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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Current and Deferred Amounts of Income Tax Expense (Benefit) | The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands):
| Years ended December 31,
| 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | 27,143 |  |  | 22,427 |  |  | 41,578 |
State | 11,389 |  |  | 10,354 |  |  | 2,493 |
Total current | 38,532 |  |  | 32,781 |  |  | 44,071 |
Deferred: |  |  |  |  |
Federal | (5,908) |  |  | 1,650 |  |  | (17,302) |
State | (2,021) |  |  | 24 |  |  | (1,239) |
Total deferred | (7,929) |  |  | 1,674 |  |  | (18,541) |
| $ | 30,603 |  |  | 34,455 |  |  | 25,530 |
Reconciliation between Amount Reported and Amount Computed for Income Tax Expense and Income Tax Rate | A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands):
| Years ended December 31,
| 2020 |  | 2019 |  | 2018
Tax expense at statutory rates | $ | 26,786 |  |  | 30,889 |  |  | 30,223 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
State tax, net of federal income tax benefit | 7,400 |  |  | 8,197 |  |  | 1,002 |
Tax-exempt interest income | (2,609) |  |  | (3,082) |  |  | (2,839) |
Bank-owned life insurance | (1,363) |  |  | (1,322) |  |  | (1,158) |
Other, net | 389 |  |  | (227) |  |  | (1,698) |
| $ | 30,603 |  |  | 34,455 |  |  | 25,530 |
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, 2020 and 2019 are as follows (in thousands):
| 2020 |  | 2019
Deferred tax assets: |  |  |
Allowance for credit losses on loans | $ | 26,156 |  |  | 14,313 |
Allowance for credit loss OBS | 1,295 |  |  | — |
Post-retirement benefit | 6,924 |  |  | 6,946 |
Deferred compensation | 839 |  |  | 1,175 |
Contingent Consideration | 714 |  |  | — |
Purchase accounting adjustments | 3,099 |  |  | 1,629 |
Depreciation | 331 |  |  | 750 |
SERP | 733 |  |  | 688 |
ESOP | 1,377 |  |  | 1,606 |
Stock-based compensation | 4,481 |  |  | 4,747 |
Payroll Protection Program fees | 2,268 |  |  | — |
Non-accrual interest | 225 |  |  | 417 |
Federal Net Operating Loss ("NOL") | 280 |  |  | 321 |
Net unrealized loss on hedging activities | 1,717 |  |  | — |
Pension liability adjustments | 376 |  |  | 1,821 |
Other | 925 |  |  | 1,223 |
Total gross deferred tax assets | 51,740 |  |  | 35,636 |
Deferred tax liabilities: |  |  |
Pension expense | 7,340 |  |  | 7,017 |
Deferred loan costs | 4,532 |  |  | 5,064 |
Investment securities, principally due to accretion of discounts | 79 |  |  | 70 |
Intangibles | 1,723 |  |  | 1,393 |
Originated mortgage servicing rights | 160 |  |  | 140 |
Unrealized gain on available for sale debt securities | 7,802 |  |  | 3,038 |
Net unrealized gain on hedging activities | — |  |  | 114 |
Total gross deferred tax liabilities | 21,636 |  |  | 16,836 |
Net deferred tax asset | $ | 30,104 |  |  | 18,800 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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