Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Components of Income Tax Expense (Benefit)

The current and deferred amounts of income tax expense for the years ended December 31, 2021, 2020, and 2019 are as follows:


	Years Ended December 31,
	2021		2020		2019
	(In thousands)
Current:
Federal	$	12,443	$	5,072	$	5,933
State	3,980		3,844		2,905
Total current	16,423		8,916		8,838

Deferred:
Federal	12,594		9,847		8,275
State	5,115		(109)		(748)
Total deferred	17,709		9,738		7,527
Total income tax expense	$	34,132	$	18,654	$	16,365

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory federal income tax rate of 21% is as follows:


	Years Ended December 31,
	2021		2020		2019
	(In thousands)

Tax expense at applicable statutory rate	$	26,498	$	16,013	$	14,927
Increase (decrease) in taxes resulting from:
State tax, net of federal income tax benefit	7,185		2,951		1,704
ESOP fair market value adjustment	375		187		272
Tax exempt interest income	(15)		(11)		(6)
Income from Bank-owned life insurance	(863)		(1,075)		(1,246)
Dividend received deduction	(14)		(9)		(8)
Non-deductible merger-related expenses	53		42		222
Non-deductible compensation expense	—		—		398
Other, net	913		556		102
Total income tax expense	$	34,132	$	18,654	$	16,365

Schedule of 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, 2021 and 2020 are as follows:


	At December 31,
	2021		2020
	(In thousands)
Deferred tax assets:
Allowance for loan losses	$	17,486	$	20,878
Post-retirement benefits	5,974		5,544
Deferred compensation	3,519		2,779

Retirement Income Maintenance plan	2,767		2,471
ESOP	810		624
Stock-based compensation	2,288		1,699
Reserve for uncollected interest	28		126
Net unrealized losses on debt securities and defined benefit plans	17,809		18,511
Federal and State NOLs	9,667		9,719
Alternative minimum assessment carryforwards	2,156		2,156
Charitable contribution carryforward	4,529		6,359
Purchase accounting	1,551		1,024
Lease liability	5,462		5,609
Other items	4,077		3,215
Gross deferred tax assets	78,123		80,714
Valuation allowance	(1,965)		(2,002)
	76,158		78,712
Deferred tax liabilities:
Pension expense	61,530		49,225
Depreciation	6,655		6,118
Deferred loan costs	10,630		8,555
Intangible assets	1,594		1,597
Lease right-of-use asset	5,191		5,317
Other items	307		716
Total gross deferred tax liabilities	85,907		71,528
Net deferred tax (liability) asset	$	(9,749)	$	7,184