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INCOME TAXES | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
INCOME TAXES | NOTE I: INCOME TAXES The provision for income taxes for the years ended December 31 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) |  | 2020 |  | 2019 |  | 2018
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 35,728 | ​ | $ | 34,804 | ​ | $ | 32,504
State and other | ​ |  | 8,008 | ​ |  | 7,773 | ​ |  | 9,180
Deferred: | ​ |  | ​ | ​ |  |  | ​ |  |
Federal | ​ |  | (2,005) | ​ |  | (699) | ​ |  | 2,122
State and other | ​ |  | (331) | ​ |  | (1,603) | ​ |  | 541
Provision for income taxes | ​ | $ | 41,400 | ​ | $ | 40,275 | ​ | $ | 44,347
​ Components of the net deferred tax liability, included in other liabilities, as of December 31 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) |  | 2020 |  | 2019
Allowance for credit losses | ​ | $ | 15,004 | ​ | $ | 12,059
Employee benefits | ​ |  | 7,552 | ​ |  | 5,393
Operating lease liabilities | ​ |  | 8,601 | ​ |  | 9,801
Other, net | ​ |  | 900 | ​ |  | 837
Deferred tax asset | ​ |  | 32,057 | ​ |  | 28,090
​ | ​ | ​ | ​ | ​ | ​ | ​
Investment securities | ​ |  | 43,325 | ​ |  | 21,547
Goodwill and intangibles | ​ |  | 40,802 | ​ |  | 39,189
Operating lease right-of-use assets | ​ |  | 8,384 | ​ |  | 9,566
Loan origination costs | ​ |  | 7,904 | ​ |  | 7,639
Depreciation | ​ |  | 3,089 | ​ |  | 2,736
Mortgage servicing rights | ​ |  | 291 | ​ |  | 162
Pension | ​ |  | 16,987 | ​ |  | 13,769
Deferred tax liability | ​ |  | 120,782 | ​ |  | 94,608
Net deferred tax liability | ​ | $ | (88,725) | ​ | $ | (66,518)
​ The Company has determined that no valuation allowance is necessary as it is more likely than not that the gross deferred tax assets will be realized through future reversals of existing temporary differences and through future taxable income. A reconciliation of the differences between the federal statutory income tax rate and the effective tax rate for the years ended December 31 is shown in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018 |
Federal statutory income tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
Increase (reduction) in taxes resulting from: |  | ​ |  |  |  |  | ​
Tax-exempt interest |  | (1.5) |  | (1.5) |  | (1.6) | ​
State income taxes, net of federal benefit |  | 3.0 |  | 2.5 |  | 3.4 | ​
Stock-based compensation |  | (0.8) |  | (1.6) |  | (0.9) | ​
Federal tax credits |  | (1.3) |  | (1.3) |  | (1.4) | ​
Other, net |  | (0.3) |  | 0.1 |  | 0.3 | ​
Effective income tax rate |  | 20.1 | % | 19.2 | % | 20.8 | %
​ A reconciliation of the unrecognized tax benefits for the years ended December 31 is shown in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) |  | 2020 |  | 2019 |  | 2018
Unrecognized tax benefits at beginning of year | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 24
Changes related to: | ​ |  |  | ​ |  | ​ | ​ |  |
Lapse of statutes of limitations | ​ |  | 0 | ​ |  | 0 | ​ |  | (24)
Unrecognized tax benefits at end of year | ​ | $ | 0 | ​ | $ | 0 | ​ | $ | 0
​ As of December 31, 2020, there was no amount of material unrecognized tax benefits that would impact the Company’s effective tax rate if recognized. It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months as a result of various examinations and expiration of statutes of limitations on prior tax returns. The Company’s policy is to recognize interest and penalties related to unrecognized tax benefits as part of income taxes in the consolidated statement of income. The accrued interest related to tax positions was immaterial. The Company’s federal and state income tax returns are routinely subject to examination from various governmental taxing authorities. Such examinations may result in challenges to the tax return treatment applied by the Company to specific transactions. Management believes that the assumptions and judgment used to record tax-related assets or liabilities have been appropriate. Future examinations by taxing authorities of the Company’s federal or state tax returns could have a material impact on the Company’s results of operations. The Company’s federal income tax returns for years after 2016 may still be examined by the Internal Revenue Service. New York State income tax returns for years after 2016 may still be examined by the New York Department of Taxation and Finance. The Company is currently under examination by the New York Department of Taxation and Finance in connection with tax years 2015 to 2017, and has not received any notices of proposed adjustments. It is not possible to estimate, if and when those examinations may be completed. The CARES Act is expected to have an immaterial impact as it relates to income taxes and the Company will continue to assess impacts in future periods.

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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 http://asc.fasb.org/extlink&oid=84230637&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 http://asc.fasb.org/extlink&oid=116825942&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 http://asc.fasb.org/extlink&oid=84230637&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 http://asc.fasb.org/extlink&oid=116825942&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 http://asc.fasb.org/extlink&oid=84230637&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 http://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 http://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 http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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