Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Components of Provision for Income Taxes

(In thousands)	2014		2013		2012
Current	$	3,707	$	733	$	4,721
Deferred		(175)		4,329		772
Provision for income taxes	$	3,532	$	5,062	$	5,493

Tax Effects of Temporary Differences and Tax Credits that Give Rise to Deferred Tax Assets and Liabilities

(In thousands)	2014		2013
Deferred tax assets:
Allowance for loan losses	$	4,773	$	4,427
Postretirement benefit obligation		1,797		951
Deferred compensation		1,427		1,369
Installment sales		0		71
Core deposit intangible		0		31
Interest rate swap		165		251
Qualified School Bond Tax Credits		919		919
Affordable Housing/Other Tax Credits		1,170		1,244
Other		189		284
Net Operating Loss		0		288
Investment in real estate limited partnerships, net		335		121
Unrealized loss on securities available for sale		0		99
Unrealized loss on securities held to maturity		1,475		1,726
Total deferred tax assets	$	12,250	$	11,781
Deferred tax liabilities:
Loan mark-to-market adjustment	$	(3,736)	$	(3,756)
Deferred compensation		0		(3)
Installment sales		(30)		0
Unrealized gain on securities available for sale		(797)		0
Depreciation		(1,175)		(1,442)
Accrued pension cost		(3,106)		(2,963)
Total deferred tax liabilities	$	(8,844)	$	(8,164)
Net deferred tax asset	$	3,406	$	3,617

Reconciliation of Federal Income Tax Provision

(In thousands)	2014		2013		2012
Applicable statutory Federal income tax	$	5,402	$	6,972	$	7,241
(Reduction) increase in taxes resulting from:
Low Income Housing Projects		858		705		985
Tax-exempt income		(729)		(708)		(719)
Tax credits		(1,936)		(1,798)		(2,164)
Bank owned life insurance		(107)		0		0
Other, net		44		(109)		150
Provision for income taxes	$	3,532	$	5,062	$	5,493