Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Summary of income tax provisions

	2023		2022		2021
	(In thousands)
Federal:
Current	$	4,904	$	17,565	$	21,206
Deferred		2,681		4		(1,128)
Total federal tax provision		7,585		17,569		20,078
State and Local:
Current		2,544		10,198		8,004
Deferred		1,040		140		(597)
Total state and local tax provision		3,584		10,338		7,407
Total provision for income taxes	$	11,169	$	27,907	$	27,485

Schedule of Effective Income Tax Rate Reconciliation

	2023				2022				2021
	(Dollars in thousands)
Taxes at federal statutory rate	$	8,365	21.0	%	$	22,019	21.0	%	$	22,948	21.0	%
Increase (reduction) in taxes resulting from:
State and local income tax, net of Federal income tax benefit		2,831	7.1			8,167	7.8			6,865	6.3
Tax exempt income, net		(1,079)	(2.7)			(2,083)	(2.0)			(1,150)	(1.0)
Other		1,052	2.6			(196)	(0.2)			(1,178)	(1.1)
Taxes at effective rate	$	11,169	28.0	%	$	27,907	26.6	%	$	27,485	25.2	%

Schedule of Deferred Tax Assets and Liabilities

	2023		2022
	(In thousands)
Deferred tax assets:
Allowance for credit losses on loans	$	12,475	$	12,528
Net unrealized losses on securities available for sale*		24,667		28,418
Operating lease liabilities		12,680		14,289
Accrued compensation		7,882		8,709
Stock based compensation		3,140		3,171
Depreciation		2,711		2,462
Derivative adjustments		445		2,030
Pension and post-retirement benefits		2,044		2,126
Other allowances		3,609		1,185
Acquisition fair value marks		637		960
Net operating losses		491		257
Net unrealized losses on pension and post-retirement benefits*		172		124
Other		1,482		989
Deferred tax assets		72,435		77,248
Deferred tax liabilities:
Right of use assets		12,287		13,410
Net unrealized gains on cash flow hedges*		6,667		11,429
Deferred loan fees, net		3,819		3,930
Fair value adjustments		3,110		2,314
Net unrealized gains on entity specific fair value*		747		672
Other		660		24
Deferred tax liabilities		27,290		31,779
Net deferred tax asset included in other assets	$	45,145	$	45,469