Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Current and Deferred Amounts of Income Tax Expense (Benefit)

The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands):

	Years ended December 31,
	2019		2018	2017
Current:
Federal	$	22,427	41,578	4,163
State	10,354		2,493	1,731
Total current	32,781		44,071	5,894
Deferred:
Federal	1,650		(17,302)	39,003
State	24		(1,239)	1,631
Total deferred	1,674		(18,541)	40,634
	$	34,455	25,530	46,528

Reconciliation between Amount Reported and Amount Computed for Income Tax Expense and Income Tax Rate

A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands):

	Years ended December 31,
	2019		2018	2017
Tax expense at statutory rates (1)	$	30,889	30,223	49,167
Increase (decrease) in taxes resulting from:
State tax, net of federal income tax benefit	8,197		1,002	2,185
Tax-exempt interest income	(3,082)		(2,839)	(5,097)
Bank-owned life insurance	(1,322)		(1,158)	(2,343)
Enactment of Tax Act	—		—	3,912
Other, net	(227)		(1,698)	(1,296)
	$	34,455	25,530	46,528

(1) The statutory tax rate for both 2019 and 2018 was 21%. For 2017, the statutory tax rate was 35%.

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are as follows (in thousands):

	2019		2018
Deferred tax assets:
Allowance for loan losses	$	14,313	13,968
Post-retirement benefit	6,946		7,481
Deferred compensation	1,175		1,371
Purchase accounting adjustments	1,629		1,562
Depreciation	750		215
SERP	688		694
ESOP	1,606		1,929
Stock-based compensation	4,747		4,464
Non-accrual interest	417		867
Unrealized loss on available for sale debt securities	—		3,599
Federal Net Operating Loss ("NOL")	321		363
Pension liability adjustments	1,821		1,358
Other	1,223		2,164
Total gross deferred tax assets	35,636		40,035
Deferred tax liabilities:
Pension expense	7,017		7,322
Deferred loan costs	5,064		4,872
Investment securities, principally due to accretion of discounts	70		93
Intangibles	1,393		1,159
Originated mortgage servicing rights	140		165
Unrealized gain on available for sale debt securities	3,038		—
Net unrealized gain on hedging activities	114		—
Total gross deferred tax liabilities	16,836		13,611
Net deferred tax asset	$	18,800	26,424