XML 56 R42.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The current and deferred amounts of income tax expense for December 2021, 2020 and 2019 are as follows (dollars in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 32,364 |  |  | $ | 19,590 |  |  | $ | 15,509 |
State |  |  | 12,325 |  |  |  | 7,006 |  |  |  | 5,018 |
Subtotal |  |  | 44,689 |  |  |  | 26,596 |  |  |  | 20,527 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (110 | ) |  |  | (3,881 | ) |  |  | 916 |
State |  |  | 126 |  |  |  | (3,614 | ) |  |  | (812 | )
Subtotal |  |  | 16 |  |  |  | (7,495 | ) |  |  | 104 |
Income tax expense |  | $ | 44,705 |  |  | $ | 19,101 |  |  | $ | 20,631 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | On July 1, 2018 New Jersey Governor Phil Murphy signed Assembly Bill 4202 (“the Bill”) into law. The legislation imposes a temporary surtax on corporations earning New Jersey allocated income in excess of $1 million of 2.5% for tax years beginning on or after January 1, 2018 through December 31, 2019, and of 1.5% for tax years beginning on or after January 1, 2020 through December 31, 2021. However, in 2020, this surtax was extended through December 31, 2023, at the 2.5% level. The legislation also requires combined filing for members of an affiliated group for tax years beginning on or after January 1, 2019, changing New Jersey’s current status as a separate return state, and limits the deductibility of dividends received. Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons (dollars in thousands) December 31,
|  | 2021 |  |  | 2020 |  |  | 2019 |
Income before income tax expense |  | $ | 175,058 |  |  | $ | 90,390 |  |  | $ | 94,026 |
Federal statutory rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Computed “expected” Federal income tax expense |  |  | 36,762 |  |  |  | 18,982 |  |  |  | 19,745 |
State tax, net of federal tax benefit |  |  | 9,127 |  |  |  | 1,913 |  |  |  | 3,436 |
Bank owned life insurance |  |  | (1,001 | ) |  |  | (1,052 | ) |  |  | (732 | )
Tax-exempt interest and dividends |  |  | (1,405 | ) |  |  | (1,491 | ) |  |  | (2,519 | )
Tax benefits from stock-based compensation |  |  | (261 | ) |  |  | 157 |  |  |  | (27 | )
Other, net |  |  | 1,483 |  |  |  | 592 |  |  |  | 728 |
Income tax expense |  | $ | 44,705 |  |  | $ | 19,101 |  |  | $ | 20,631 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax asset and deferred tax liability as of December 31, 2021 and 2020 are presented in the following table:
|  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
Deferred tax assets |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 23,955 |  |  | $ | 23,399 |
Depreciation |  |  | 205 |  |  |  | - |
Pension actuarial losses |  |  | 1,301 |  |  |  | 1,385 |
New Jersey net operating loss |  |  | 3,609 |  |  |  | 4,370 |
Deferred compensation |  |  | 2,786 |  |  |  | 1,835 |
Unrealized loss on AFS |  |  | 191 |  |  |  | - |
Deferred loan costs, net of fees |  |  | 2,163 |  |  |  | 357 |
Capital lease |  |  | 222 |  |  |  | 225 |
Nonaccrual interest |  |  | 62 |  |  |  | 51 |
Other |  |  | 3,703 |  |  |  | 4,519 |
Total deferred tax assets |  | $ | 38,197 |  |  | $ | 36,141 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Employee benefit plans |  | $ | (2,289 | ) |  | $ | (2,161 | )
Purchase accounting |  |  | (925 | ) |  |  | (1,821 | )
Depreciation |  |  | - |  |  |  | (187 | )
Prepaid expenses |  |  | (288 | ) |  |  | (201 | )
Market discount accretion |  |  | (437 | ) |  |  | (428 | )
Unrealized gains on securities and swaps |  |  | (941 | ) |  |  | (2,171 | )
Other |  |  | (1,562 | ) |  |  | - |
Total deferred tax liabilities |  |  | (6,442 | ) |  |  | (6,969 | )
Net deferred tax assets |  | $ | 31,755 |  |  | $ | 29,172 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration