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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of components of income tax provision
The income tax (benefit) expense included in the accompanying statements of income consists of the following (in thousands):
 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
Current income tax (benefit) expense
 
$
(1,239
)
 
$
6,041

 
$
8,841

Deferred income tax (benefit) expense
 
(925
)
 
(944
)
 
(1,233
)
Income tax (benefit) expense
 
$
(2,164
)
 
$
5,097

 
$
7,608

Schedule of net deferred tax assets and liabilities
The components of the net deferred tax asset (liability) as of December 31, 2014 and 2013 are summarized below (in thousands):
 
 
Assets
 
Liabilities
Allowance for loan losses
 
$
4,625

 
$
Retirement and other benefit plans
 
 

 
(3,250
)
Unrealized gains on securities available for sale
 
 
 
(5,112
)
Premises and equipment
 
 

 
(7,033
)
Core deposit intangible
 
 
 
(2,963
)
Fair value adjustment on loans
 
6,381

 
 
Fair value adjustment on time deposits
 
767

 
 
Alternative minimum tax credit
 
5,613

 
 
Unfunded status of defined benefit plan
 
11,743

 
 

State business tax credit
 
639

 
 

Stock-based compensation
 
494

 
 

Other
 
803

 
 

Gross deferred tax assets (liabilities)
 
31,065


(18,358
)
Net deferred tax asset at December 31, 2014
 
$
12,707

 
 

 
 
 
 
 
Allowance for loan losses
 
$
6,607

 
$
Retirement and other benefit plans
 
 

 
(4,260
)
Unrealized losses on securities available for sale
 
4,661

 


Premises and equipment
 
 

 
(692
)
Alternative minimum tax credit
 
3,565

 
 
Qualified school construction bond tax credit
 
442

 
 

Unfunded status of defined benefit plan
 
6,667

 
 

State business tax credit
 
657

 
 

Stock-based compensation
 
385

 
 

Other
 
383

 
 

Gross deferred tax assets (liabilities)
 
23,367

 
(4,952
)
Net deferred tax asset at December 31, 2013
 
$
18,415

 
 

Schedule of income tax reconciliation
A reconciliation of tax at statutory rates and total tax expense is as follows (dollars in thousands):
 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
 
 
Amount
 
Percent of Pre-Tax Income
 
Amount
 
Percent of Pre-Tax Income
 
Amount
 
Percent of Pre-Tax Income
Statutory tax expense
 
$
6,348

 
34.0
 %
 
$
15,738

 
34.0
 %
 
$
14,806

 
35.0
 %
Increase (decrease) in taxes from:
 
 

 
 

 
 

 
 

 
 

 
 

Tax exempt interest
 
(9,942
)
 
(53.3
)%
 
(10,298
)
 
(22.2
)%
 
(7,151
)
 
(16.9
)%
Bank owned life insurance
 
(451
)
 
(2.4
)%
 
(1,059
)
 
(2.3
)%
 
(387
)
 
(0.9
)%
Share based compensation
 
766

 
4.1
 %
 

 
 %
 

 
 %
Acquisition costs
 
787

 
4.2
 %
 

 
 %
 

 
 %
State business tax
 
146

 
0.8
 %
 
350

 
0.7
 %
 
140

 
0.3
 %
Other, net
 
182

 
1.0
 %
 
366

 
0.8
 %
 
200

 
0.5
 %
Income tax (benefit) expense
 
$
(2,164
)
 
(11.6
)%
 
$
5,097

 
11.0
 %
 
$
7,608

 
18.0
 %