INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The current and deferred amounts of income tax expense for the years ended December 31, 2014, 2013 and 2012, respectively, are as follows (dollars in thousands):

	2014				2013				2012
Current:
Federal		$	7,715			$	5,658			$	5,506
State			946				87				259
Subtotal			8,661				5,745				5,765
Deferred:
Federal			223				1,906				1,085
State			(39	)			(167	)			827
Subtotal			184				1,739				1,912
Income tax expense		$	8,845			$	7,484			$	7,677

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Reconciliation between the amount of reported income tax expense and the amount computed by applying the statutory Federal income tax rate is as follows (dollars in thousands):

	2014				2013				2012
Income before income tax expense		$	27,410			$	27,409			$	25,184
Federal statutory rate			35	%			35	%			35	%
Computed “expected” Federal income tax expense			9,593				9,593				8,814
State tax, net of Federal tax benefit			589				(53	)			706
Bank owned life insurance			(456	)			(477	)			(356	)
Tax-exempt interest and dividends			(1,511	)			(1,645	)			(1,228	)
Bargain gain on Saddle River Valley Bank acquisition			—				—				(314	)
Other, net			630				66				55
Income tax		$	8,845			$	7,484			$	7,677

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability at December 31, 2014 and 2013 are presented in the following table:

	2014			2013
	(Dollars in Thousands)
Deferred tax assets:
Impaired assets		$	—		$	1,221
Allowance for loan losses			5,681			4,118
Pension actuarial losses			2,980			2,206
Purchase accounting			9,221			—
Deferred compensation			1,066			—
Accrued rent			476			—
Other			594			466
NJ NOL			902			399
NJ AMA credits			—			137
Total deferred tax assets		$	20,920		$	8,547
Deferred tax liabilities:
Employee benefit plans		$	1,199		$	1,281
Depreciation			886			416
Market discount accretion			91			200
Deferred loan costs, net of fees			317			385
Prepaid expenses			393			—
Other			64			—
Purchase accounting			—			522
Unrealized gains on securities available-for-sale			2,403			547
Total deferred tax liabilities			5,353			3,351
Net deferred tax asset		$	15,567		$	5,196