Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of income tax (benefit) expense attributable to income from operations

The income tax expense (benefit) attributable to income from operations is summarized as follows:

(In thousands)	Current		Deferred		Total
2021
Federal	$	19,345	$	1,485	$	20,830
State	4,039		313		4,352
Total	$	23,384	$	1,798	$	25,182
2020
Federal	$	22,199	$	(5,247)	$	16,952
State	4,009		(1,037)		2,972
Total	$	26,208	$	(6,284)	$	19,924
2019
Federal	$	15,161	$	2,668	$	17,829
State	2,782		405		3,187
Total	$	17,943	$	3,073	$	21,016

Schedule of effective income tax rate reconciliation

The primary reasons for the differences between income tax expense and the amount computed by applying the statutory federal income tax rate to earnings are as follows:

	2021		2020		2019
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.0		2.4		2.5
Tax exempt income	(1.2)		(1.8)		(1.5)
Excess benefits from equity-based compensation	(0.5)		(0.2)		(0.8)
Bank-owned life insurance income	(0.4)		(0.5)		(0.5)
Federal tax credit	0.0		(0.4)		(0.7)
All other	0.1		(0.1)		0.5
Total	22.0	%	20.4	%	20.5	%

Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows:

(In thousands)	2021		2020
Deferred tax assets:
Allowance for credit losses	$	11,160	$	13,095
Lease liability	7,277		7,858
Interest income on nonperforming loans	470		500
Compensation and benefits	12,303		11,580
Purchase accounting adjustments	360		0
Liabilities held at fair value	21		20
Deferred loan fees and costs	1,664		1,783
Other	1,017		1,097
Total	$	34,272	$	35,933
Deferred tax liabilities:
Prepaid pension	10,875		10,254
Right of use asset	7,092		7,270
Depreciation	3,586		3,735
Intangibles	1,401		1,266
Purchase accounting adjustments	0		5
Leases	1,985		2,425
Other	1,657		1,504
Total deferred tax liabilities	$	26,596	$	26,459
Net deferred tax asset at year-end	7,676		9,474
Net deferred tax asset at beginning of year	9,474		3,776
(Decrease) increase in net deferred tax asset	(1,798)		5,698
CECL accounting standard adoption recorded through equity	0		586
Deferred tax expense	$	1,798	$	(6,284)