expense |  | $ | 14,060 |  | 21 | % | $ | 9,141 |  | 19 | % | $ | 18,946 |  | 48 | %
| (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) |  | 2019 |  | 2018
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses and off-balance sheet credit exposure |  | $ | 10,305 |  | $ | 9,309
Net unrealized losses on securities |  |  | 343 |  |  | 4,810
Compensation and related benefit obligations |  |  | 2,368 |  |  | 2,427
Purchase accounting fair value adjustments |  |  | 4,735 |  |  | 4,141
Net change in pension and other post-retirement benefits plans |  |  | 2,809 |  |  | 2,630
Net operating loss carryforward |  |  | 3,229 |  |  | 4,746
Net loss on cash flow hedges |  |  | 304 |  |  | —
Operating lease liabilities |  |  | 13,444 |  |  | —
Other |  |  | 200 |  |  | 671
Total deferred tax assets |  |  | 37,737 |  |  | 28,734
Deferred tax liabilities: |  |  |  |  |  |
Pension and SERP expense |  |  | (4,904) |  |  | (4,559)
Depreciation |  |  | (956) |  |  | (1,163)
REIT undistributed net income |  |  | (2,403) |  |  | (2,110)
Net deferred loan costs and fees |  |  | (2,413) |  |  | (2,206)
Net gain on cash flow hedges |  |  | — |  |  | (1,210)
State and local taxes |  |  | (1,227) |  |  | (1,468)
Operating lease right-of-use assets |  |  | (12,934) |  |  | —
Other |  |  | (835) |  |  | (353)
Total deferred tax liabilities |  |  | (25,672) |  |  | (13,069)
Net deferred tax asset |  | $ | 12,065 |  | $ | 15,665

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