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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of income tax (benefit) expense attributable to income from operations

The income tax expense (benefit) attributable to income from operations is summarized as follows:

(In thousands)			Current						Deferred						Total
2020
Federal			$	22,199					$	(5,247)					$	16,952
State			4,009						(1,037)						2,972
Total			$	26,208					$	(6,284)					$	19,924
2019
Federal			$	15,161					$	2,668					$	17,829
State			2,782						405						3,187
Total			$	17,943					$	3,073					$	21,016
2018
Federal			$	16,391					$	2,281					$	18,672
State			3,060						73						3,133
Total			$	19,451					$	2,354					$	21,805

Schedule of effective income tax rate reconciliation

The primary reasons for the differences between income tax expense and the amount computed by applying the statutory federal income tax rate to earnings are as follows:

			2020						2019						2018
Statutory federal income tax rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			2.4						2.5						2.4
Tax exempt income			(1.8)						(1.5)						(1.5)
Excess benefits from equity-based compensation			(0.2)						(0.8)						(0.6)
Bank-owned life insurance income			(0.5)						(0.5)						(0.4)
Federal tax credit			(0.4)						(0.7)						(0.6)
All other			(0.1)						0.5						0.6
Total			20.4		%				20.5		%				20.9		%

Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows:

(In thousands)			2020						2019
Deferred tax assets:
Allowance for credit losses			$	13,095					$	9,913
Lease liability			7,858						8,363
Interest income on nonperforming loans			500						368
Compensation and benefits			11,580						10,972
Liabilities held at fair value			20						4
Deferred loan fees and costs			1,783						732
Other			1,097						1,110
Total			$	35,933					$	31,462
Deferred tax liabilities:
Prepaid pension			10,254						9,856
Right of use asset			7,270						7,790
Depreciation			3,735						4,688
Intangibles			1,266						1,128
Purchase accounting adjustments			5						274
Leases			2,425						2,472
Other			1,504						1,478
Total deferred tax liabilities			$	26,459					$	27,686
Net deferred tax asset at year-end			$	9,474					$	3,776
Net deferred tax asset at beginning of year			$	3,776					$	6,849
Decrease (increase) in net deferred tax asset			5,698						(3,073)
CECL accounting standard adoption recorded through equity			$	586					$	0
Deferred tax expense			$	(6,284)					$	3,073

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- 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=84230637&loc=d3e32639-109319

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- 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=84230637&loc=d3e32537-109319

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- 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=84230637&loc=d3e32687-109319

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