INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of components of income tax expense

	Year Ended December 31, 2022						Year Ended December 31, 2021						Year Ended December 31, 2020
			State						State						State
(In thousands)	Federal		and City		Total		Federal		and City		Total		Federal		and City		Total
Current	$	39,492	$	17,205	$	56,697	$	23,759	$	11,815	$	35,574	$	13,107	$	1,524	$	14,631
Deferred		840		1,822		2,662		5,490		3,106		8,596		(1,181)		(784)		(1,965)
Total	$	40,332	$	19,027	$	59,359	$	29,249	$	14,921	$	44,170	$	11,926	$	740	$	12,666

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)	2022			2021			2020
Tax at federal statutory rate	$	44,502		$	31,115		$	11,546
State and local taxes, net of federal income tax benefit		13,699			11,601			567
Benefit plan differences		(127)			(107)			(240)
Adjustments for prior period returns and tax items		1,812			(238)			125
Investment in BOLI		(2,173)			(1,485)			(1,020)
Equity based compensation		(141)			(301)			96
Salaries deduction limitation		2,054			3,419			1,428
Transaction costs		—			181			256
Other, net		(267)			(15)			(92)
Total	$	59,359		$	44,170		$	12,666
Effective tax rate		28.01	%		29.81	%		23.04	%

Schedule of components of deferred tax assets and liabilities

	December 31,
(In thousands)	2022		2021
Deferred tax assets:
Allowance for credit losses and other contingent liabilities	$	28,175	$	29,777
Tax effect of other components of income on securities available-for-sale		38,140		3,265
Tax effect of other components of income on securities held-to-maturity		8,138		343
Operating lease liability		19,256		20,532
Other		2,074		1,976
Total deferred tax assets		95,783		55,893
Deferred tax liabilities:
Tax effect of other components of income on derivatives		5,394		1,371
Employee benefit plans		976		2,803
Tax effect of purchase accounting fair value adjustments		2,352		3,945
Difference in book and tax carrying value of fixed assets		4,261		3,950
Difference in book and tax basis of unearned loan fees		2,431		2,413
Operating lease asset		18,414		19,871
States taxes		2,801		(189)
Other		1,002		1,330
Total deferred tax liabilities		37,631		35,494
Net deferred tax asset (recorded in other assets)	$	58,152	$	20,399