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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | The current and deferred components of income tax expense on the consolidated statements of income were as follows:
|  | For The Year Ended December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 11,876 |  |  | $ | 14,102 |  |  | $ | 14,529 |
State |  | 1,241 |  |  | 1,206 |  |  | 1,289 |
|  | 13,117 |  |  | 15,308 |  |  | 15,818 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  | 1,230 |  |  | (2,541 | ) |  | 4,117 |
State |  | 29 |  |  | (61 | ) |  | (320 | )
Change in federal corporate income tax rate(1) |  | — |  |  | — |  |  | 14,263 |
|  | 1,259 |  |  | (2,602 | ) |  | 18,060 |
Income tax expense |  | $ | 14,376 |  |  | $ | 12,706 |  |  | $ | 33,878 |
Reconciliation of Expected Income Tax Benefit Computed Using Federal Statutory Income Tax Rate | The income tax expense differs from the amount computed by applying the statutory federal income tax rate as a result of the following:
|  | For The Year Ended December 31,
(Dollars in thousands) |  | 2019 |  | 2018 |  | 2017
Computed tax expense(1) |  | $ | 15,032 |  |  | $ | 13,813 |  |  | $ | 21,824 |
Increase (reduction) in income taxes resulting from: |  |  |  |  |  |
State taxes, net of federal benefit |  | 1,003 |  |  | 905 |  |  | 630 |
Tax exempt income |  | (738 | ) |  | (741 | ) |  | (1,291 | )
Income from life insurance |  | (509 | ) |  | (510 | ) |  | (829 | )
Low income housing credits |  | (430 | ) |  | (465 | ) |  | (366 | )
Share-based awards |  | (60 | ) |  | (250 | ) |  | (390 | )
Change in federal corporate income tax rate(1) |  | — |  |  | — |  |  | 14,263 |
Other |  | 78 |  |  | (46 | ) |  | 37 |
Income tax expense |  | $ | 14,376 |  |  | $ | 12,706 |  |  | $ | 33,878 |
Income before income taxes |  | $ | 71,579 |  |  | $ | 65,777 |  |  | $ | 62,354 |
Effective tax rate |  | 20.1 | % |  | 19.3 | % |  | 54.3 | %
(1) | On December 22, 2017, the Tax Act was enacted, reducing the U.S. federal corporate income tax rate from 35.0% to 21.0%. The Company recognized the effect of the tax law changes in the period of enactment, which resulted in a reduction to net deferred tax assets and a corresponding charge to income tax expense of $14.3 million.
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | Temporary differences between the financial statements carrying amounts and the tax bases of assets and liabilities gave rise to the following deferred tax assets and liabilities as of the dates indicated:
|  | December 31,
|  | 2019 |  | 2018
(In thousands) |  | Asset |  | Liability |  | Asset |  | Liability
Net operating loss and tax credit carryforward |  | $ | 10,421 |  |  | $ | — |  |  | $ | 11,250 |  |  | $ | — |
Allowance for loan losses |  | 5,416 |  |  | — |  |  | 5,318 |  |  | — |
Pension and other benefits |  | 4,492 |  |  | — |  |  | 3,881 |  |  | — |
Net unrealized losses on derivative instruments |  | 1,656 |  |  | — |  |  | 1,215 |  |  | — |
Deferred compensation and benefits |  | 919 |  |  | — |  |  | 927 |  |  | — |
Depreciation |  | — |  |  | (3,053 | ) |  | — |  |  | (2,913 | )
Deferred loan origination fees |  | — |  |  | (2,119 | ) |  | — |  |  | (1,860 | )
Net unrealized (gains) losses on AFS debt securities |  |  |  |  | (890 | ) |  | 4,882 |  |  | — |
Other |  |  |  |  | (19 | ) |  | 353 |  |  | — |
Gross deferred tax assets (liabilities) |  | $ | 22,904 |  |  | $ | (6,081 | ) |  | $ | 27,826 |  |  | $ | (4,773 | )
Valuation allowance on deferred tax assets |  |  |  | — |  |  |  |  | — |
Net deferred tax assets |  |  |  | $ | 16,823 |  |  |  |  | $ | 23,053 |

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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 + Details
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