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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

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)		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

​

Schedule of net deferred tax liability

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

​

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:

​

​	​	​	​	​	​	​	​
​		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	%

Schedule of unrecognized tax benefits

​	​	​	​	​	​	​	​	​	​
(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

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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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Tabular disclosure of the change in unrecognized tax benefits.

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