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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The current and deferred amounts of income tax expense for the years ended December 31, 2013, 2012 and 2011, respectively, are as follows:

		2013			2012			2011
		(Dollars in Thousands)
Current:
Federal		$	5,658		$	5,506		$	3,818
State			87			259			187
Subtotal			5,745			5,765			4,005
Deferred:
Federal			1,906			1,085			2,157
State			(167)			827			1,249
Subtotal			1,739			1,912			3,406
Income tax expense		$	7,484		$	7,677		$	7,411

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the amount of reported income tax expense and the amount computed by applying the statutory Federal income tax rate is as follows:

		2013				2012				2011
		(Dollars in Thousands)
Income before income tax expense		$	27,409			$	25,184			$	21,337
Federal statutory rate			35	%			35	%			35	%
Computed “expected” Federal income tax     expense			9,593				8,814				7,468
State tax, net of Federal tax benefit			(53)				706				933
Bank owned life insurance			(477)				(356)				(363)
Tax-exempt interest and dividends			(1,645)				(1,228)				(595)
Bargain gain on Saddle River Valley Bank     acquisition			—				(314)				—
Other, net			66				55				(32)
Income tax		$	7,484			$	7,677			$	7,411

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability at December 31, 2013 and 2012 are presented in the following table:

		2013			2012
		(Dollars in Thousands)
Deferred tax assets:
Impaired assets		$	1,221		$	1,967
Allowance for loan losses			4,118			4,040
Employee benefit plans			—			64
Pension actuarial losses			2,206			2,473
Other			466			454
NJ NOL			399			—
NJ AMA credits			137			131
Total deferred tax assets		$	8,547		$	9,129
Deferred tax liabilities:
Employee benefit plans		$	1,281		$	—
Depreciation			416			294
Market discount accretion			200			148
Deferred loan costs, net of fees			385			330
Purchase accounting			522			608
Unrealized gains on securities available-for-sale			547			5,675
Total deferred tax liabilities			3,351			7,055
Net deferred tax asset		$	5,196		$	2,074

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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