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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | The components of the Company’s provision for income taxes for the years ended December 31, 2022, 2021, and 2020 were, as follows:
(In thousands) |  | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |  |
Federal tax expense/(benefit) |  | $ | 17,915 |  |  | $ | 17,340 |  |  | $ | (19,889) |
State tax expense/(benefit) |  | 6,831 |  |  | 7,580 |  |  | (3,976) |
Total current tax expense/(benefit) (1) |  | 24,746 |  |  | 24,920 |  |  | (23,865) |
Deferred: |  |  |  |  |  |
Federal tax expense/(benefit) |  | (2,274) |  |  | 5,125 |  |  | 2,048 |
State tax expense/(benefit) |  | (1,187) |  |  | 112 |  |  | 1,964 |
Total deferred tax expense/(benefit) |  | (3,461) |  |  | 5,237 |  |  | 4,012 |
Change in valuation allowance |  | — |  |  | 200 |  |  | — |
Income tax expense/(benefit) from continuing operations |  | $ | 21,285 |  |  | $ | 30,357 |  |  | $ | (19,853) |
Income tax (benefit) from discontinued operations |  | — |  |  | — |  |  | (7,013) |
Total |  | $ | 21,285 |  |  | $ | 30,357 |  |  | $ | (26,866) |
(1) On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law. The CARES Act includes several provisions that temporarily modify the corporate net operating loss (“NOL”) carryback rules for federal income tax purposes. Specifically, the CARES Act allows a five-year carryback of any NOL generated in a taxable year beginning after December 31, 2017, and before January 1, 2021. The Company recorded a $6 million federal income tax benefit in 2020, and an additional $500 thousand benefit in 2021 resulting from the carryback of its 2020 NOL to recover federal income taxes paid in 2015 through 2018 (at a 35% federal income tax rate for years 2015 through 2017).
Schedule of Reconciliation of the Statutory Federal Income Tax Rate to Effective Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2022, 2021, and 2020:
|  | 2022 |  | 2021 |  | 2020
(In thousands, except rates) |  | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Statutory tax rate |  | $ | 23,902 |  |  | 21.0 | % |  | $ | 31,294 |  |  | 21.0 | % |  | $ | (111,936) |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal tax benefit |  | 4,459 |  |  | 3.9 |  |  | 6,077 |  |  | 4.1 |  |  | (1,589) |  |  | 0.3 |
Tax exempt income - investments, net |  | (3,515) |  |  | (3.1) |  |  | (3,475) |  |  | (2.3) |  |  | (3,184) |  |  | 0.6 |
Bank-owned life insurance |  | (1,258) |  |  | (1.1) |  |  | (1,348) |  |  | (0.9) |  |  | (1,283) |  |  | 0.3 |
Goodwill impairment |  | — |  |  |  |  | — |  |  | — |  |  | 103,912 |  |  | (19.5) |
Tax credits, net of basis reduction |  | (2,129) |  |  | (1.9) |  |  | (2,881) |  |  | (1.9) |  |  | (1,812) |  |  | 0.3 |
Change in valuation allowance |  | — |  |  | — |  |  | 200 |  |  | 0.1 |  |  | — |  |  | — |
Tax rate benefit on net operating loss carryback |  | — |  |  | — |  |  | (493) |  |  | (0.3) |  |  | (6,040) |  |  | 1.1 |
Other, net |  | (174) |  |  | (0.1) |  |  | 983 |  |  | 0.6 |  |  | 2,079 |  |  | (0.4) |
Effective tax rate |  | $ | 21,285 |  |  | 18.7 | % |  | $ | 30,357 |  |  | 20.4 | % |  | $ | (19,853) |  |  | 3.7 | %
Schedule of Components of Deferred Tax Assets and Liabilities | As of December 31, 2022 and 2021, significant components of the Company’s deferred tax assets and liabilities were, as follows:
(In thousands) |  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Allowance for credit losses |  | $ | 28,312 |  |  | $ | 30,441 |
Unrealized capital loss on tax credit investments |  | 1,603 |  |  | 1,451 |
Net unrealized loss on securities available for sale, swaps, and pension in OCI |  | 63,335 |  |  | 1,085 |
Employee benefit plans |  | 11,659 |  |  | 8,435 |
Purchase accounting adjustments |  | 4,342 |  |  | 4,829 |
Net operating loss carryforwards |  | 503 |  |  | 1,139 |
Deferred loan fees |  | 4,049 |  |  | 2,449 |
Lease liability |  | 14,148 |  |  | 14,940 |
Premises and equipment |  | 2,630 |  |  | 1,850 |
Nonaccrual interest |  | 1,069 |  |  | 1,722 |
Intangible amortization |  | 659 |  |  | — |
Other |  | 1,778 |  |  | 1,845 |
Deferred tax assets, net before valuation allowances |  | 134,087 |  |  | 70,186 |
Valuation allowance |  | (400) |  |  | (400) |
Deferred tax assets, net of valuation allowances |  | $ | 133,687 |  |  | $ | 69,786 |
Deferred tax liabilities: |  |  |  |
Loan servicing rights |  | $ | (1,212) |  |  | $ | (1,488) |
Intangible amortization |  | — |  |  | (545) |
Unamortized tax credit reserve |  | (1,687) |  |  | (1,075) |
Right-of-use asset |  | (12,457) |  |  | (14,058) |
Deferred tax liabilities |  | $ | (15,356) |  |  | $ | (17,166) |
Deferred tax assets, net |  | $ | 118,331 |  |  | $ | 52,620 |
Schedule of Components of the Valuation Allowance on Deferred Tax Asset | The components of the Company’s valuation allowance on its deferred tax asset, net as of December 31, 2022 and 2021 were, as follows:
(in thousands) |  | 2022 |  | 2021
State valuation allowances |  | $ | (400) |  |  | $ | (400) |
Schedule of Changes in Unrecognized Tax Benefits | The following table presents changes in unrecognized tax benefits for the years ended December 31, 2022, 2021, and 2020:
(In thousands) |  | 2022 |  | 2021 |  | 2020
Unrecognized tax benefits at January 1 |  | $ | 1,025 |  |  | $ | 516 |  |  | $ | 238 |
Increase in gross amounts of tax positions related to prior years |  | 17 |  |  | 509 |  |  | 309 |
Decrease in gross amounts of tax positions related to prior years |  | — |  |  | — |  |  | — |
Decrease due to settlement with taxing authority |  | — |  |  | — |  |  | — |
Decrease due to lapse in statute of limitations |  | — |  |  | — |  |  | (31) |
Unrecognized tax benefits at December 31 |  | $ | 1,042 |  |  | $ | 1,025 |  |  | $ | 516 |

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