Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Summary of income tax provisions

	2021		2020		2019
	(In thousands)
Federal:
Current	$	21,206	$	14,178	$	12,404
Deferred		(1,128)		(4,990)		(1,965)
Total federal tax provision		20,078		9,188		10,439
State and Local:
Current		8,004		967		3,543
Deferred		(597)		353		(1,930)
Total state and local tax provision		7,407		1,320		1,613
Total provision for income taxes	$	27,485	$	10,508	$	12,052

Schedule of Effective Income Tax Rate Reconciliation

	2021				2020				2019
	(Dollars in thousands)
Taxes at federal statutory rate	$	22,948	21.0	%	$	9,489	21.0	%	$	11,200	21.0	%
Increase (reduction) in taxes resulting from:
State and local income tax, net of Federal income tax benefit		6,865	6.3			1,043	2.3			1,274	2.4
Tax exempt		(1,150)	(1.0)			(875)	(1.9)			(878)	(1.6)
Nondeductible merger expense		—	—			543	1.2			328	0.6
Other		(1,178)	(1.1)			308	0.7			128	0.3
Taxes at effective rate	$	27,485	25.2	%	$	10,508	23.3	%	$	12,052	22.7	%

Schedule of Deferred Tax Assets and Liabilities

	2021		2020
	(In thousands)
Deferred tax assets:
Postretirement benefits	$	10,588	$	8,331
Allowance for credit losses		13,013		15,221
Operating lease liabilities		18,977		19,922
Stock based compensation		3,501		3,119
Depreciation		2,765		2,421
Unrealized loss on securities available for sale		2,917		—
Fair value adjustment on financial assets carried at fair value		16		23
Fair value hedges		394		2,988
Adjustment required to recognize funded status of postretirement pension plans		596		837
Cashflow hedges		653		7,780
Deferred loan income		2,200		2,192
Fair Value of Loans from Empire acquisition		2,820		3,798
Net operating loss (NYS)		—		29
Net operating loss (NYC)		684		1,896
Other		4,269		3,740
Deferred tax assets		63,393		72,297
Deferred tax liabilities:
FPFC deferred income		—		2,188
Right of Use Asset		17,570		17,080
Fair value adjustment on financial liabilities carried at fair value		754		4,968
Entity specific fair value		1,058		821
Unrealized gains on securities		—		573
Deferred loan cost		6,999		7,044
State and local taxes		3,016		3,768
Other		2,130		1,599
Deferred tax liabilities		31,527		38,041
Net deferred tax asset included in other assets	$	31,866	$	34,256