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Income Taxes (Tables)

12 Months Ended

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

X

- 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.

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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.

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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

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