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INCOME TAXES (Tables)

12 Months Ended

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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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.

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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.

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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.

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