INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of components of income tax expense

	Year Ended December 31, 2021						Year Ended December 31, 2020						Year Ended December 31, 2019
			State						State						State
(In thousands)	Federal		and City		Total		Federal		and City		Total		Federal		and City		Total
Current	$	23,759	$	11,815	$	35,574	$	13,107	$	1,524	$	14,631	$	10,129	$	2,930	$	13,059
Deferred		5,490		3,106		8,596		(1,181)		(784)		(1,965)		(1,437)		(946)		(2,383)
Total	$	29,249	$	14,921	$	44,170	$	11,926	$	740	$	12,666	$	8,692	$	1,984	$	10,676

Schedule of reconciliation of the expected Federal income tax expense at the statutory tax rate to the actual provision

	Year Ended December 31,
(Dollars in thousands)	2021			2020			2019
Tax at federal statutory rate	$	31,115		$	11,546		$	9,841
State and local taxes, net of federal income tax benefit		11,601			567			1,567
Benefit plan differences		(107)			(240)			(261)
Adjustments for prior period returns and tax items		(238)			125			19
Investment in BOLI		(1,485)			(1,020)			(594)
Equity based compensation		(301)			96			(33)
Salaries deduction limitation		3,419			1,428			126
Transaction costs		181			256			—
Other, net		(15)			(92)			11
Total	$	44,170		$	12,666		$	10,676
Effective tax rate		29.81	%		23.04	%		22.78	%

Schedule of components of deferred tax assets and liabilities

	December 31,
(In thousands)	2021		2020
Deferred tax assets:
Allowance for credit losses and other contingent liabilities	$	29,777	$	13,261
Employee benefit plans		—		4,227
Tax effect of purchase accounting fair value adjustments		—		287
Tax effect of other components of income on derivatives		—		5,831
Tax effect of other components of income on securities available-for-sale		3,608		—
Operating lease liability		20,532		12,673
Other		1,976		2
Total deferred tax assets		55,893		36,281
Deferred tax liabilities:
Tax effect of other components of income on derivatives		1,371		—
Tax effect of other components of income on securities available-for-sale		—		6,161
Employee benefit plans		2,803		—
Tax effect of purchase accounting fair value adjustments		3,945		—
Difference in book and tax carrying value of fixed assets		3,950		906
Difference in book and tax basis of unearned loan fees		2,413		2,490
Operating lease asset		19,871		10,774
Other		1,141		685
Total deferred tax liabilities		35,494		21,016
Net deferred tax asset (recorded in other assets)	$	20,399	$	15,265