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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense from continuing operations consisted of the following: 

			Years Ended December 31,
(in thousands)			2021						2020						2019
Current expense
Federal			$	20,074					$	27,166					$	32,738
State and local			3,191						4,804						5,153
Deferred (benefit) expense
Federal			4,325						(11,076)						(28,313)
State and local			511						(1,596)						(4,292)
Tax credit investment amortization			3,166						2,606						2,702
Total			$	31,267					$	21,904					$	7,988

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense from continuing operations differed from amounts computed at the federal income tax statutory rate as follows: 

			Years Ended December 31,
			2021												2020												2019
(in thousands, except rate)			Rate						Amount						Rate						Amount						Rate						Amount
Income before taxes									$	146,689											$	101,894											$	48,708
Federal tax statutory rate			21.00		%				30,805						21.00		%				21,398						21.00		%				10,229
State tax - net of federal tax benefit			2.20		%				3,220						2.54		%				2,587						(0.45)		%				(217)
Tax-exempt interest benefit			(1.40)		%				(2,049)						(1.81)		%				(1,849)						(2.85)		%				(1,388)
Stock-based compensation expense			(0.77)		%				(1,132)						(0.16)		%				(159)						(0.25)		%				(123)
Other			0.29		%				423						(0.07)		%				(73)						(1.05)		%				(513)
Total			21.32		%				$	31,267					21.50		%				$	21,904					16.40		%				$	7,988

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the Company's deferred tax assets and liabilities: 

			At December 31,
(in thousands)			2021						2020
Deferred taxes assets
Provision for credit losses			$	11,477					$	15,957
Federal and state net operating loss carryforwards			628						849
Accrued liabilities			2,268						2,152
Other investments			471						451
Lease liabilities			12,028						15,290
Nonaccrual interest			213						497
Stock options			969						820
Loan valuation			289						454
Other			1,744						2,262
Total			30,087						38,732
Deferred taxes liabilities
Mortgage servicing rights			(22,221)						(18,663)
Deferred loan fees and costs			(7,336)						(10,972)
Lease right-of-use assets			(8,572)						(10,435)
Unrealized gain on investment AFS securities			(5,630)						(9,409)
Premises and equipment			(1,843)						(3,620)
Intangibles			(742)						(829)
Other			(54)						(171)
Total			(46,398)						(54,099)
Net deferred tax liability			$	(16,311)					$	(15,367)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
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