INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of Income tax expense for continuing operations for the years ended December 31, 2020, 2019, and 2018 are as follows:

	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Current expense:
Federal	$	10,468	$	8,592	$	20,165
State	8,861		8,576		12,152
Total current expense	19,329		17,168		32,317
Deferred expense (benefit):
Federal	(6,467)		5,033		2,857
State	(3,974)		390		2,363
Total deferred expense/(benefit)	(10,441)		5,423		5,220
Income tax expense	$	8,888	$	22,591	$	37,537

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense attributable to income from continuing operations differs from the amounts computed by applying the Federal statutory rate to pre-tax income from continuing operations. Reconciliations between the Federal statutory income tax rate of 21% to the effective income tax rate for the years ended December 31, 2020, 2019 and 2018 are as follows:

	Year Ended December 31,
	2020		2019		2018
Statutory Federal income tax rate	21.0	%	21.0	%	21.0	%
Increase/(decrease) resulting from:
State and local income tax, net of Federal tax benefit	7.1	%	6.9	%	9.6	%
Book versus tax difference	—	%	—	%	6.7	%
Tax-exempt interest, net	(11.0)	%	(5.6)	%	(4.8)	%
Tax credits	(9.5)	%	(4.1)	%	(2.9)	%
Investments in affordable housing projects	7.1	%	3.4	%	1.9	%
Noncontrolling interests	—	%	—	%	(0.5)	%
Other, net	1.7	%	0.3	%	0.4	%
Effective income tax rate	16.4	%	21.9	%	31.4	%

Schedule of Deferred Tax Assets and Liabilities

The components of gross deferred tax assets and gross deferred tax liabilities at December 31, 2020 and 2019 are as follows:

	December 31,
	2020		2019
	(In thousands)
Gross deferred tax assets:
Allowance for loan and OREO losses	$	26,444	$	21,789
Interest on nonaccrual loans	214		172
Stock compensation	1,324		1,710
Deferred and accrued compensation	13,010		13,096
Lease liabilities	32,068		34,129
PPP loan origination fees	1,692		—
Other	1,618		1,129
Total gross deferred tax assets	76,370		72,025
Gross deferred tax liabilities:
Goodwill and acquired intangible assets	14,579		13,333
Fixed assets	4,979		4,518
Right-of-use assets	30,673		32,454
Prepaid expenses	405		385
Loan servicing fees	545		—
Contingent payments	5,688		6,764
Unrealized gain on investments	12,441		2,949
Other	286		239
Total gross deferred tax liabilities	69,596		60,642
Net deferred tax assets	$	6,774	$	11,383

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending gross amount of unrecognized tax benefits under the provisions of ASC 740-10 is as follows:

	2020		2019		2018
	(In thousands)
Balance at January 1	$	909	$	935	$	1,025
Additions based on tax positions related to the current year	190		177		149
Additions based on tax positions taken in prior years	180		—		—
Decreases based on the expiration of statute of limitations	(213)		(203)		(239)
Balance at December 31	$	1,066	$	909	$	935