XML 56 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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)		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

​

Schedule of net deferred tax liability

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

​

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:

​

​	​	​	​	​	​	​	​
​		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	%

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration