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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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)		2023				2022				2021
Current
Federal		$	22,829			$	51,077			$	35,483
State			5,890				12,934				8,626
Total Current		$	28,719			$	64,011			$	44,109
Deferred
Federal		$	4,593			$	(15,862	)		$	507
State			1,365				(3,988	)			357
Total Deferred		$	5,958			$	(19,850	)		$	864
Total income tax expense		$	34,677			$	44,161			$	44,973

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)		2023				2022
Deferred tax assets:
Allowance for loan losses		$	28,039			$	24,792
Lease liability			6,917				6,273
Deferred compensation			9,915				9,181
Fair value adjustments on acquisitions			18,306				125
Loan fees			30,778				33,389
Stock-based compensation expense			3,006				2,822
Unrealized losses on securities			45,446				53,663
Other			9,362				5,902
Total deferred tax assets		$	151,769			$	136,147
Deferred tax liabilities:
Pension benefits		$	14,742			$	13,103
Lease right-of-use asset			6,551				5,877
Amortization of intangible assets			22,850				14,112
Premises and equipment, primarily due to accelerated depreciation			2,746				4,889
Other			1,669				846
Total deferred tax liabilities		$	48,558			$	38,827
Net deferred tax asset at year-end		$	103,211			$	97,320
Net deferred tax asset at beginning of year			97,320				22,038
Increase in net deferred tax asset		$	5,891			$	75,282

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)		2023				2022				2021
Federal income tax at statutory rate		$	32,226			$	41,193			$	41,971
Tax exempt income			(1,442	)			(984	)			(1,014	)
Net increase in cash surrender value of life insurance			(1,367	)			(1,215	)			(1,230	)
Federal tax credits			(2,855	)			(2,417	)			(1,884	)
State taxes, net of federal tax benefit			5,732				7,067				7,097
Other, net			2,383				517				33
Income tax expense		$	34,677			$	44,161			$	44,973

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)		2023				2022
Balance at January 1		$	1,942			$	1,545
Additions for tax positions of prior years			647				3
Reduction for tax positions of prior years			(104	)			-
Current period tax positions			394				394
Balance at December 31		$	2,879			$	1,942
Amount that would affect the effective tax rate if recognized, gross of tax		$	2,274			$	1,535

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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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