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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income tax expense

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

			Year Ended December 31,
			2022						2021						2020
			(In thousands)
Current tax expense			$	16,690					$	20,896					$	15,186
Deferred tax expense (benefit)			871						1,576						(8,576)
Income tax expense			$	17,561					$	22,472					$	6,610

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,
			2022						2021						2020
			(In thousands)
Income tax expense at Federal statutory rate			$	20,882					$	25,307					$	11,168
State tax, net of Federal tax benefit			936						960						359
Tax-exempt instruments			(1,733)						(1,929)						(1,785)

			Year Ended December 31,
			2022						2021						2020
			(In thousands)
Federal tax credits and other benefits (1)			(1,979)						(1,630)						(1,928)
Effects of BOLI			(735)						(474)						(827)
Tax benefit of CARES Act carryback			—						—						(967)
Other, net			190						238						590
Income tax expense			$	17,561					$	22,472					$	6,610

(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, 2022						December 31, 2021
			(In thousands)
Deferred tax assets:
Allowance for credit losses			$	9,796					$	9,756
Accrued compensation			3,538						3,480
Stock compensation			726						689
Market discount on acquired loans			714						944
Foregone interest on nonaccrual loans			705						967
Net operating loss carryforward acquired			166						186
ROU lease liability			5,337						6,257
Net unrealized losses on investment securities			28,061						—
Other deferred tax assets			120						1,156
Total deferred tax assets			49,163						23,435
Deferred tax liabilities:
Deferred loan fees, net			(1,508)						(1,838)
Premises and equipment			(2,999)						(2,436)
FHLB stock			(577)						(572)
Goodwill and other intangible assets			(1,211)						(1,659)
Junior subordinated debentures			(937)						(991)
ROU lease asset			(4,967)						(5,995)
Net unrealized gains on investment securities			—						(2,537)
Other deferred tax liabilities			(163)						(181)
Total deferred tax liabilities			(12,362)						(16,209)
Deferred tax asset, net			$	36,801					$	7,226

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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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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
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