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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The income tax expense (benefit) attributable to income from operations is summarized as follows:
(in thousands) | Current |  | Deferred |  | Total
2016 |  |  |  |  |
Federal | $ | 22,943 |  |  | $ | 1,551 |  |  | $ | 24,494 |
State | 2,243 |  |  | 308 |  |  | 2,551 |
Total | $ | 25,186 |  |  | $ | 1,859 |  |  | $ | 27,045 |
2015 |  |  |  |  |
Federal | $ | 22,955 |  |  | $ | 2,841 |  |  | $ | 25,796 |
State | 3,103 |  |  | 63 |  |  | 3,166 |
Total | $ | 26,058 |  |  | $ | 2,904 |  |  | $ | 28,962 |
2014 |  |  |  |  |
Federal | $ | 19,749 |  |  | $ | 2,915 |  |  | $ | 22,664 |
State | 624 |  |  | 2,116 |  |  | 2,740 |
Total | $ | 20,373 |  |  | $ | 5,031 |  |  | $ | 25,404 |
The primary reasons for the differences between income tax expense and the amount computed by applying the statutory federal income tax rate to earnings are as follows:
| 2016 |  | 2015 |  | 2014
Statutory federal income tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State income taxes, net of federal benefit | 1.9 |  |  | 2.4 |  |  | 2.3 |
Tax exempt income | (2.7 | ) |  | (2.5 | ) |  | (2.5 | )
Excess benefits from equity-based compensation | (1.4 | ) |  | 0.0 |  |  | 0.0 |
Bank-owned life insurance income | (0.8 | ) |  | (0.8 | ) |  | (0.8 | )
Federal tax credit | (0.4 | ) |  | (0.8 | ) |  | (1.0 | )
All other | (0.3 | ) |  | (0.2 | ) |  | (0.2 | )
Total | 31.3 | % |  | 33.1 | % |  | 32.8 | %
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows:
(in thousands) | 2016 |  | 2015 |  | 2014
Deferred tax assets: |  |  |  |  |
Allowance for loan and lease losses | $ | 13,737 |  |  | $ | 12,411 |  |  | $ | 11,276 |
Interest income on nonperforming loans | 214 |  |  | 1,207 |  |  | 395 |
Compensation and benefits | 14,504 |  |  | 14,032 |  |  | 13,081 |
Purchase accounting adjustments | 527 |  |  | 1,920 |  |  | 3,538 |
Liabilities held at fair value | 1 |  |  | 218 |  |  | 364 |
Tax credit carryforward | 0 |  |  | 831 |  |  | 1,995 |
Other | 3,088 |  |  | 2,546 |  |  | 2,347 |
Total | $ | 32,071 |  |  | $ | 33,165 |  |  | $ | 32,996 |
Deferred tax liabilities: |  |  |  |  |
Prepaid pension | $ | 11,439 |  |  | $ | 10,992 |  |  | $ | 9,377 |
Depreciation | 3,006 |  |  | 3,277 |  |  | 2,553 |
Intangibles | 882 |  |  | 567 |  |  | 236 |
Other | 2,901 |  |  | 2,144 |  |  | 1,741 |
Total deferred tax liabilities | $ | 18,228 |  |  | $ | 16,980 |  |  | $ | 13,907 |
Net deferred tax asset at year-end | $ | 13,843 |  |  | $ | 16,185 |  |  | $ | 19,089 |
Net deferred tax asset at beginning of year | $ | 16,185 |  |  | $ | 19,089 |  |  | $ | 24,120 |
Decrease in net deferred tax asset | (2,342 | ) |  | (2,904 | ) |  | (5,031 | )
Purchase accounting adjustments, net | (483 | ) |  | 0 |  |  | 0 |
Deferred tax expense | $ | 1,859 |  |  | $ | 2,904 |  |  | $ | 5,031 |
This analysis does not include recorded deferred tax assets (liabilities) of $5.1 million and $1.8 million as of December 31, 2016 and 2015, respectively, related to net unrealized holdings losses/(gains) in the available-for-sale securities portfolio. In addition, the analysis excludes the recorded deferred tax assets of $18.6 million and $18.1 million, as of December 31, 2016 and 2015, respectively, related to employee benefit plans. Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the carry-back period. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods in which the temporary differences comprising the deferred tax assets will be deductible. Based on its assessment, management determined that no valuation allowance is necessary at December 31, 2016 and 2015. At December 31, 2016 and December 31, 2015, the Company had no ASC 740-10 unrecognized tax benefits. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company recognizes interest and penalties on unrecognized tax benefits in income tax expense in its Consolidated Statements of Income. The Company is subject to U.S. federal income tax and income tax in various state jurisdictions. All tax years ending after December 31, 2011 are open to examination by the taxing authorities.

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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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