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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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)						2021						2020						2019
Current:
Federal						$	16,555					$	15,197					$	11,876
State						1,709						1,474						1,241
Total						18,264						16,671						13,117
Deferred:
Federal						(622)						(1,720)						1,230
State						(15)						(41)						29
Total						(637)						(1,761)						1,259
Income tax expense						$	17,627					$	14,910					$	14,376

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 of 21.0% as a result of the following:

						For the Year Ended December 31,
(Dollars in thousands)						2021						2020						2019
Computed tax expense						$	18,195					$	15,623					$	15,032
Increase (reduction) in income taxes resulting from:
State taxes, net of federal benefit						1,338						1,132						1,003
Tax exempt income						(782)						(894)						(738)
Income from life insurance						(496)						(532)						(509)
Low income housing credits						(591)						(500)						(430)
Share-based awards						(103)						33						(60)
Other						66						48						78
Income tax expense						$	17,627					$	14,910					$	14,376
Income before income tax expense						$	86,641					$	74,396					$	71,579
Effective tax rate						20.3		%				20.0		%				20.1		%

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,
						2021												2020
(In thousands)						Asset						Liability						Asset						Liability
Net operating loss and tax credit carryforward						$	8,741					$	—					$	9,593					$	—
Allowance for loan losses						7,837						—						8,693						—
Pension and other benefits						5,027						—						4,878						—
Net unrealized losses on derivative instruments						528						—						1,267						—
Deferred compensation and benefits						1,002						—						961						—
Net unrealized losses (gains) on AFS debt securities						321						—						—						(8,027)
Depreciation						—						(2,382)						—						(3,204)
Deferred loan origination fees						—						(2,038)						—						(2,111)
Other						174																		(94)
Gross deferred tax assets (liabilities)						$	23,630					$	(4,420)					$	25,392					$	(13,436)
Valuation allowance on deferred tax assets												—												—
Net deferred tax assets												$	19,210											$	11,956

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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
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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
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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=121826272&loc=d3e32687-109319

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