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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Tax Disclosure | Note 12 - Income Taxes The current and deferred amounts of income tax expense for 2016, 2015 and 2014 are as follows (dollars in thousands):
|  | 2016 |  | 2015 |  | 2014 |
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 10,173 |  | $ | 22,512 |  | $ | 7,715 |
State |  |  | (366) |  |  | 907 |  |  | 946 |
Subtotal |  |  | 9,807 |  |  | 23,419 |  |  | 8,661 |
Deferred: |  |  |  |  |  |  |  |  |  |
Federal |  |  | 2,682 |  |  | (3,835) |  |  | 223 |
State |  |  | (713) |  |  | 342 |  |  | (39) |
Subtotal |  |  | 1,969 |  |  | (3,493) |  |  | 184 |
Income tax expense |  | $ | 11,776 |  | $ | 19,926 |  | $ | 8,845 |
Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons (dollars in thousands):
|  | 2016 |  |  | 2015 |  |  | 2014 |
Income before income tax expense |  | $ | 42,858 |  |  | $ | 61,237 |  |  | $ | 27,410 |
Federal statutory rate |  |  | 35 | % |  |  | 35 | % |  |  | 35 | %
Computed “expected” Federal income tax expense |  |  | 15,000 |  |  |  | 21,433 |  |  |  | 9,593 |
State tax, net of Federal tax benefit |  |  | (701) |  |  |  | 812 |  |  |  | 589 |
Bank owned life insurance |  |  | (896) |  |  |  | (624) |  |  |  | (456) |
Tax-exempt interest and dividends |  |  | (1,714) |  |  |  | (1,584) |  |  |  | (1,511) |
Other, net |  |  | 87 |  |  |  | (111) |  |  |  | 630 |
Income tax |  | $ | 11,776 |  |  | $ | 19,926 |  |  | $ | 8,845 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability at December 31, 2016 and 2015 are presented in the following table:
|  | 2016 |  | 2015 |
|  | (dollars in thousands) |
Deferred tax assets: |  |  |  |  |  |  |
Nonaccrual interest |  | $ | 470 |  | $ | 349 |
Allowance for loan and lease losses |  |  | 10,374 |  |  | 10,798 |
Pension actuarial losses |  |  | 2,439 |  |  | 2,605 |
Purchase accounting |  |  | 4,881 |  |  | 7,195 |
Deferred compensation |  |  | 2,277 |  |  | 1,479 |
Unrealized losses on securities and SWAPs |  |  | - |  |  | 445 |
Deferred loan costs, net of fees |  |  | 613 |  |  | 460 |
Accrued rent |  |  | 617 |  |  | 530 |
Other |  |  | 14 |  |  | 25 |
New Jersey net operating loss |  |  | 1,004 |  |  | - |
Capital lease |  |  | 139 |  |  | 427 |
Total deferred tax assets |  | $ | 22,828 |  | $ | 24,313 |
Deferred tax liabilities: |  |  |  |  |  |  |
Employee benefit plans |  | $ | (2,275) |  | $ | (1,370) |
Depreciation |  |  | (1,039) |  |  | (1,001) |
Market discount accretion |  |  | (235) |  |  | (41) |
Prepaid expenses |  |  | (345) |  |  | (341) |
Unrealized gains on securities and SWAPs |  |  | (449) |  |  | - |
Other |  |  | (33) |  |  | (27) |
Total deferred tax liabilities |  |  | (4,376) |  |  | (2,780) |
Net deferred tax assets |  | $ | 18,452 |  | $ | 21,533 |
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 for state purposes is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible, while for Federal purposes the deferred tax assets can also be realized through tax carrybacks. Management considers the scheduled reversal of deferred tax liabilities, the projected future taxable income, and tax planning strategies in making this assessment. During 2016 and 2015, 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 2013 tax return year and forward. The Company’s state income tax returns are generally open from the 2012 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 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 2: 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=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 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=65882285&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=65882285&loc=d3e32537-109319 + Details
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