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INCOME TAXES | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 12—INCOME TAXES The current and deferred amounts of income tax expense for the years ended December 31, 2014, 2013 and 2012, respectively, are as follows (dollars in thousands):
|  | 2014 |  | 2013 |  | 2012
Current: |  |  |  |  |  |
Federal |  |  | $ |  | 7,715 |  |  |  | $ |  | 5,658 |  |  |  | $ |  | 5,506 |
State |  |  |  | 946 |  |  |  |  | 87 |  |  |  |  | 259 |
Subtotal |  |  |  | 8,661 |  |  |  |  | 5,745 |  |  |  |  | 5,765 |
Deferred: |  |  |  |  |  |
Federal |  |  |  | 223 |  |  |  |  | 1,906 |  |  |  |  | 1,085 |
State |  |  |  | (39 | ) |  |  |  |  | (167 | ) |  |  |  |  | 827 |
Subtotal |  |  |  | 184 |  |  |  |  | 1,739 |  |  |  |  | 1,912 |
Income tax expense |  |  | $ |  | 8,845 |  |  |  | $ |  | 7,484 |  |  |  | $ |  | 7,677 |
Reconciliation between the amount of reported income tax expense and the amount computed by applying the statutory Federal income tax rate is as follows (dollars in thousands):
|  | 2014 |  | 2013 |  | 2012
Income before income tax expense |  |  | $ |  | 27,410 |  |  |  | $ |  | 27,409 |  |  |  | $ |  | 25,184 |
Federal statutory rate |  |  |  | 35 | % |  |  |  |  | 35 | % |  |  |  |  | 35 | % |
Computed “expected” Federal income tax expense |  |  |  | 9,593 |  |  |  |  | 9,593 |  |  |  |  | 8,814 |
State tax, net of Federal tax benefit |  |  |  | 589 |  |  |  |  | (53 | ) |  |  |  |  | 706 |
Bank owned life insurance |  |  |  | (456 | ) |  |  |  |  | (477 | ) |  |  |  |  | (356 | ) |
Tax-exempt interest and dividends |  |  |  | (1,511 | ) |  |  |  |  | (1,645 | ) |  |  |  |  | (1,228 | ) |
Bargain gain on Saddle River Valley Bank acquisition |  |  |  | — |  |  |  |  | — |  |  |  |  | (314 | ) |
Other, net |  |  |  | 630 |  |  |  |  | 66 |  |  |  |  | 55 |
Income tax |  |  | $ |  | 8,845 |  |  |  | $ |  | 7,484 |  |  |  | $ |  | 7,677 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability at December 31, 2014 and 2013 are presented in the following table:
|  | 2014 |  | 2013
|  | (Dollars in Thousands)
Deferred tax assets: |  |  |  |
Impaired assets |  |  | $ |  | — |  |  |  | $ |  | 1,221 |
Allowance for loan losses |  |  |  | 5,681 |  |  |  |  | 4,118 |
Pension actuarial losses |  |  |  | 2,980 |  |  |  |  | 2,206 |
Purchase accounting |  |  |  | 9,221 |  |  |  |  | — |
Deferred compensation |  |  |  | 1,066 |  |  |  |  | — |
Accrued rent |  |  |  | 476 |  |  |  |  | — |
Other |  |  |  | 594 |  |  |  |  | 466 |
NJ NOL |  |  |  | 902 |  |  |  |  | 399 |
NJ AMA credits |  |  |  | — |  |  |  |  | 137 |
Total deferred tax assets |  |  | $ |  | 20,920 |  |  |  | $ |  | 8,547 |
Deferred tax liabilities: |  |  |  |
Employee benefit plans |  |  | $ |  | 1,199 |  |  |  | $ |  | 1,281 |
Depreciation |  |  |  | 886 |  |  |  |  | 416 |
Market discount accretion |  |  |  | 91 |  |  |  |  | 200 |
Deferred loan costs, net of fees |  |  |  | 317 |  |  |  |  | 385 |
Prepaid expenses |  |  |  | 393 |  |  |  |  | — |
Other |  |  |  | 64 |  |  |  |  | — |
Purchase accounting |  |  |  | — |  |  |  |  | 522 |
Unrealized gains on securities available-for-sale |  |  |  | 2,403 |  |  |  |  | 547 |
Total deferred tax liabilities |  |  |  | 5,353 |  |  |  |  | 3,351 |
Net deferred tax asset |  |  | $ |  | 15,567 |  |  |  | $ |  | 5,196 |
At December 31, 2014, the Company has approximately $15.4 million state income tax loss carry forwards which expire in 2034. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the projected future taxable income, and tax planning strategies in making this assessment. During 2014 and 2013, based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes the net deferred tax assets are more likely than not to be realized. The Company’s federal income tax returns are open and subject to examination from the 2010 tax return year and forward. The Company’s state income tax returns are generally open from the 2010 and later tax return years based on individual state statutes of limitations.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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