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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The income tax expense (benefit) attributable to income from operations is summarized as follows:
(In thousands) | Current | Deferred | Total
2021 |  |  |
Federal | $ | 19,345 |  | $ | 1,485 |  | $ | 20,830 |
State | 4,039 |  | 313 |  | 4,352 |
Total | $ | 23,384 |  | $ | 1,798 |  | $ | 25,182 |
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 |
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:
| 2021 | 2020 | 2019
Statutory federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | %
State income taxes, net of federal benefit | 3.0 |  | 2.4 |  | 2.5 |
Tax exempt income | (1.2) |  | (1.8) |  | (1.5) |
Excess benefits from equity-based compensation | (0.5) |  | (0.2) |  | (0.8) |
Bank-owned life insurance income | (0.4) |  | (0.5) |  | (0.5) |
Federal tax credit | 0.0 |  | (0.4) |  | (0.7) |
All other | 0.1 |  | (0.1) |  | 0.5 |
Total | 22.0 | % | 20.4 | % | 20.5 | %
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows:
(In thousands) | 2021 | 2020 |  |
Deferred tax assets: |  |  |  |
Allowance for credit losses | $ | 11,160 |  | $ | 13,095 |  |  |
Lease liability | 7,277 |  | 7,858 |  |
Interest income on nonperforming loans | 470 |  | 500 |  |  |
Compensation and benefits | 12,303 |  | 11,580 |  |  |
Purchase accounting adjustments | 360 |  | 0 |  |  |
Liabilities held at fair value | 21 |  | 20 |  |  |
Deferred loan fees and costs | 1,664 |  | 1,783 |  |  |
Other | 1,017 |  | 1,097 |  |  |
Total | $ | 34,272 |  | $ | 35,933 |  |  |
Deferred tax liabilities: |  |  |  |
Prepaid pension | 10,875 |  | 10,254 |  |  |
Right of use asset | 7,092 |  | 7,270 |  |
Depreciation | 3,586 |  | 3,735 |  |  |
Intangibles | 1,401 |  | 1,266 |  |  |
Purchase accounting adjustments | 0 |  | 5 |  |  |
Leases | 1,985 |  | 2,425 |  |  |
Other | 1,657 |  | 1,504 |  |  |
Total deferred tax liabilities | $ | 26,596 |  | $ | 26,459 |  |  |
Net deferred tax asset at year-end | 7,676 |  | 9,474 |  |  |
Net deferred tax asset at beginning of year | 9,474 |  | 3,776 |  |  |
(Decrease) increase in net deferred tax asset | (1,798) |  | 5,698 |  |  |
CECL accounting standard adoption recorded through equity | 0 |  | 586 |  |  |
Deferred tax expense | $ | 1,798 |  | $ | (6,284) |  |  |
The above analysis does not include recorded deferred tax assets (liabilities) of $4.7 million and $(6.7) million as of December 31, 2021 and 2020, respectively, related to net unrealized holdings losses/(gains) in the available-for-sale debt securities portfolio. In addition, the analysis excludes recorded deferred tax assets of $13.4 million and $17.1 million, as of December 31, 2021 and 2020, respectively, related to employee benefit plans. Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods in which the temporary differences comprising the deferred tax assets will be deductible. Based on its assessment, management determined that no valuation allowance was necessary at December 31, 2021 and 2020. At December 31, 2021 the Company had an insignificant amount of ASC 740-10 unrecognized tax benefits. At December 31, 2020, the Company had no ASC 740-10 unrecognized tax benefits. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company recognizes interest and penalties on unrecognized tax benefits in income tax expense in its Consolidated Statements of Income. The Company is subject to U.S. federal income tax and income tax in New York and various state jurisdictions. All tax years ending after December 31, 2017 are open to examination by the taxing authorities.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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