INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of components of income tax expense

	Year Ended December 31,
(In thousands)	2023		2022		2021
Current expense
Federal	$	24,469	$	39,492	$	23,759
State and city		15,681		17,205		11,815
Total current expense		40,150		56,697		35,574
Deferred expense
Federal		1,393		840		5,490
State and city		(758)		1,822		3,106
Total deferred expense		635		2,662		8,596
Total	$	40,785	$	59,359	$	44,170

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)	2023			2022			2021
Tax at federal statutory rate	$	28,745		$	44,502		$	31,115
State and local taxes, net of federal income tax benefit		12,237			13,699			11,601
Benefit plan differences		(127)			(127)			(107)
Investment in BOLI		(2,047)			(2,173)			(1,485)
Equity based compensation		79			(141)			(301)
Salaries deduction limitation		2,381			2,054			3,419
Transaction costs		—			—			181
Other, net		(483)			1,545			(253)
Total	$	40,785		$	59,359		$	44,170
Effective tax rate		29.80	%		28.01	%		29.81	%

Schedule of components of deferred tax assets and liabilities

	December 31,
(In thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses and other contingent liabilities	$	26,926	$	28,175
Tax effect of other components of income on securities available-for-sale		34,745		38,140
Tax effect of other components of income on securities held-to-maturity		7,216		8,138
Operating lease liability		19,229		19,256
Other		2,603		2,074
Total deferred tax assets		90,719		95,783
Deferred tax liabilities:
Tax effect of other components of income on derivatives		2,368		5,394
Employee benefit plans		1,707		976
Tax effect of purchase accounting fair value adjustments		1,329		2,352
Difference in book and tax carrying value of fixed assets		2,230		4,261
Difference in book and tax basis of unearned loan fees		3,239		2,431
Operating lease asset		18,266		18,414
States taxes		2,166		2,801
Other		241		1,002
Total deferred tax liabilities		31,546		37,631
Net deferred tax asset (recorded in other assets)	$	59,173	$	58,152