INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The following table provides the components of income tax expense for the years ended December 31:

(In thousands)	2023		2022		2021
Current income taxes:
Federal	$	27,178	$	48,920	$	48,445
State	8,223		16,630		15,850
Total current	35,401		65,550		64,295
Deferred income taxes:
Federal	4,357		(7,214)		9,634
State	1,533		(2,277)		2,623
Total deferred	5,890		(9,491)		12,257
Total income tax expense	$	41,291	$	56,059	$	76,552

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities, shown as the sum of the appropriate tax effect for each significant type of temporary difference, are presented in the following table at December 31 for the years indicated:

(In thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	30,663	$	34,703
Lease liability	12,262		14,692
Employee benefits	6,115		8,247
Unrealized losses on pension plan	—		2,735
Deferred loan fees and costs	2,222		3,003
Equity based compensation	2,401		2,327
Unrealized losses on investments available-for-sale	33,087		42,362
Losses on other real estate owned	—		27
Loan and deposit premium/discount	139		205
Reserve for recourse loans and unfunded commitments	1,225		2,169
Net operating loss carryforward	4,195		2,985
Other	157		240
Gross deferred tax assets	92,466		113,695
Valuation allowance	(4,195)		(3,124)
Net deferred tax asset	88,271		110,571
Deferred tax liabilities:
Right of use asset	(10,292)		(12,511)
Pension plan costs	—		(1,906)
Depreciation	(4,559)		(4,203)
Intangible assets	(2,128)		(2,709)
Bond accretion	(542)		(289)
Fair value acquisition adjustments	(609)		(660)
Other	(486)		(738)
Gross deferred tax liabilities	(18,616)		(23,016)
Net deferred tax asset	$	69,655	$	87,555

Reconcilements Between Statutory Federal Income Tax Rate and Effective Tax Rate

The reconcilements between the statutory federal income tax rate and the effective rate for the years ended December 31 are presented in the following table:

(Dollars in thousands)	2023				2022				2021
	Amount		Percentage of Pre-Tax Income		Amount		Percentage of Pre-Tax Income		Amount		Percentage of Pre-Tax Income
Income tax expense at federal statutory rate	$	34,469	21.0	%	$	46,696	21.0	%	$	65,448	21.0	%
Increase/ (decrease) resulting from:
Tax exempt income, net	(919)		(0.6)		(1,909)		(0.9)		(2,271)		(0.7)
Bank-owned life insurance	(802)		(0.5)		(662)		(0.3)		(602)		(0.2)
State income taxes, net of federal income tax benefits	7,707		4.7		11,339		5.1		14,593		4.7
Other, net	836		0.6		595		0.3		(616)		(0.2)
Total income tax expense and rate	$	41,291	25.2	%	$	56,059	25.2	%	$	76,552	24.6	%