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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of income tax expense

Income tax expense consisted of the following for the periods indicated:

			Year Ended December 31,
			2021						2020						2019
			(In thousands)
Current tax expense			$	20,896					$	15,186					$	12,504
Deferred tax expense (benefit)			1,576						(8,576)						984
Income tax expense			$	22,472					$	6,610					$	13,488

Reconciliation of effective income tax rate

reconciliation of income taxes computed at the Federal statutory income tax rate of 21% to the actual effective rate for the periods indicated:

			Year Ended December 31,
			2021						2020						2019
			(In thousands)
Income tax expense at Federal statutory rate			$	25,307					$	11,168					$	17,020
State tax, net of Federal tax benefit			960						359						357
Tax-exempt instruments			(1,929)						(1,785)						(1,745)
Federal tax credits and other benefits (1)			(1,630)						(1,928)						(1,961)
Effects of BOLI			(474)						(827)						(368)
Tax benefit of CARES Act carryback			—						(967)						—
Other, net			238						590						185
Income tax expense			$	22,472					$	6,610					$	13,488

(1) Federal tax credits are provided for under the NMTC and LIHTC programs as described in Note (1) Description of Business, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Pronouncements. Gross tax credits related to the Company's NMTC totaling $9.8 million were utilized during the seven year period ended December 31, 2020.

Components of deferred income tax asset (liability)

The following table presents major components of the deferred income tax asset (liability) resulting from differences between financial reporting and tax basis:

			December 31, 2021						December 31, 2020
			(In thousands)
Deferred tax assets:
Allowance for credit losses			$	9,756					$	15,883
Accrued compensation			3,480						2,988
Stock compensation			689						642
Market discount on purchased loans			944						1,062
Foregone interest on nonaccrual loans			967						1,456
Net operating loss carryforward acquired			186						207
ROU lease liability			6,257						4,161
Other deferred tax assets			1,156						160
Total deferred tax assets			23,435						26,559

			December 31, 2021						December 31, 2020
			(In thousands)
Deferred tax liabilities:
Deferred loan fees, net			(1,838)						(2,643)
Premises and equipment			(2,436)						(2,680)
FHLB stock			(572)						(569)
Goodwill and other intangible assets			(1,659)						(2,186)
New market tax credit			—						(2,048)
Junior subordinated debentures			(991)						(1,050)
ROU lease asset			(5,995)						(3,879)
Net unrealized gains on investment securities			(2,537)						(6,805)
Other deferred tax liabilities			(181)						(264)
Total deferred tax liabilities			(16,209)						(22,124)
Deferred tax asset, net			$	7,226					$	4,435

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-SubTopic 10
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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.

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-Publisher FASB
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-SubTopic 10
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-Paragraph 12
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