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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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)		2021				2020				2019
Current
Federal		$	35,483			$	36,358			$	28,475
State			8,626				9,768				7,653
Total Current		$	44,109			$	46,126			$	36,128
Deferred
Federal		$	507			$	(14,021	)		$	(1,379	)
State			357				(3,406	)			(338	)
Total Deferred		$	864			$	(17,427	)		$	(1,717	)
Total income tax expense		$	44,973			$	28,699			$	34,411

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)		2021				2020
Deferred tax assets:
Allowance for loan losses		$	22,479			$	27,282
Lease liability			6,744				8,141
Deferred compensation			9,584				11,602
Postretirement benefit obligation			1,286				1,511
Fair value adjustments from acquisitions			199				259
Loan fees			12,936				5,400
Accrued liabilities			1,424				1,307
Stock-based compensation expense			2,679				3,213
Unrealized losses on securities			1,482				-
Other			4,200				3,558
Total deferred tax assets		$	63,013			$	62,273
Deferred tax liabilities:
Pension benefits		$	16,137			$	14,406
Lease right-of-use asset			5,681				6,567
Amortization of intangible assets			13,187				12,725
Premises and equipment, primarily due to accelerated depreciation			4,962				4,774
Unrealized gain on securities			-				7,732
Other			1,008				952
Total deferred tax liabilities		$	40,975			$	47,156
Net deferred tax asset at year-end		$	22,038			$	15,117
Net deferred tax asset at beginning of year			15,117				2,534
Increase in net deferred tax asset		$	6,921			$	12,583

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)		2021				2020				2019
Federal income tax at statutory rate		$	41,971			$	27,948			$	32,641
Tax exempt income			(1,014	)			(981	)			(1,233	)
Net increase in cash surrender value of life insurance			(1,230	)			(1,135	)			(927	)
Federal tax credits			(1,884	)			(1,705	)			(1,458	)
State taxes, net of federal tax benefit			7,097				5,026				5,773
Stock-based compensation, excess tax benefit			(323	)			(152	)			(342	)
Other, net			356				(302	)			(43)
Income tax expense		$	44,973			$	28,699			$	34,411

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)		2021				2020
Balance at January 1		$	1,178			$	779
Additions for tax positions of prior years			80				254
Current period tax positions			287				145
Balance at December 31		$	1,545			$	1,178
Amount that would affect the effective tax rate if recognized, gross of tax		$	1,221			$	931

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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.

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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.

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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.

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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.

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