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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following (in thousands): 

			December 31,
			2021						2020						2019
Federal tax expense (benefit):
Current			$	15,313					$	11,270					$	8,543
Deferred			3,107						(2,391)						376
			18,420						8,879						8,919
State and local tax expense (benefit):
Current			8,001						4,825						4,067
Deferred			52						(667)						(199)
			8,053						4,158						3,868
Total income tax expense			$	26,473					$	13,037					$	12,787

Reconciliation Between The Amount Of Reported Total Income Tax Expense And The Amount Computed By Multiplying The Applicable Statutory Income Tax Rate

Reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate for the years ended December 31, 2021, 2020, and 2019, is as follows (dollars in thousands): 

			December 31,
			2021						2020						2019
Tax expense at statutory rate			$	20,397					$	10,505					$	11,135
Applicable statutory federal income tax rate			21		%				21		%				21		%
Increase (decrease) in taxes resulting from:
State tax, net of federal income tax			6,362						3,285						3,056
Bank owned life insurance			(862)						(793)						(1,475)
ESOP fair market value adjustment			102						42						187
Incentive stock options			6						18						81
Merger related costs			—						147						—
Excess tax benefits from employee share based payments			—						—						(110)
Other, net			468						(167)						(87)
Income tax expense			$	26,473					$	13,037					$	12,787

Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of The Deferred Tax Assets And Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020, are as follows (in thousands): 

			December 31,
			2021						2020
Deferred tax assets:
Allowance for credit losses			$	11,057					$	10,348
Deferred compensation			3,145						3,233
Accrued salaries			1,338						775
Postretirement benefits			354						346
Equity awards			2,051						2,170
Straight-line leases adjustment			1,713						1,533
Asset retirement obligation			68						71
Reserve for accrued interest receivable			620						675
Reserve for loan commitments			537						226
Employee Stock Ownership Plan			645						647
Other			317						293
Depreciation			3,229						2,798
Fair value adjustments of acquired loans			1,440						4,967
Fair value adjustments of pension benefit obligations			139						140
Total gross deferred tax assets			26,653						28,222
Deferred tax liabilities:
Unrealized gains on securities – AFS			761						5,083
Unrealized actuarial gains on post retirement benefits			15						15
Fair value adjustments of acquired securities			580						825
Fair value adjustments of deposit liabilities			28						3
Deferred loan fees			2,010						1,387
Other			23						26
Total gross deferred tax liabilities			3,417						7,339
Net deferred tax asset			$	23,236					$	20,883

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the Company’s uncertain tax positions are as follows (in thousands):

			December 31,
			2021						2020						2019
Beginning balance			$	157					$	190					$	530
Settlements based on tax positions related to prior years			(125)						(33)						(530)
Additions based on tax positions related to prior years			109						—						190
Ending balance			$	141					$	157					$	190

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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.

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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.

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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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Tabular disclosure of the change in unrecognized tax benefits.

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