INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023			2022			2021
Federal:
Current expense	$	25,814		$	27,228		$	7,400
Deferred (benefit)/expense		(11,862	)		(7,817	)		7,971
State:
Current expense		7,889			7,511			4,188
Deferred (benefit)/expense		(3,414	)		1,176			1,481
Total income tax expense	$	18,427		$	28,098		$	21,040

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 2023, 2022, and 2021, respectively, to income before taxes as a result of the following:

(In thousands)	2023			2022			2021
"Tax expense computed at applicable statutory rate"	$	14,129		$	21,513		$	16,309
(Decrease)/increase in taxes resulting from:
Tax-exempt income		(261	)		(236	)		(146	)
State income taxes, net of Federal benefit		3,535			7,109			4,789
Bank owned life insurance income		(266	)		(261	)		(356	)
Life insurance expense		238			21			199
Interest disallowance		143			34			14
Meals and entertainment expense		78			39			39
Stock-based compensation		889			(130	)		9
Other		(58	)		9			183
Total income tax expense	$	18,427		$	28,098		$	21,040

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)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	17,540	$	14,924
Tax net operating loss carryforward		262		648
Capital loss carryforward		1,763		—
Organization costs		7		7
Unrealized loss on securities available for sale		25,408		25,424
Unrealized loss on equity security		488		544
Stock compensation expense		2,621		3,084
Nonaccrual interest		115		202
Accrued compensation		7,201		5,277
Accrued expenses		1,079		803
Lease liabilities		3,328		3,598
Finance lease		672		1,072
Other		1,080		727
Total gross deferred tax assets	$	61,564	$	56,310
Deferred tax liabilities:
Lease financing	$	48,002	$	58,382
Cash flow hedge		1,883		2,528
Deferred loan origination costs and fees		1,878		1,827
Deferred income		4,479		4,608
Amortization of intangible assets		1,245		854
Lease right-of-use asset		3,126		3,379
Other		446		164
Total gross deferred tax liabilities		61,059		71,742
Net deferred tax asset/(liability)	$	505	$	(15,432	)