Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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
2022
Federal	$	19,238	$	994	$	20,232
State	4,409		(84)		4,325
Total	$	23,647	$	910	$	24,557
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

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:

	2022		2021		2020
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.1		3.0		2.4
Tax exempt income	(1.1)		(1.2)		(1.8)
Excess benefits from equity-based compensation	(0.3)		(0.5)		(0.2)
Bank-owned life insurance income	(0.2)		(0.4)		(0.5)
Federal tax credit	0.0		0.0		(0.4)
All other	(0.1)		0.1		(0.1)
Total	22.4	%	22.0	%	20.4	%

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)	2022		2021
Deferred tax assets:
Allowance for credit losses	$	12,387	$	11,160
Lease liability	8,535		7,277
Interest income on nonperforming loans	503		470
Compensation and benefits	12,316		12,303
Purchase accounting adjustments	517		360
Liabilities held at fair value	56		21
Deferred loan fees and costs	1,053		1,664
Other	593		1,017
Total	$	35,960	$	34,272
Deferred tax liabilities:
Prepaid pension	11,528		10,875
Right of use asset	8,222		7,092
Depreciation	3,767		3,586
Intangibles	1,489		1,401
Leases	2,617		1,985
Other	1,571		1,657
Total deferred tax liabilities	$	29,194	$	26,596
Net deferred tax asset at year-end	6,766		7,676
Net deferred tax asset at beginning of year	7,676		9,474
Decrease in net deferred tax asset	(910)		(1,798)
Deferred tax expense	$	910	$	1,798