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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
INCOME TAXES |
Schedule of provision for income taxes | The provision for income taxes for the years ended December 31 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) |  | 2021 |  | 2020 |  | 2019
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 35,507 | ​ | $ | 35,728 | ​ | $ | 34,804
State and other | ​ |  | 8,158 | ​ |  | 8,008 | ​ |  | 7,773
Deferred: | ​ |  | ​ | ​ |  |  | ​ |  |
Federal | ​ |  | 5,493 | ​ |  | (2,005) | ​ |  | (699)
State and other | ​ |  | 2,496 | ​ |  | (331) | ​ |  | (1,603)
Provision for income taxes | ​ | $ | 51,654 | ​ | $ | 41,400 | ​ | $ | 40,275
​
Schedule of net deferred tax liability | Components of the net deferred tax liability, included in other liabilities, as of December 31 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) |  | 2021 |  | 2020
Allowance for credit losses | ​ | $ | 12,435 | ​ | $ | 15,004
Employee benefits | ​ |  | 7,708 | ​ |  | 7,552
Operating lease liabilities | ​ |  | 7,955 | ​ |  | 8,601
Other, net | ​ |  | 1,250 | ​ |  | 900
Deferred tax asset | ​ |  | 29,348 | ​ |  | 32,057
​ | ​ | ​ | ​ | ​ | ​ | ​
Investment securities | ​ |  | 7,227 | ​ |  | 43,325
Goodwill and intangibles | ​ |  | 41,917 | ​ |  | 40,802
Operating lease right-of-use assets | ​ |  | 7,693 | ​ |  | 8,384
Loan origination costs | ​ |  | 8,993 | ​ |  | 7,904
Depreciation | ​ |  | 535 | ​ |  | 3,089
Mortgage servicing rights | ​ |  | 278 | ​ |  | 291
Pension | ​ |  | 22,950 | ​ |  | 16,987
Deferred tax liability | ​ |  | 89,593 | ​ |  | 120,782
Net deferred tax liability | ​ | $ | (60,245) | ​ | $ | (88,725)
​
Schedule of reconciliation of the differences between the federal statutory income tax rate | 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019 |
Federal statutory income tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
Increase (reduction) in taxes resulting from: |  | ​ |  |  |  |  | ​
Tax-exempt interest |  | (1.1) |  | (1.5) |  | (1.5) | ​
State income taxes, net of federal benefit |  | 3.6 |  | 3.0 |  | 2.5 | ​
Stock-based compensation |  | (0.9) |  | (0.8) |  | (1.6) | ​
Federal tax credits |  | (1.0) |  | (1.3) |  | (1.3) | ​
Other, net |  | (0.2) |  | (0.3) |  | 0.1 | ​
Effective income tax rate |  | 21.4 | % | 20.1 | % | 19.2 | %

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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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