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Income Taxes | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES (Dollars In Thousands) The provision for income taxes is summarized below:
Current Tax Expense: | 2017 |  | 2016 |  | 2015
Federal | $ | 11,142 |  |  | $ | 10,496 |  |  | $ | 8,570 |
State | 917 |  |  | 1,002 |  |  | 1,004 |
Total Current Tax Expense | 12,059 |  |  | 11,498 |  |  | 9,574 |
Deferred Tax Expense (Benefit): |  |  |  |  |
Federal | (1,453 | ) |  | (69 | ) |  | 860 |
State | (77 | ) |  | (214 | ) |  | 176 |
Total Deferred Tax Expense (Benefit) | (1,530 | ) |  | (283 | ) |  | 1,036 |
Total Provision for Income Taxes | $ | 10,529 |  |  | $ | 11,215 |  |  | $ | 10,610 |
The provisions for income taxes differed from the amounts computed by applying the U.S. Federal Income Tax Rate of 35% for 2017, 2016 and 2015 to pre-tax income as a result of the following:
| 2017 |  | 2016 |  | 2015
Computed Tax Expense at Statutory Rate | $ | 13,949 |  |  | $ | 13,212 |  |  | $ | 12,345 |
Increase (Decrease) in Income Taxes Resulting From: |  |  |  |  |
Tax Cuts and Jobs Act impact on deferred remeasurement | (1,116 | ) |  | — |  |  | — |
Tax-Exempt Income | (2,537 | ) |  | (2,437 | ) |  | (2,292 | )
Nondeductible Interest Expense | 52 |  |  | 40 |  |  | 36 |
State Taxes, Net of Federal Income Tax Benefit | 698 |  |  | 554 |  |  | 805 |
Tax benefit from stock based compensation | (134 | ) |  | — |  |  | — |
Other Items, Net | (383 | ) |  | (154 | ) |  | (284 | )
Total Provision for Income Taxes | $ | 10,529 |  |  | $ | 11,215 |  |  | $ | 10,610 |
The Tax Act was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. statutory tax rate from 35% to 21%, among other changes. Accordingly, we have remeasured our deferred taxes as of December 22, 2017 to reflect the reduced rate that will apply in future periods when these deferred taxes are settled or realized, which resulted in a deferred tax benefit of $1.1 million to reflect the reduced U.S. tax rate. Interest and penalties are recorded as a component of the provision for income taxes, if any. There are no current examinations of our Federal or state income tax returns, nor have we been notified of any up-coming examinations. Tax years 2014 through 2017 are subject to Federal and New York State examination. Management annually conducts an analysis of its tax positions and has concluded that it has no uncertain tax positions as of December 31, 2017. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are calculated using the U.S. Federal Income Tax Rate of 21% and 35% at December 31, 2017 and 2016, respectively and are presented below:
| 2017 |  | 2016
Deferred Tax Assets: |  |  |
Allowance for Loan Losses | $ | 4,730 |  |  | $ | 6,609 |
Pension and Deferred Compensation Plans | 2,595 |  |  | 3,961 |
Pension Liability Included in Accumulated Other Comprehensive Income | 2,475 |  |  | 4,023 |
Other | 357 |  |  | 502 |
Net Unrealized Losses on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income | 426 |  |  | 239 |
Total Gross Deferred Tax Assets | 10,583 |  |  | 15,334 |
Valuation Allowance for Deferred Tax Assets | — |  |  | — |
Total Gross Deferred Tax Assets, Net of Valuation Allowance | $ | 10,583 |  |  | $ | 15,334 |
Deferred Tax Liabilities: |  |  |
Pension Plans | $ | 5,487 |  |  | $ | 8,399 |
Depreciation | 955 |  |  | 1,430 |
Deferred Income | 2,779 |  |  | 4,199 |
Goodwill | 3,566 |  |  | 5,324 |
Total Gross Deferred Tax Liabilities | $ | 12,787 |  |  | $ | 19,352 |
Management believes that the realization of the recognized gross deferred tax assets at December 31, 2017 and 2016 is more likely than not, based on historic earnings and expectations as to future taxable income. Interest and penalties are recorded as a component of the provision for income taxes, if any. There are no current examinations of our Federal or state income tax returns, nor have we been notified of any up-coming examinations. Tax years 2014 through 2017 are subject to Federal and New York State examination. Management annually conducts an analysis of its tax positions and has concluded that it has no uncertain tax positions as of December 31, 2017.

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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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