Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income Taxes

The components of income taxes are as follows:

	Years Ended December 31,
(in thousands)	2020		2019		2018
Current tax provision	$	24,022	$	20,418	$	30,459
Deferred tax (benefit) expense	(6,763)		2,854		(13,571)
Total provision for income taxes	$	17,259	$	23,272	$	16,888

Summary of Income Tax Provision Reconciled to Income Taxes that Computed at Statutory Federal Rate

The income tax provision reconciled to the income taxes that would have been computed at the statutory federal rate of 21% as follows: 

	Years Ended December 31,
(in thousands)	2020		2019		2018
Federal income tax, at statutory rates	$	15,703	$	19,728	$	16,861
Increase (deduction) in taxes resulting from:
Tax-exempt income	(961)		(952)		(1,096)
State income tax, net of federal income tax effect	2,178		4,322		1,880
Adjustment to net deferred tax asset for change in NJ tax law	—		—		(943)
Excess tax expense (benefits) from employee share-based payments	132		(189)		(318)
Other, net	207		363		504
Provision for income taxes	$	17,259	$	23,272	$	16,888

Summary of Net Deferred Tax Asset

The net deferred tax asset consisted of the following:

	December 31,
(in thousands)	2020		2019
Deferred tax assets:
Allowance for credit losses/Allowance for loan losses	$	21,300	$	11,937
Stock based compensation plans	985		958
Purchase accounting fair market value adjustments	2,174		3,632
Non-accrued interest	664		381
Deferred compensation	2,570		2,444
Loss on equity securities	50		—
Other-than-temporary impairment loss on investment securities	—		41
Federal net operating loss carryforward	875		875
Unrealized loss on pension plans	13		2
Unrealized loss on derivatives	42		—
Other, net	508		594
Gross deferred tax assets	29,181		20,864
Deferred tax liabilities:
Core deposit intangible from acquired companies	852		1,235
Undistributed income from subsidiary not consolidated for tax return purposes (REIT)	852		678
Deferred loan costs	1,822		1,461
Depreciation and amortization	793		750
Prepaid expenses	578		443
Deferred gain on securities	—		162
Loss on equity securities	—		65
Unrealized gain on investment securities	4,746		884
Unrealized gains on hedging derivative	—		80
Other	260		301
Gross deferred tax liabilities	9,903		6,059
Net deferred tax assets	$	19,278	$	14,805