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INCOME TAXES | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
INCOME TAXES | 13. INCOME TAXES The following table details the 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
​ The following table is a 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 | %
​ The following table summarizes the composition 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
​ The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the State and City of New York and the State of New Jersey. The Company is no longer subject to examination by taxing authorities for years before 2015. There are no unrecorded tax benefits, and the Company does not expect the total amount of unrecognized income tax benefits to significantly increase in the next twelve months. In connection with the acquisition of FNBNY, the Company acquired a federal net operating loss (“NOL”) carryforward subject to Internal Revenue Code Section 382. The Company recorded a deferred tax asset that it expects to realize within the carryforward period. At December 31, 2020, the remaining federal NOL carryforward was $2.9 million. At December 31, 2020, the Company had New York State NOL carryforward of $2.1 million, and recorded a deferred tax asset that it expects to recover within the carryforward period. At December 31, 2020, the Company had New York City NOL carryforward of zero. The New York State and New York City NOLs at December 31, 2020 included NOLs acquired in connection with the CNB and FNBNY acquisitions.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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