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Income Taxes (Tables)

12 Months Ended

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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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 of the change in unrecognized tax benefits.

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