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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
Schedule of components of income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2020 |  | 2019 |  | 2018
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​
Federal | ​ | $ | 16,262 | ​ | $ | 12,665 | ​ | $ | 5,270
State | ​ |  | 1,457 | ​ |  | 639 | ​ |  | 1,023
Total current | ​ |  | 17,719 | ​ |  | 13,304 | ​ |  | 6,293
Deferred: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (3,782) | ​ |  | (419) | ​ |  | 3,299
State | ​ |  | (252) | ​ |  | 1,175 | ​ |  | (451)
Total deferred | ​ |  | (4,034) | ​ |  | 756 | ​ |  | 2,848
Total income tax expense | ​ | $ | 13,685 | ​ | $ | 14,060 | ​ | $ | 9,141
Schedule of reconciliation of the expected Federal income tax expense at the statutory tax rate to the actual provision | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2020 | 2019 | 2018 |
​ | ​ | ​ | ​ | ​ | Percentage | ​ | ​ | ​ | ​ | Percentage | ​ | ​ | ​ | ​ | Percentage |
​ | ​ | ​ | ​ | ​ | of Pre-tax | ​ | ​ | ​ | ​ | of Pre-tax | ​ | ​ | ​ | ​ | of Pre-tax | ​
(Dollars in thousands) |  | Amount |  | Earnings |  | Amount |  | Earnings |  | Amount |  | Earnings | ​
Federal income tax expense computed by applying the statutory rate to income before income taxes | ​ | $ | 11,703 | ​ | 21 | % | $ | 13,808 | ​ | 21 | % | $ | 10,157 | ​ | 21 | %
Tax-exempt income | ​ |  | (851) |  | (1) | ​ |  | (920) |  | (1) | ​ |  | (1,002) |  | (2) | ​
State taxes, net of federal income tax benefit | ​ |  | 1,214 |  | 2 | ​ |  | 1,425 |  | 2 | ​ |  | 1,999 |  | 4 | ​
Other | ​ |  | 1,619 |  | 3 | ​ |  | (253) |  | (1) | ​ |  | (2,013) |  | (4) | ​
Income tax expense | ​ | $ | 13,685 |  | 25 | % | $ | 14,060 |  | 21 | % | $ | 9,141 |  | 19 | %
​
Schedule of components of deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) |  | 2020 |  | 2019
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses and off-balance sheet credit exposure | ​ | $ | 13,983 | ​ | $ | 10,305
Net unrealized losses on securities | ​ |  | — | ​ |  | 343
Compensation and related benefit obligations | ​ |  | 1,674 | ​ |  | 2,368
Net deferred loan costs and fees | ​ | ​ | 2,588 | ​ | ​ | —
Purchase accounting fair value adjustments | ​ |  | 3,574 | ​ |  | 4,735
Net change in pension and other post-retirement benefits plans | ​ |  | 3,608 | ​ |  | 2,809
Net operating loss carryforward | ​ |  | 786 | ​ |  | 3,229
Net loss on cash flow hedges | ​ | ​ | 1,905 | ​ | ​ | 304
Operating lease liabilities | ​ | ​ | 13,684 | ​ | ​ | 13,444
Other | ​ |  | 1,234 | ​ |  | 200
Total deferred tax assets | ​ |  | 43,036 | ​ |  | 37,737
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Pension and SERP expense | ​ |  | (5,366) | ​ |  | (4,904)
Net unrealized gains on securities | ​ | ​ | (1,285) | ​ | ​ | —
Depreciation | ​ |  | (546) | ​ |  | (956)
REIT undistributed net income | ​ |  | (3,178) | ​ |  | (2,403)
Net deferred loan costs and fees | ​ |  | — | ​ |  | (2,413)
State and local taxes | ​ |  | (1,345) | ​ |  | (1,227)
Operating lease right-of-use assets | ​ |  | (13,172) | ​ |  | (12,934)
Other | ​ |  | (970) | ​ |  | (835)
Total deferred tax liabilities | ​ |  | (25,862) | ​ |  | (25,672)
Net deferred tax asset | ​ | $ | 17,174 | ​ | $ | 12,065

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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