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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  | 2022 |  | 2021
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 36,617 | ​ | $ | 41,025 | ​ | $ | 35,507
State and other | ​ |  | 7,193 | ​ |  | 9,899 | ​ |  | 8,158
Deferred: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Federal | ​ |  | (4,877) | ​ |  | 1,163 | ​ |  | 5,493
State and other | ​ |  | (2,626) | ​ |  | 146 | ​ |  | 2,496
Provision for income taxes | ​ | $ | 36,307 | ​ | $ | 52,233 | ​ | $ | 51,654
​ Components of the net deferred tax asset, included in other assets, as of December 31, 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) |  | 2023 |  | 2022
Investment securities | ​ | $ | 157,456 | ​ | $ | 191,953
Allowance for credit losses | ​ | ​ | 16,398 | ​ | ​ | 15,346
Employee benefits | ​ |  | 5,727 | ​ |  | 5,775
Operating lease liabilities | ​ |  | 10,211 | ​ |  | 7,552
Other, net | ​ |  | 6,023 | ​ |  | 4,385
Deferred tax asset | ​ |  | 195,815 | ​ |  | 225,011
​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill and intangibles | ​ |  | 39,366 | ​ |  | 39,454
Operating lease right-of-use assets | ​ |  | 9,872 | ​ |  | 7,303
Loan origination costs | ​ |  | 10,777 | ​ |  | 9,731
Depreciation | ​ |  | 383 | ​ |  | 96
Mortgage servicing rights | ​ |  | 306 | ​ |  | 640
Pension | ​ |  | 19,181 | ​ |  | 18,154
Deferred tax liability | ​ |  | 79,885 | ​ |  | 75,378
Net deferred tax asset | ​ | $ | 115,930 | ​ | $ | 149,633
​ 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 |
Federal statutory income tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
Increase (reduction) in taxes resulting from: |  | ​ |  |  |  |  | ​
Tax-exempt interest |  | (1.7) |  | (1.3) |  | (1.1) | ​
State income taxes, net of federal benefit |  | 2.2 |  | 3.3 |  | 3.6 | ​
Stock-based compensation |  | (0.2) |  | (0.3) |  | (0.9) | ​
Federal tax credits |  | (0.5) |  | (1.0) |  | (1.0) | ​
Other, net |  | 0.8 |  | 0.0 |  | (0.2) | ​
Effective income tax rate |  | 21.6 | % | 21.7 | % | 21.4 | %
​ As of December 31, 2023, 2022 and 2021, 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 statements 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 2019 may still be examined by the Internal Revenue Service. New York State income tax returns for years after 2018 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 notice of proposed adjustments. It is not possible to estimate if and when those examinations may be completed.

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