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v3.20.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Notes Tables |
Summary of income tax provisions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | (In thousands)
Federal: |  | ​ |  |  | ​ |  |  | ​ |
Current | ​ | $ | 14,178 | ​ | $ | 12,404 | ​ | $ | 9,183
Deferred | ​ |  | (4,990) | ​ |  | (1,965) | ​ |  | (609)
Total federal tax provision | ​ |  | 9,188 | ​ |  | 10,439 | ​ |  | 8,574
State and Local: | ​ |  |  | ​ |  |  | ​ |  |
Current | ​ |  | 967 | ​ |  | 3,543 | ​ |  | 3,876
Deferred | ​ |  | 353 | ​ |  | (1,930) | ​ |  | (2,055)
Total state and local tax provision | ​ |  | 1,320 | ​ |  | 1,613 | ​ |  | 1,821
Total provision for income taxes | ​ | $ | 10,508 | ​ | $ | 12,052 | ​ | $ | 10,395
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018 |
​ | ​ | (Dollars in thousands) |
Taxes at federal statutory rate | ​ | $ | 9,489 |  | 21.0 | % | $ | 11,200 |  | 21.0 | % | $ | 13,752 |  | 21.0 | %
Increase (reduction) in taxes resulting from: | ​ |  |  |  |  | ​ |  |  |  |  | ​ |  |  |  |  | ​
State and local income tax, net of Federal income tax benefit | ​ |  | 1,043 |  | 2.3 | ​ |  | 1,274 |  | 2.4 | ​ |  | 1,439 |  | 2.2 | ​
Tax exempt | ​ |  | (875) |  | (1.9) | ​ |  | (878) |  | (1.6) | ​ |  | (1,961) |  | (3.0) | ​
Nondeductible merger expense | ​ | ​ | 543 | ​ | 1.2 | ​ | ​ | 328 | ​ | 0.6 | ​ | ​ | — | ​ | — | ​
Other | ​ |  | 308 |  | 0.7 | ​ |  | 128 |  | 0.3 | ​ |  | (2,835) |  | (4.3) | ​
Taxes at effective rate | ​ | $ | 10,508 |  | 23.3 | % | $ | 12,052 |  | 22.7 | % | $ | 10,395 |  | 15.9 | %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (In thousands)
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Postretirement benefits | ​ | $ | 7,600 | ​ | $ | 7,188
Allowance for loan losses | ​ |  | 13,886 | ​ |  | 6,782
Operating lease liabilities | ​ | ​ | 18,175 | ​ | ​ | 12,863
Stock based compensation | ​ |  | 2,845 | ​ |  | 2,950
Depreciation | ​ |  | 2,002 | ​ |  | 1,875
Unrealized loss on securities available for sale | ​ |  | — | ​ |  | 1,812
Fair value adjustment on financial assets carried at fair value | ​ |  | 23 | ​ |  | 95
Fair value hedges | ​ |  | 2,726 | ​ |  | 1,669
Adjustment required to recognize funded status of postretirement pension plans | ​ |  | 837 | ​ |  | 447
Cashflow hedges | ​ | ​ | 7,780 | ​ | ​ | 2,668
Deferred loan income | ​ | ​ | 2,000 | ​ | ​ | 1,367
Fair Value of Loans from Empire acquisition | ​ | ​ | 3,465 | ​ | ​ | —
Net operating loss (NYS) | ​ | ​ | 23 | ​ | ​ | —
Net operating loss (NYC) | ​ |  | 1,395 | ​ |  | 880
Other | ​ |  | 3,412 | ​ |  | 1,690
Deferred tax assets | ​ |  | 66,169 | ​ |  | 42,286
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
FPFC deferred income | ​ |  | 2,084 | ​ |  | 2,256
Right of Use Asset | ​ | ​ | 15,582 | ​ | ​ | 12,863
Fair value adjustment on financial liabilities carried at fair value | ​ |  | 4,968 | ​ |  | 5,003
Entity specific fair value | ​ |  | 821 | ​ |  | 456
Unrealized gains on securities | ​ | ​ | 573 | ​ | ​ | —
Deferred loan cost | ​ | ​ | 6,426 | ​ | ​ | 5,994
Other | ​ |  | 1,459 | ​ |  | 341
Deferred tax liabilities | ​ |  | 31,913 | ​ |  | 26,913
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset included in other assets | ​ | $ | 34,256 | ​ | $ | 15,373

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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