Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Summary of Allocation of Federal and State Income Taxes Between Current and Deferred Portions

Allocation of federal and state income taxes between current and deferred portions is as follows:

 

     Years Ended December 31,  
     2013     2012     2011  
     (In thousands)  

Current tax provision:

       

Federal

    $ 8,875      $ 7,269      $ 4,805   

State

      2,420        1,842        1,185   
  

 

 

    

 

 

    

 

 

  

Total current provision

      11,295        9,111        5,990   
  

 

 

    

 

 

    

 

 

  

Deferred tax (benefit) provision:

       

Federal

      (2,514 )      (2,246 )      500   

State

      (710 )      (535 )      111   
  

 

 

    

 

 

    

 

 

  

Total deferred (benefit) provision

      (3,224 )      (2,781 )      611   
  

 

 

    

 

 

    

 

 

  

Total tax provision

    $ 8,071      $ 6,330      $ 6,601   
  

 

 

    

 

 

    

 

 

  
Summary of Differences Between the Statutory Federal Income Tax Rate and the Effective Tax Rates

The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:

 

     Years Ended December 31,  
     2013     2012     2011  

Statutory federal tax rate

      35.0 %      35.0 %      35.0 % 

Increase (decrease) resulting from:

       

State taxes, net of federal tax benefit

      4.7        4.5        4.5   

Dividends received deduction

      (1.5 )      (1.9 )      (1.4 ) 

Bank-owned life insurance

      (1.8 )      (2.2 )      (2.3 ) 

Tax exempt income

      (4.0 )      (3.1 )      (0.5 ) 

Other, net

      1.9        1.4        0.2   
  

 

 

    

 

 

    

 

 

  

Effective tax rates

      34.3 %      33.7 %      35.5 % 
  

 

 

    

 

 

    

 

 

  
Components of the Net Deferred Tax Asset

The components of the net deferred tax asset are as follows:

 

     December 31,  
     2013     2012  
     (In thousands)  

Deferred tax assets:

     

Federal

    $ 13,945      $ 11,816   

State

      3,950        3,353   
  

 

 

    

 

 

  
     17,895        15,169   
  

 

 

    

 

 

  

Deferred tax liabilities:

     

Federal

      (3,524 )      (4,372 ) 

State

      (893 )      (1,087 ) 
  

 

 

    

 

 

  
     (4,417 )      (5,459 ) 
  

 

 

    

 

 

  

Net deferred tax asset

    $ 13,478      $ 9,710   
  

 

 

    

 

 

  
Summary of Tax Effects of Each Item that Give Rise to Deferred Tax Assets

The tax effects of each item that give rise to deferred tax assets are as follows:

 

     December 31,  
     2013     2012  
     (In thousands)  

Net unrealized gain on securities available for sale

    $ (2,969 )    $ (3,615 ) 

Depreciation and amortization

      (902 )      (1,293 ) 

Other-than-temporary impairment losses

      97        97   

Allowance for loan losses

      10,349        8,376   

Employee benefit and retirement plans

      3,687        3,102   

Acquisition accounting

      2,362        2,581   

Other, net

      854        462   
  

 

 

    

 

 

  

Net deferred tax asset

    $ 13,478      $ 9,710   
  

 

 

    

 

 

  
Summary of the Change in the Net Deferred Tax Asset

A summary of the change in the net deferred tax asset is as follows:

 

     Years Ended December 31,  
     2013     2012     2011  
     (In thousands)  

Balance at beginning of year

    $ 9,710      $ 7,434      $ 5,441   

Deferred tax benefit (provision)

      3,224        2,781        (611 ) 

Deferred tax effects of:

       

Change in net unrealized gain (loss) on securities available for sale

      646        (489 )      2,511   

Amortization of defined benefit plan net actuarial loss and prior service cost

      (102 )      (16 )      93   
  

 

 

    

 

 

    

 

 

  

Balance at end of year

    $ 13,478      $ 9,710      $ 7,434