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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

The provision for income taxes for the years ended December 31 is as follows:

(000's omitted)	2014		2013		2012
Current:
Federal	$	30,006	$	24,202	$	18,875
State and other		870		866		830
Deferred:
Federal		6,867		5,806		9,051
State and other		594		1,324		2,981
Provision for income taxes	$	38,337	$	32,198	$	31,737

Components of Net Deferred Tax Liability

Components of the net deferred tax liability, included in other liabilities, as of December 31 are as follows:

(000's omitted)	2014			2013
Allowance for loan losses	$	17,476		$	17,246
Employee benefits		6,834			6,329
Investment securities		0			4,882
Debt extinguishment		904			1,215
Other, net		10,725			11,701
Deferred tax asset		35,939			41,373

Investment securities		37,527			0
Tax-deductible goodwill		35,842			31,997
Loan origination costs		6,792			6,883
Depreciation		3,722			4,838
Mortgage servicing rights		419			473
Pension		16,845			21,735
Deferred tax liability		101,147			65,926
Net deferred tax liability	$	(65,208	)	$	(24,553	)

Reconciliation of Differences between Federal Statutory Income Tax Rate and Effective Tax Rate

A reconciliation of the differences between the federal statutory income tax rate and the effective tax rate for the years ended December 31 is shown in the following table:

	2014			2013			2012
Federal statutory income tax rate		35.0	%		35.0	%		35.0	%
Increase (reduction) in taxes resulting from:
Tax-exempt interest		(5.4	)		(6.3	)		(7.1	)
State income taxes, net of federal benefit		0.7			1.3			2.3
Other		(0.7	)		(1.0	)		(1.0	)
Effective income tax rate		29.6	%		29.0	%		29.2	%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits for the years ended December 31 is shown in the following table:

(000’s omitted)	2014		2013		2012
Unrecognized tax benefits at beginning of year	$	138	$	70	$	133
Changes related to:
Positions taken during the current year		24		68		35
Settlements with taxing authorities		0		0		(98	)
Unrecognized tax benefits at end of year	$	162	$	138	$	70

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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