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Income Taxes (Tables)
3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit)

The components of income tax expense (benefit) are as follows:

 

For the Three Months Ended March 31,

 

 

2022

 

 

2021

 

 

(In Thousands)

 

Current:

 

 

 

 

 

Federal

$

5,814

 

 

$

6,362

 

State and local

 

163

 

 

 

163

 

Deferred

 

193

 

 

 

3,427

 

 

$

6,170

 

 

$

9,952

 

Schedule of effective income tax rate reconciliation

The effective tax rates differ from federal statutory rate applied to income due to the following:

 

For the Three Months Ended March 31,

 

 

2022

 

 

2021

 

 

(In Thousands)

 

Tax expense (benefit) at statutory rate (21%)

$

6,830

 

 

$

10,699

 

Increases (decreases) in taxes from:

 

 

 

 

 

State income tax - net of federal tax benefit

 

128

 

 

 

128

 

Tax exempt interest income, net of TEFRA

 

(186

)

 

 

(200

)

Bank owned life insurance

 

(209

)

 

 

(245

)

Captive insurance

 

(105

)

 

 

(90

)

Other

 

(288

)

 

 

(340

)

Totals

$

6,170

 

 

$

9,952