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INCOME TAXES

12 Months Ended

Dec. 31, 2024

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)		2024			2023			2022
Current:		​			​			​
Federal	​	$	30,170	​	$	35,346	​	$	39,838
State and other	​		13,711	​		7,193	​		9,899
Deferred:	​		​	​		​	​		​
Federal	​		(2,836)	​		(4,877)	​		1,163
State and other	​		3,510	​		(2,626)	​		146
Amortization of investments in LIHTC and solar energy partnerships	​	​	9,669	​	​	1,271	​	​	1,187
Provision for income taxes	​	$	54,224	​	$	36,307	​	$	52,233

​

Components of the net deferred tax asset, included in other assets, as of December 31, 2024 and 2023 are as follows:

​

​	​	​	​	​	​	​
(000’s omitted)		2024			2023
Investment securities	​	$	158,596	​	$	157,456
Allowance for credit losses	​	​	20,206	​	​	16,398
Employee benefits	​		5,788	​		5,727
Lease liabilities	​		12,424	​		10,211
Other, net	​		5,650	​		6,023
Deferred tax asset	​		202,664	​		195,815
​	​	​	​	​	​	​
Goodwill and intangibles	​		39,467	​		39,366
Lease right-of-use assets	​		11,737	​		9,872
Loan origination costs	​		11,579	​		10,777
Depreciation	​		623	​		383
Mortgage servicing rights	​		561	​		306
Pension	​		24,647	​		19,181
Deferred tax liability	​		88,614	​		79,885
Net deferred tax asset	​	$	114,050	​	$	115,930

​

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:

​

​	​	​	​	​	​	​	​
​		2024		2023		2022
Federal statutory income tax rate		21.0	%	21.0	%	21.0	%
Increase (reduction) in taxes resulting from:		​					​
Tax-exempt interest		(1.0)		(1.7)		(1.3)	​
State income taxes, net of federal benefit		4.1		2.2		3.3	​
Stock-based compensation		(0.2)		(0.2)		(0.3)	​
Federal tax credits, net of amortization		(0.6)		(0.5)		(1.0)	​
Other, net		(0.4)		0.8		0.0	​
Effective income tax rate		22.9	%	21.6	%	21.7	%

​

The Company has unrecognized tax benefits representing tax positions for which a liability has been established. A reconciliation of the unrecognized tax benefits for the years ended December 31 is shown in the following table:

​	​	​	​	​	​	​	​	​	​
(000’s omitted)		2024			2023			2022
Unrecognized tax benefits at beginning of year	​	$	0	​	$	0	​	$	0
Changes related to:	​			​			​
Increases as a result of tax positions taken during a prior period	​		3,802	​		0	​		0
Decreases as a result of settlements with taxing authorities	​		(1,331)	​		0	​		0
Unrecognized tax benefits at end of year	​	$	2,471	​	$	0	​	$	0

​

All of the unrecognized tax benefits would impact the Company’s effective tax rate if recognized. During the year ended December 2024, the Company recognized $1.0 million of accrued interest related to unrecognized tax benefits in income taxes in the consolidated statements of income. It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months as a result of various examinations.

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 2020 may still be examined by the Internal Revenue Service. The Company’s New York State income tax returns are currently under examination by the New York Department of Taxation and Finance in connection with tax years 2018 to 2020. The Company has not received notice of proposed adjustments from these examinations, and it is not possible to estimate if and when those examinations may be completed. New York State income tax returns for years after 2020 may still be examined by the New York Department of Taxation and Finance.

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