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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of income tax expense | The income tax expense included in the consolidated financial statements for the years ended December 31 is allocated as follows:
(In thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Federal: |  |  |  |  |  |  |  |  |  |  |  |
Current (benefit)/expense |  | $ | (7,046 | ) |  | $ | 1,559 |  |  | $ | 13,207 |
Deferred expense |  |  | 16,908 |  |  |  | 13,922 |  |  |  | 486 |
State: |  |  |  |  |  |  |  |  |  |  |  |
Current expense |  |  | 3,554 |  |  |  | 2,133 |  |  |  | 2,105 |
Deferred expense |  |  | 134 |  |  |  | 196 |  |  |  | 466 |
Total income tax expense |  | $ | 13,550 |  |  | $ | 17,810 |  |  | $ | 16,264 |
Schedule of income tax reconciliation | Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 21 percent for 2018 and 35 percent for both 2017 and 2016, respectively, to income before taxes as a result of the following:
(In thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Computed “expected” tax expense |  | $ | 12,121 |  |  | $ | 19,008 |  |  | $ | 14,959 |
(Decrease)/increase in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income |  |  | (402 | ) |  |  | (584 | ) |  |  | (496 | )
State income taxes |  |  | 2,942 |  |  |  | 1,514 |  |  |  | 1,671 |
Bank owned life insurance income |  |  | (290 | ) |  |  | (475 | ) |  |  | (492 | )
Life insurance expense |  |  | 148 |  |  |  | 479 |  |  |  | 297 |
Gain on death benefit |  |  | (630 | ) |  |  | — |  |  |  | — |
Interest disallowance |  |  | 115 |  |  |  | 124 |  |  |  | 95 |
Meals and entertainment expense |  |  | 25 |  |  |  | 76 |  |  |  | 77 |
Stock-based compensation |  |  | (481 | ) |  |  | (982 | ) |  |  | 15 |
Tax reform impact |  |  | — |  |  |  | (1,648 | ) |  |  | — |
Other |  |  | 2 |  |  |  | 298 |  |  |  | 138 |
Total income tax expense |  | $ | 13,550 |  |  | $ | 17,810 |  |  | $ | 16,264 |
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31 are as follows:
(In thousands) |  | 2018 |  |  | 2017 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 10,537 |  |  | $ | 9,972 |
Tax net operating loss carryforward |  |  | 7,046 |  |  |  | — |
Lease adjustment |  |  | — |  |  |  | 49 |
Post-retirement benefits |  |  | — |  |  |  | 297 |
Organization costs |  |  | 13 |  |  |  | 14 |
Unrealized loss on securities available for sale |  |  | 969 |  |  |  | 714 |
Unrealized loss on equity security |  |  | 79 |  |  |  | — |
Stock plan |  |  | 1,534 |  |  |  | 118 |
Nonaccrual interest |  |  | 31 |  |  |  | 31 |
Accrued compensation |  |  | 189 |  |  |  | 900 |
Capital leases |  |  | 1,051 |  |  |  | 774 |
Total gross deferred tax assets |  | $ | 21,449 |  |  | $ | 12,869 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Lease financing |  | $ | 33,191 |  |  | $ | 10,091 |
Cash flow hedge |  |  | 265 |  |  |  | 392 |
Deferred loan origination costs and fees |  |  | 1,214 |  |  |  | 1,072 |
Deferred income |  |  | 2,693 |  |  |  | 729 |
Investment securities, principally due to the accretion of bond discount |  |  | — |  |  |  | 13 |
Other |  |  | 115 |  |  |  | 20 |
Total gross deferred tax liabilities |  |  | 37,478 |  |  |  | 12,317 |
Net deferred tax (liability)/asset |  | $ | (16,029 | ) |  | $ | 552 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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