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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

		For the Years Ended December 31,
(In thousands)		2017				2016			2015
Current:
Federal		$	4,250			$	6,456		$	6,825
State			1,638				941			1,290
Deferred:
Federal			4,256				301			(84	)
State			(259	)			18			(53	)
Total income tax expense		$	9,885			$	7,716		$	7,978

Schedule of Reconciliation of Expected Income Tax Expense (Benefit)

A reconciliation of expected income tax expense (benefit), computed by applying the effective federal statutory rate of 35% for each of 2017, 2016 and 2015 to income before income tax expense is as follows:

		For the Years Ended December 31,
(In thousands)		2017				2016				2015
Expected income tax expense		$	12,214			$	11,223			$	10,862
(Reductions) increases resulting from:
Tax-exempt income			(3,868	)			(3,754	)			(3,704	)
State taxes, net of federal benefit			896				623				804
Share-based compensation adjustment			(376	)			—				—
Adjustment of deferred tax asset or liability for TCJA			1,824				—				—
Other, net			(805	)			(376	)			16
Total income tax expense		$	9,885			$	7,716			$	7,978

Schedule of Deferred Assets and Liabilities

The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

		December 31,
(In thousands)		2017				2016
Deferred tax assets:
Allowance for loan losses		$	2,413			$	3,718
ASC 715 pension funding liability			6,080				8,969
Net operating loss carryforward (1)			76				169
Supplemental executive retirement plan accrual			1,833				2,604
Stock compensation			1,307				1,695
Other			118				177
Total deferred tax assets		$	11,827			$	17,332
Deferred tax liabilities:
Premises and equipment			(2,248	)			(2,731	)
Pension			(1,379	)			(3,601	)
Intangible/assets			(1,091	)			(1,402	)
Unrealized gain on investment in securities available-for-sale			(1,938	)			(560	)
Deferred income			(2,121	)			—
Total deferred tax liabilities		$	(8,777	)		$	(8,294	)
Net deferred tax assets		$	3,050			$	9,038

⁽¹⁾ As of December 31, 2017, the Company had approximately $361,000 of net operating loss carry forwards as a result of the acquisition of Franklin Bancorp. The utilization of the net operating loss carry forward is subject to Section 382 of the Internal Revenue Code and limits the Company’s use to approximately $122,000 per year during the carry forward period, which expires in 2020.

Schedule of the Reconciliation of Unrecognized Tax Benefits

The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is presented in the following table:

(In thousands)		2017				2016				2015
Balance at January 1		$	1,623			$	1,194			$	1,117
Changes in unrecognized tax benefits as a result of tax positions taken during a prior year			(15	)			407				10
Changes in unrecognized tax benefits as a result of tax position taken during the current year			263				311				277
Decreases in unrecognized tax benefits relating to settlements with taxing authorities			—				—				—
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations			(239	)			(289	)			(210	)
Balance at December 31		$	1,632			$	1,623			$	1,194

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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

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-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.

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Tabular disclosure of the change in unrecognized tax benefits.

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-SubTopic 10
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