Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Summary of income tax provisions

	2022		2021		2020
	(In thousands)
Federal:
Current	$	17,565	$	21,206	$	14,178
Deferred		4		(1,128)		(4,990)
Total federal tax provision		17,569		20,078		9,188
State and Local:
Current		10,198		8,004		967
Deferred		140		(597)		353
Total state and local tax provision		10,338		7,407		1,320
Total provision for income taxes	$	27,907	$	27,485	$	10,508

Schedule of Effective Income Tax Rate Reconciliation

	2022				2021				2020
	(Dollars in thousands)
Taxes at federal statutory rate	$	22,019	21.0	%	$	22,948	21.0	%	$	9,489	21.0	%
Increase (reduction) in taxes resulting from:
State and local income tax, net of Federal income tax benefit		8,167	7.8			6,865	6.3			1,043	2.3
Tax exempt income, net		(2,083)	(2.0)			(1,150)	(1.0)			(875)	(1.9)
Nondeductible merger expense		—	—			—	—			543	1.2
Other		(196)	(0.2)			(1,178)	(1.1)			308	0.7
Taxes at effective rate	$	27,907	26.6	%	$	27,485	25.2	%	$	10,508	23.3	%

Schedule of Deferred Tax Assets and Liabilities

	2022		2021
	(In thousands)
Deferred tax assets:
Allowance for credit losses on loans	$	12,528	$	11,532
Net unrealized losses on securities available for sale*		28,418		2,917
Operating lease liabilities		14,289		16,817
Accrued compensation		8,709		9,620
Stock based compensation		3,171		3,103
Depreciation		2,462		2,160
Derivative adjustments		2,030		349
Pension and post-retirement benefits		2,126		2,184
Other allowances		1,185		643
Acquisition fair value marks		960		1,373
Net operating losses		257		810
Net unrealized losses on pension and post-retirement benefits*		124		596
Net unrealized losses on cash flow hedges*		-		653
Other		989		1,360
Deferred tax assets		77,248		54,117
Deferred tax liabilities:
Right of use assets		13,410		15,589
Net unrealized gains on cash flow hedges*		11,429		-
Deferred loan fees, net		3,930		4,253
Fair value adjustments		2,314		648
Net unrealized gains on entity specific fair value*		672		1,058
Other		24		703
Deferred tax liabilities		31,779		22,251
Net deferred tax asset included in other assets	$	45,469	$	31,866