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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense Included in Consolidated Financial Statements

The income tax expense included in the consolidated financial statements for the years ended December 31 is allocated as follows:

(In thousands)		2022				2021				2020
Federal:
Current expense/(benefit)		$	27,228			$	7,400			$	(4,741	)
Deferred (benefit)/expense			(7,817	)			7,971				10,161
State:
Current expense			7,511				4,188				2,327
Deferred expense/(benefit)			1,176				1,481				(1,936	)
Total income tax expense		$	28,098			$	21,040			$	5,811

Schedule of Total Income Tax Expense Differed from Amounts Computed by Applying U.S. Federal Income Tax Rate to Income Before Taxes

Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 21 percent for 2022, 2021, and 2020, respectively, to income before taxes as a result of the following:

(In thousands)		2022				2021				2020
"Computed expected tax expense"		$	21,513			$	16,309			$	6,721
(Decrease)/increase in taxes resulting from:
Tax-exempt income			(236	)			(146	)			(287	)
State income taxes, net of Federal benefit			7,109				4,789				1,813
Bank owned life insurance income			(261	)			(356	)			(267	)
Life insurance expense			21				199				225
Interest disallowance			34				14				66
Meals and entertainment expense			39				39				40
Stock-based compensation			(130	)			9				569
Impact of CARES Act			—				—				(3,009	)
Other			9				183				(60	)
Total income tax expense		$	28,098			$	21,040			$	5,811

Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of 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 as of December 31 are as follows:

(In thousands)		2022				2021
Deferred tax assets:
Allowance for credit losses		$	14,924			$	16,408
Tax net operating loss carryforward			648				1,180
Organization costs			7				8
Cash flow hedge			—				978
Unrealized loss on securities available for sale			25,424				3,061
Unrealized loss on equity security			544				84
Stock option expense			3,084				2,541
Nonaccrual interest			202				97
Accrued compensation			5,277				5,631
Accrued expenses			803				472
Lease liabilities			3,598				2,689
Finance lease			1,072				732
Other			727				183
Total gross deferred tax assets		$	56,310			$	34,064
Deferred tax liabilities:
Lease financing		$	58,382			$	64,071
Cash flow hedge			2,528				—
Deferred loan origination costs and fees			1,827				1,757
Deferred income			4,608				4,543
Amortization of intangible assets			854				369
Lease right-of-use asset			3,379				2,600
Other			164				46
Total gross deferred tax liabilities			71,742				73,386
Net deferred tax liability		$	(15,432	)		$	(39,322	)

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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- 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
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-SubTopic 10
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-Paragraph 12
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