Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense for the years ended December 31, 2022, 2021, and 2020 are as follows:

	Years Ended December 31,
	2022		2021		2020
	(In thousands)
Current:
Federal	$	13,253	$	12,443	$	5,072
State	4,681		3,980		3,844
Total current	17,934		16,423		8,916
Deferred:
Federal	9,222		12,594		9,847
State	3,547		5,115		(109)
Total deferred	12,769		17,709		9,738
Total income tax expense	$	30,703	$	34,132	$	18,654

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,
	2022		2021		2020
	(In thousands)
Tax expense at applicable statutory rate	$	24,544	$	26,498	$	16,013
Increase (decrease) in taxes resulting from:
State tax, net of federal income tax benefit	6,449		7,185		2,951
ESOP fair market value adjustment	540		375		187
Tax exempt interest income	(31)		(15)		(11)
Income from Bank-owned life insurance	(1,179)		(863)		(1,075)
Dividend received deduction	(10)		(14)		(9)
Non-deductible merger-related expenses	40		53		42
Other, net	350		913		556
Total income tax expense	$	30,703	$	34,132	$	18,654

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, 2022 and 2021 are as follows:

	At December 31,
	2022		2021
	(In thousands)
Deferred tax assets:
Allowance for credit losses	$	14,990	$	17,486
Post-retirement benefits	6,002		5,974
Deferred compensation	3,619		3,519
Retirement Income Maintenance plan	3,062		2,767
ESOP	990		810
Stock-based compensation	2,386		2,288
Reserve for uncollected interest	35		28
Net unrealized losses on debt securities and defined benefit plans	70,060		17,809
Federal and State NOLs	13,333		9,667
Alternative minimum assessment carryforwards	2,156		2,156
Charitable contribution carryforward	3,514		4,529
Purchase accounting	2,805		1,551
Lease liability	5,264		5,462
Other items	7,002		4,077
Gross deferred tax assets	135,218		78,123
Valuation allowance	(1,965)		(1,965)
	133,253		76,158
Deferred tax liabilities:
Pension expense	68,825		61,530
Depreciation	5,945		6,655
Deferred loan costs	14,724		10,630
Intangible assets	1,616		1,594
Lease right-of-use asset	4,958		5,191
Other items	286		307
Total gross deferred tax liabilities	96,354		85,907
Net deferred tax asset (liability)	$	36,899	$	(9,749)