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Income Taxes | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Income Taxes | 11. Income Taxes The Company and its subsidiaries are subject to income tax within U.S. federal, New York, New York City, and various other state and local jurisdictions. The Company is undergoing examinations of New York City income tax returns for years ending December 31, 2015 through 2017 and New York State income tax returns for years ending December 31, 2017 through 2019. The New York State examination of tax years 2015 through 2016 was closed in 2022, without material changes. The Company remains subject to examination for its federal and various other states income tax returns for the years ending on or after December 31, 2019. Income tax provisions are summarized as follows for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (In thousands)
Federal: |  | ​ |  |  | ​ |  |  | ​ |
Current | ​ | $ | 17,565 | ​ | $ | 21,206 | ​ | $ | 14,178
Deferred | ​ |  | 4 | ​ |  | (1,128) | ​ |  | (4,990)
Total federal tax provision | ​ |  | 17,569 | ​ |  | 20,078 | ​ |  | 9,188
State and Local: | ​ |  |  | ​ |  |  | ​ |  |
Current | ​ |  | 10,198 | ​ |  | 8,004 | ​ |  | 967
Deferred | ​ |  | 140 | ​ |  | (597) | ​ |  | 353
Total state and local tax provision | ​ |  | 10,338 | ​ |  | 7,407 | ​ |  | 1,320
Total provision for income taxes | ​ | $ | 27,907 | ​ | $ | 27,485 | ​ | $ | 10,508
​ The income tax provision in the Consolidated Statements of Income has been provided at effective rates of 26.6%, 25.2%, and 23.3% for the years ended December 31, 2022, 2021, and 2020, respectively. The effective rates differ from the statutory federal income tax rate as follows for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
​ | ​ | (Dollars in thousands) |
Taxes at federal statutory rate | ​ | $ | 22,019 |  | 21.0 | % | $ | 22,948 |  | 21.0 | % | $ | 9,489 |  | 21.0 | %
Increase (reduction) in taxes resulting from: | ​ |  |  |  |  | ​ |  |  |  |  | ​ |  |  |  |  | ​
State and local income tax, net of Federal income tax benefit | ​ |  | 8,167 |  | 7.8 | ​ |  | 6,865 |  | 6.3 | ​ |  | 1,043 |  | 2.3 | ​
Tax exempt income, net | ​ |  | (2,083) |  | (2.0) | ​ |  | (1,150) |  | (1.0) | ​ |  | (875) |  | (1.9) | ​
Nondeductible merger expense | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 543 | ​ | 1.2 | ​
Other | ​ |  | (196) |  | (0.2) | ​ |  | (1,178) |  | (1.1) | ​ |  | 308 |  | 0.7 | ​
Taxes at effective rate | ​ | $ | 27,907 |  | 26.6 | % | $ | 27,485 |  | 25.2 | % | $ | 10,508 |  | 23.3 | %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The components of the net deferred tax assets are as follows at December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | (In thousands)
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses on loans | ​ | $ | 12,528 | ​ | $ | 11,532
Net unrealized losses on securities available for sale* | ​ |  | 28,418 | ​ |  | 2,917
Operating lease liabilities | ​ | ​ | 14,289 | ​ | ​ | 16,817
Accrued compensation | ​ |  | 8,709 | ​ |  | 9,620
Stock based compensation | ​ |  | 3,171 | ​ |  | 3,103
Depreciation | ​ |  | 2,462 | ​ |  | 2,160
Derivative adjustments | ​ |  | 2,030 | ​ |  | 349
Pension and post-retirement benefits | ​ |  | 2,126 | ​ |  | 2,184
Other allowances | ​ |  | 1,185 | ​ |  | 643
Acquisition fair value marks | ​ | ​ | 960 | ​ | ​ | 1,373
Net operating losses | ​ | ​ | 257 | ​ | ​ | 810
Net unrealized losses on pension and post-retirement benefits* | ​ | ​ | 124 | ​ | ​ | 596
Net unrealized losses on cash flow hedges* | ​ | ​ | - | ​ | ​ | 653
Other | ​ |  | 989 | ​ |  | 1,360
Deferred tax assets | ​ | ​ | 77,248 | ​ | ​ | 54,117
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Right of use assets | ​ | ​ | 13,410 | ​ | ​ | 15,589
Net unrealized gains on cash flow hedges* | ​ |  | 11,429 | ​ |  | -
Deferred loan fees, net | ​ | ​ | 3,930 | ​ | ​ | 4,253
Fair value adjustments | ​ |  | 2,314 | ​ |  | 648
Net unrealized gains on entity specific fair value* | ​ |  | 672 | ​ |  | 1,058
Other | ​ | ​ | 24 | ​ | ​ | 703
Deferred tax liabilities | ​ | ​ | 31,779 | ​ | ​ | 22,251
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset included in other assets | ​ | $ | 45,469 | ​ | $ | 31,866
​ *Represents the amount of deferred taxes recorded in accumulated other comprehensive loss. ​ At December 31, 2022, after considering all available positive and negative evidence, management concluded that a valuation allowance against deferred tax assets was not necessary because it is more likely than not that these tax benefits will be fully realized in future periods. While management continues to evaluate the need for a valuation allowance prospectively, it is not expected that a valuation allowance will be required based upon projected profitability. ​ At December 31, 2022 and 2021, the Company had no material unrecognized tax benefits or accrued interest and penalties recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company's policy is to recognize interest and penalties on income taxes in income tax expense.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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