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Income Taxes

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Income Taxes

10. 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 an examination of New York City income tax returns for years ending December 31, 2015 through 2017. The New York State examination of tax years 2015 through 2016 was closed in 2022 and the examination of tax years 2017 through 2019 was closed in September 2024 with no 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, 2021.

As of December 31, 2024, the Company had net operating loss carry forwards for federal, New York, New York City, and various other states where tax returns are filed. The gross federal net operating loss carry forward is $42.9 million and has no expiration. The post-apportioned gross New York net operating loss carryforward is $34.8 million and will expire in 2044. The post-apportioned gross New York City net operating loss carryforward is $57.2 million and will begin to expire in 2037. The post-apportioned gross net operating loss carry forwards for all other states where tax returns are filed is $2.8 million and either have no expiration or various expiration dates based on specific jurisdictional laws.

Income tax provisions are summarized as follows for the years ended December 31:

​

​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
​	​	(In thousands)
Federal:		​			​			​
Current	​	$	(2,092)	​	$	4,904	​	$	17,565
Deferred	​		(8,387)	​		2,681	​		4
Total federal tax provision (benefit)	​		(10,479)	​		7,585	​		17,569
State and Local:	​			​			​
Current	​		1,020	​		2,544	​		10,198
Deferred	​		(7,475)	​		1,040	​		140
Total state and local tax provision (benefit)	​		(6,455)	​		3,584	​		10,338
Total provision for income taxes	​	$	(16,934)	​	$	11,169	​	$	27,907

​

The income tax provision in the Consolidated Statements of Operations has been provided at effective rates of 35.1%, 28.0%, and 26.6% for the years ended December 31, 2024, 2023, and 2022, respectively. The effective rates differ from the statutory federal income tax rate as follows for the years ended December 31:

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		2024					2023					2022
​	​	(Dollars in thousands)
Taxes at federal statutory rate	​	$	(10,136)		21.0	%	$	8,365		21.0	%	$	22,019		21.0	%
Increase (reduction) in taxes resulting from:	​					​					​					​
State and local income tax, net of Federal income tax benefit	​		(5,099)		10.6	​		2,831		7.1	​		8,167		7.8	​
Tax exempt income, net	​		(1,258)		2.6	​		(1,079)		(2.7)	​		(2,083)		(2.0)	​
Other	​		(441)		0.9	​		1,052		2.6	​		(196)		(0.2)	​
Taxes at effective rate	​	$	(16,934)		35.1	%	$	11,169		28.0	%	$	27,907		26.6	%

​

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The components of the net deferred tax assets are as follows at December 31:

​

​	​	​	​	​	​	​
​		2024			2023
​	​	(In thousands)
Deferred tax assets:	​	​	​	​	​	​
Allowance for credit losses on loans	​	$	12,400	​	$	12,475
Net unrealized losses on securities available for sale*	​		1,935	​		24,667
Operating lease liabilities	​	​	14,343	​	​	12,680
Accrued compensation	​		10,599	​		7,882
Stock based compensation	​		2,181	​		3,140
Depreciation	​		3,553	​		2,711
Derivative adjustments	​		426	​		445
Pension and post-retirement benefits	​		1,941	​		2,044
Other allowances	​		2,619	​		3,609
Acquisition fair value marks	​	​	535	​	​	637
Net operating losses	​	​	15,218	​	​	491
Net unrealized losses on pension and post-retirement benefits*	​	​	379	​	​	172
Other	​		1,000	​		1,482
Deferred tax assets	​	​	67,129	​	​	72,435
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Right of use assets	​	​	14,144	​	​	12,287
Net unrealized gains on cash flow hedges*	​		4,793	​		6,667
Deferred loan fees, net	​	​	3,933	​	​	3,819
Fair value adjustments	​		2,748	​		3,110
Net unrealized gains on entity specific fair value*	​		698	​		747
Other	​	​	408	​	​	660
Deferred tax liabilities	​	​	26,724	​	​	27,290
​	​	​	​	​	​	​
Net deferred tax asset included in other assets	​	$	40,405	​	$	45,145

​

*Represents the amount of deferred taxes recorded in accumulated other comprehensive loss.

​

At December 31, 2024, 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, 2024 and 2023, 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.

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