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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes [Abstract] |
Components of Income Tax Expense Attributable to Operations | The significant components of income tax expense attributable to operations are as follows:
|  | Years ended December 31, |
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 28,475 |  |  | $ | 15,762 |  |  | $ | 35,839 |
State |  |  | 7,653 |  |  |  | 5,977 |  |  |  | 6,599 |
Total Current |  | $ | 36,128 |  |  | $ | 21,739 |  |  | $ | 42,438 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (1,379 | ) |  | $ | 2,281 |  |  | $ | 3,850 |
State |  |  | (338 | ) |  |  | 416 |  |  |  | (278 | )
Total Deferred |  | $ | (1,717 | ) |  | $ | 2,697 |  |  | $ | 3,572 |
Total income tax expense |  | $ | 34,411 |  |  | $ | 24,436 |  |  | $ | 46,010 |
Components 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 are as follows:
|  | December 31, |
(In thousands) |  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 18,535 |  |  | $ | 18,042 |
Lease liability |  |  | 9,331 |  |  |  | - |
Deferred compensation |  |  | 8,336 |  |  |  | 7,340 |
Postretirement benefit obligation |  |  | 1,631 |  |  |  | 1,962 |
Fair value adjustments from acquisitions |  |  | 422 |  |  |  | 663 |
Unrealized losses on securities |  |  | - |  |  |  | 4,893 |
Accrued liabilities |  |  | 1,176 |  |  |  | 913 |
Stock-based compensation expense |  |  | 3,032 |  |  |  | 2,821 |
Other |  |  | 1,498 |  |  |  | 1,008 |
Total deferred tax assets |  | $ | 43,961 |  |  | $ | 37,642 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Pension benefits |  | $ | 13,014 |  |  | $ | 10,782 |
Lease right-of-use asset |  |  | 9,259 |  |  |  | - |
Amortization of intangible assets |  |  | 12,202 |  |  |  | 11,525 |
Premises and equipment, primarily due to accelerated depreciation |  |  | 5,137 |  |  |  | 4,973 |
Unrealized gain on securities |  |  | 1,770 |  |  |  | - |
Other |  |  | 45 |  |  |  | 1,567 |
Total deferred tax liabilities |  | $ | 41,427 |  |  | $ | 28,847 |
Net deferred tax asset at year-end |  | $ | 2,534 |  |  | $ | 8,795 |
Net deferred tax asset at beginning of year |  |  | 8,795 |  |  |  | 7,293 |
(Decrease) increase in net deferred tax asset |  | $ | (6,261 | ) |  | $ | 1,502 |
Reconciliation of the Provision for Income taxes to the Amount Computed by Applying the Federal Statutory Rate | The following is a reconciliation of the provision for income taxes to the amount computed by applying the applicable Federal statutory rate to income before taxes:
|  | Years ended December 31 |
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Federal income tax at statutory rate |  | $ | 32,641 |  |  | $ | 28,770 |  |  | $ | 44,857 |
Tax exempt income |  |  | (1,233 | ) |  |  | (1,456 | ) |  |  | (2,303 | )
Net increase in cash surrender value of life insurance |  |  | (927 | ) |  |  | (973 | ) |  |  | (1,780 | )
Federal tax credit |  |  | (1,458 | ) |  |  | (1,499 | ) |  |  | (1,343 | )
State taxes, net of federal tax benefit |  |  | 5,773 |  |  |  | 5,051 |  |  |  | 4,107 |
Federal tax reform (Tax Act) |  |  | - |  |  |  | - |  |  |  | 4,407 |
Accounting method changes - tax rate change impact |  |  | - |  |  |  | (5,326 | ) |  |  | - |
Stock-based compensation, excess tax benefit |  |  | (342 | ) |  |  | (456 | ) |  |  | (1,619 | )
Other, net |  |  | (43 | ) |  |  | 325 |  |  |  | (316 | )
Income tax expense |  | $ | 34,411 |  |  | $ | 24,436 |  |  | $ | 46,010 |
Reconciliation of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of Federal and State gross unrecognized tax benefits ("UTBs") is as follows:
(In thousands) |  | 2019 |  |  | 2018 |
Balance at January 1 |  | $ | 641 |  |  | $ | 665 |
Additions for tax positions of prior years |  |  | 26 |  |  |  | 27 |
Reduction for tax positions of prior years |  |  | - |  |  |  | (159 | )
Current period tax positions |  |  | 112 |  |  |  | 108 |
Balance at December 31 |  | $ | 779 |  |  | $ | 641 |
Amount that would affect the effective tax rate if recognized, gross of tax |  | $ | 615 |  |  | $ | 506 |

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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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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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