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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Notes Tables |
Summary of income tax provisions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (In thousands)
Federal: |  | ​ |  |  | ​ |  |  | ​ |
Current | ​ | $ | 21,206 | ​ | $ | 14,178 | ​ | $ | 12,404
Deferred | ​ |  | (1,128) | ​ |  | (4,990) | ​ |  | (1,965)
Total federal tax provision | ​ |  | 20,078 | ​ |  | 9,188 | ​ |  | 10,439
State and Local: | ​ |  |  | ​ |  |  | ​ |  |
Current | ​ |  | 8,004 | ​ |  | 967 | ​ |  | 3,543
Deferred | ​ |  | (597) | ​ |  | 353 | ​ |  | (1,930)
Total state and local tax provision | ​ |  | 7,407 | ​ |  | 1,320 | ​ |  | 1,613
Total provision for income taxes | ​ | $ | 27,485 | ​ | $ | 10,508 | ​ | $ | 12,052
Schedule of Effective Income Tax Rate Reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019 |
​ | ​ | (Dollars in thousands) |
Taxes at federal statutory rate | ​ | $ | 22,948 |  | 21.0 | % | $ | 9,489 |  | 21.0 | % | $ | 11,200 |  | 21.0 | %
Increase (reduction) in taxes resulting from: | ​ |  |  |  |  | ​ |  |  |  |  | ​ |  |  |  |  | ​
State and local income tax, net of Federal income tax benefit | ​ |  | 6,865 |  | 6.3 | ​ |  | 1,043 |  | 2.3 | ​ |  | 1,274 |  | 2.4 | ​
Tax exempt | ​ |  | (1,150) |  | (1.0) | ​ |  | (875) |  | (1.9) | ​ |  | (878) |  | (1.6) | ​
Nondeductible merger expense | ​ | ​ | — | ​ | — | ​ | ​ | 543 | ​ | 1.2 | ​ | ​ | 328 | ​ | 0.6 | ​
Other | ​ |  | (1,178) |  | (1.1) | ​ |  | 308 |  | 0.7 | ​ |  | 128 |  | 0.3 | ​
Taxes at effective rate | ​ | $ | 27,485 |  | 25.2 | % | $ | 10,508 |  | 23.3 | % | $ | 12,052 |  | 22.7 | %
Schedule of Deferred Tax Assets and Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
​ | ​ | (In thousands)
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Postretirement benefits | ​ | $ | 10,588 | ​ | $ | 8,331
Allowance for credit losses | ​ |  | 13,013 | ​ |  | 15,221
Operating lease liabilities | ​ | ​ | 18,977 | ​ | ​ | 19,922
Stock based compensation | ​ |  | 3,501 | ​ |  | 3,119
Depreciation | ​ |  | 2,765 | ​ |  | 2,421
Unrealized loss on securities available for sale | ​ |  | 2,917 | ​ |  | —
Fair value adjustment on financial assets carried at fair value | ​ |  | 16 | ​ |  | 23
Fair value hedges | ​ |  | 394 | ​ |  | 2,988
Adjustment required to recognize funded status of postretirement pension plans | ​ |  | 596 | ​ |  | 837
Cashflow hedges | ​ | ​ | 653 | ​ | ​ | 7,780
Deferred loan income | ​ | ​ | 2,200 | ​ | ​ | 2,192
Fair Value of Loans from Empire acquisition | ​ | ​ | 2,820 | ​ | ​ | 3,798
Net operating loss (NYS) | ​ | ​ | — | ​ | ​ | 29
Net operating loss (NYC) | ​ |  | 684 | ​ |  | 1,896
Other | ​ |  | 4,269 | ​ |  | 3,740
Deferred tax assets | ​ |  | 63,393 | ​ |  | 72,297
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
FPFC deferred income | ​ |  | — | ​ |  | 2,188
Right of Use Asset | ​ | ​ | 17,570 | ​ | ​ | 17,080
Fair value adjustment on financial liabilities carried at fair value | ​ |  | 754 | ​ |  | 4,968
Entity specific fair value | ​ |  | 1,058 | ​ |  | 821
Unrealized gains on securities | ​ | ​ | — | ​ | ​ | 573
Deferred loan cost | ​ | ​ | 6,999 | ​ | ​ | 7,044
State and local taxes | ​ | ​ | 3,016 | ​ | ​ | 3,768
Other | ​ |  | 2,130 | ​ |  | 1,599
Deferred tax liabilities | ​ |  | 31,527 | ​ |  | 38,041
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset included in other assets | ​ | $ | 31,866 | ​ | $ | 34,256

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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=121826272&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=121826272&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=121826272&loc=d3e32687-109319 + Details
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