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INCOME TAXES | 12 Months Ended
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Dec. 31, 2014
INCOME TAXES [Abstract] |
INCOME TAXES | (10) INCOME TAXES For the years ended December 31, 2014, 2013 and 2012, income tax expense attributable to income from operations consisted of the following (amounts in thousands):
Current: |  | 2014 |  |  | 2013 |  |  | 2012 |
State |  | $ | 606 |  |  | $ | 395 |  |  | $ | 530 |
Federal |  |  | 5,366 |  |  |  | 3,548 |  |  |  | 4,208 |
|  |  | 5,972 |  |  |  | 3,943 |  |  |  | 4,738 |
Deferred expense/(benefit) |  |  | (2,263 | ) |  |  | (121 | ) |  |  | 647 |
|  | $ | 3,709 |  |  | $ | 3,822 |  |  | $ | 5,385 |
Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income before income tax expense as follows (amounts in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Tax computed at statutory rate |  | $ | 4,034 |  |  | $ | 4,268 |  |  | $ | 5,578 |
Tax-exempt interest |  |  | (456 | ) |  |  | (483 | ) |  |  | (506 | )
Dividend exclusion |  |  | (60 | ) |  |  | (46 | ) |  |  | (40 | )
State taxes, net of Federal impact |  |  | 227 |  |  |  | 188 |  |  |  | 439 |
Nondeductible interest expense |  |  | 8 |  |  |  | 11 |  |  |  | 16 |
Other items, net |  |  | (44 | ) |  |  | (116 | ) |  |  | (102 | )
Income tax expense |  | $ | 3,709 |  |  | $ | 3,822 |  |  | $ | 5,385 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013, are presented below (amounts in thousands):
|  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 5,182 |  |  | $ | 4,889 |
Accrual for employee benefit plans |  |  | 709 |  |  |  | 754 |
Depreciation |  |  | 1,010 |  |  |  | 431 |
Deferred compensation and directors' fees |  |  | 1,076 |  |  |  | 947 |
Purchase accounting adjustment – deposits |  |  | 65 |  |  |  | 137 |
Purchase accounting adjustment – loans |  |  | 259 |  |  |  | 340 |
Purchase accounting adjustment - fixed assets |  |  | 221 |  |  |  | 224 |
Accounting for defined benefit pension and other benefit plans |  |  | 6,624 |  |  |  | 3,691 |
Trust preferred impairment write down |  |  | 540 |  |  |  | 742 |
Nonaccrued interest |  |  | 617 |  |  |  | 626 |
Accrued expense |  |  | 1,580 |  |  |  | - |
Other |  |  | 456 |  |  |  | 647 |
Total gross deferred tax assets |  |  | 18,339 |  |  |  | 13,428 |
Deferred tax liabilities: |  |  |  |  |  |
Deferred loan fees and costs |  |  | 910 |  |  |  | 929 |
Prepaid pension |  |  | 5,179 |  |  |  | 5,435 |
Net unrealized gains on securities available for sale |  |  | 1,359 |  |  |  | 3,929 |
Discount accretion |  |  | 410 |  |  |  | 352 |
Core deposit intangible |  |  | 1,479 |  |  |  | 1,556 |
Other |  |  | 153 |  |  |  | 144 |
Total gross deferred tax liabilities |  |  | 9,490 |  |  |  | 12,345 |
Net deferred tax asset |  | $ | 8,849 |  |  | $ | 1,083 |
Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the loss carryback period. A valuation allowance is recognized 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 assets, the level of historical taxable income and 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. As of December 31, 2014, December 31, 2013 and December 31, 2012 the Corporation did not have any unrecognized tax benefits. The Corporation accounts for interest and penalties related to uncertain tax positions as part of its provision for Federal and State income taxes. As of December 31, 2014, 2013 and 2012, the Corporation did not accrue any interest or penalties related to its uncertain tax positions. The Corporation is not currently subject to examinations by Federal taxing authorities for the years prior to 2010 and for New York State taxing authorities for the years prior to 2010.

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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 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 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=6907707&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=6907707&loc=d3e32537-109319 Reference 6: 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=6907707&loc=d3e32559-109319 + Details
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