Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Components of Income Tax Expense Attributable to Operations

The significant components of income tax expense attributable to operations are as follows:

	Years Ended December 31,
(In thousands)	2022			2021		2020
Current
Federal	$	51,077		$	35,483	$	36,358
State		12,934			8,626		9,768
Total Current	$	64,011		$	44,109	$	46,126
Deferred
Federal	$	(15,862	)	$	507	$	(14,021	)
State		(3,988	)		357		(3,406	)
Total Deferred	$	(19,850	)	$	864	$	(17,427	)
Total income tax expense	$	44,161		$	44,973	$	28,699

Components of 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 are as follows:

	December 31,
(In thousands)	2022		2021
Deferred tax assets:
Allowance for loan losses	$	24,792	$	22,479
Lease liability		6,273		6,744
Deferred compensation		9,181		9,584
Loan fees		33,389		12,936
Stock-based compensation expense		2,822		2,679
Unrealized losses on securities		53,663		1,482
Other		6,027		7,109
Total deferred tax assets	$	136,147	$	63,013
Deferred tax liabilities:
Pension benefits	$	13,103	$	16,137
Lease right-of-use asset		5,877		5,681
Amortization of intangible assets		14,112		13,187
Premises and equipment, primarily due to accelerated depreciation		4,889		4,962
Other		846		1,008
Total deferred tax liabilities	$	38,827	$	40,975
Net deferred tax asset at year-end	$	97,320	$	22,038
Net deferred tax asset at beginning of year		22,038		15,117
Increase in net deferred tax asset	$	75,282	$	6,921

Reconciliation of the Provision for Income taxes to the Amount Computed by Applying the Federal Statutory Rate

The following is a reconciliation of the provision for income taxes to the amount computed by applying the applicable Federal statutory rate to income before taxes:

	Years Ended December 31,
(In thousands)	2022			2021			2020
Federal income tax at statutory rate	$	41,193		$	41,971		$	27,948
Tax exempt income		(984	)		(1,014	)		(981	)
Net increase in cash surrender value of life insurance		(1,215	)		(1,230	)		(1,135	)
Federal tax credits		(2,417	)		(1,884	)		(1,705	)
State taxes, net of federal tax benefit		7,067			7,097			5,026
Other, net		517			33			(454	)
Income tax expense	$	44,161		$	44,973		$	28,699

Reconciliation of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of Federal and State gross unrecognized tax benefits (“UTBs”) is as follows:

(In thousands)	2022		2021
Balance at January 1	$	1,545	$	1,178
Additions for tax positions of prior years		3		80
Current period tax positions		394		287
Balance at December 31	$	1,942	$	1,545
Amount that would affect the effective tax rate if recognized, gross of tax	$	1,535	$	1,221