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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 23,049 |  |  | $ | 22,829 |  |  | $ | 51,077 |
State |  |  | 7,039 |  |  |  | 5,890 |  |  |  | 12,934 |
Total current |  | $ | 30,088 |  |  | $ | 28,719 |  |  | $ | 64,011 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 8,306 |  |  | $ | 4,593 |  |  | $ | (15,862 | )
State |  |  | 423 |  |  |  | 1,365 |  |  |  | (3,988 | )
Total deferred |  | $ | 8,729 |  |  | $ | 5,958 |  |  | $ | (19,850 | )
Total income tax expense |  | $ | 38,817 |  |  | $ | 34,677 |  |  | $ | 44,161 |
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) |  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 29,229 |  |  | $ | 28,039 |
Lease liability |  |  | 7,646 |  |  |  | 6,917 |
Deferred compensation |  |  | 10,581 |  |  |  | 9,915 |
Fair value adjustments on acquisitions |  |  | 15,958 |  |  |  | 18,306 |
Loan fees |  |  | 23,660 |  |  |  | 30,778 |
Stock-based compensation expense |  |  | 3,375 |  |  |  | 3,006 |
Unrealized losses on securities |  |  | 41,346 |  |  |  | 45,446 |
Other |  |  | 6,382 |  |  |  | 9,362 |
Total deferred tax assets |  | $ | 138,177 |  |  | $ | 151,769 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Pension benefits |  | $ | 16,705 |  |  | $ | 14,742 |
Lease right-of-use asset |  |  | 7,195 |  |  |  | 6,551 |
Amortization of intangible assets |  |  | 22,476 |  |  |  | 22,850 |
Premises and equipment, primarily due to accelerated depreciation |  |  | 1,510 |  |  |  | 2,746 |
Other |  |  | 2,072 |  |  |  | 1,669 |
Total deferred tax liabilities |  | $ | 49,958 |  |  | $ | 48,558 |
Net deferred tax asset at year-end |  | $ | 88,219 |  |  | $ | 103,211 |
Net deferred tax asset at beginning of year |  |  | 103,211 |  |  |  | 97,320 |
(Decrease) Increase in net deferred tax asset |  | $ | (14,992 | ) |  | $ | 5,891 |
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Federal income tax at statutory rate |  | $ | 37,686 |  |  | $ | 32,226 |  |  | $ | 41,193 |
Tax exempt income |  |  | (1,783 | ) |  |  | (1,442 | ) |  |  | (984 | )
Net increase in cash surrender value of life insurance |  |  | (1,866 | ) |  |  | (1,367 | ) |  |  | (1,215 | )
Federal tax credits |  |  | (1,171 | ) |  |  | (1,297 | ) |  |  | (1,398 | )
State taxes, net of federal tax benefit |  |  | 6,008 |  |  |  | 5,732 |  |  |  | 7,067 |
Other, net |  |  | (57 | ) |  |  | 825 |  |  |  | (502 | )
Income tax expense |  | $ | 38,817 |  |  | $ | 34,677 |  |  | $ | 44,161 |
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) |  | 2024 |  |  | 2023 |
Balance at January 1 |  | $ | 2,879 |  |  | $ | 1,942 |
Additions for tax positions of prior years |  |  | 57 |  |  |  | 647 |
Reduction for tax positions of prior years |  |  | (265 | ) |  |  | (104 | )
Current period tax positions |  |  | 243 |  |  |  | 394 |
Balance at December 31 |  | $ | 2,914 |  |  | $ | 2,879 |
Amount that would affect the effective tax rate if recognized, gross of tax |  | $ | 2,302 |  |  | $ | 2,274 |

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