Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Current and Deferred Amounts of Income Tax Expense (Benefit)

The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands):

	Years ended December 31,
	2020		2019	2018
Current:
Federal	$	27,143	22,427	41,578
State	11,389		10,354	2,493
Total current	38,532		32,781	44,071
Deferred:
Federal	(5,908)		1,650	(17,302)
State	(2,021)		24	(1,239)
Total deferred	(7,929)		1,674	(18,541)
	$	30,603	34,455	25,530

Reconciliation between Amount Reported and Amount Computed for Income Tax Expense and Income Tax Rate

A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands):

	Years ended December 31,
	2020		2019	2018
Tax expense at statutory rates	$	26,786	30,889	30,223
Increase (decrease) in taxes resulting from:
State tax, net of federal income tax benefit	7,400		8,197	1,002
Tax-exempt interest income	(2,609)		(3,082)	(2,839)
Bank-owned life insurance	(1,363)		(1,322)	(1,158)
Other, net	389		(227)	(1,698)
	$	30,603	34,455	25,530

Deferred Tax Assets and 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, 2020 and 2019 are as follows (in thousands):

	2020		2019
Deferred tax assets:
Allowance for credit losses on loans	$	26,156	14,313
Allowance for credit loss OBS	1,295		—
Post-retirement benefit	6,924		6,946
Deferred compensation	839		1,175
Contingent Consideration	714		—
Purchase accounting adjustments	3,099		1,629
Depreciation	331		750
SERP	733		688
ESOP	1,377		1,606
Stock-based compensation	4,481		4,747
Payroll Protection Program fees	2,268		—
Non-accrual interest	225		417
Federal Net Operating Loss ("NOL")	280		321
Net unrealized loss on hedging activities	1,717		—
Pension liability adjustments	376		1,821
Other	925		1,223
Total gross deferred tax assets	51,740		35,636
Deferred tax liabilities:
Pension expense	7,340		7,017
Deferred loan costs	4,532		5,064
Investment securities, principally due to accretion of discounts	79		70
Intangibles	1,723		1,393
Originated mortgage servicing rights	160		140
Unrealized gain on available for sale debt securities	7,802		3,038
Net unrealized gain on hedging activities	—		114
Total gross deferred tax liabilities	21,636		16,836
Net deferred tax asset	$	30,104	18,800