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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
INCOME TAXES |
Schedule of components of income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2021 | ​ | Year Ended December 31, 2020 | ​ | Year Ended December 31, 2019
​ | ​ | ​ | ​ | ​ | State | ​ | ​ | ​ | ​ | ​ | ​ | ​ | State | ​ | ​ | ​ | ​ | ​ | ​ | ​ | State | ​ | ​ | ​
(In thousands) |  | Federal |  | and City |  | Total |  | Federal |  | and City |  | Total |  | Federal |  | and City |  | Total
Current | ​ | $ | 23,759 | ​ | $ | 11,815 | ​ | $ | 35,574 | ​ | $ | 13,107 | ​ | $ | 1,524 | ​ | $ | 14,631 | ​ | $ | 10,129 | ​ | $ | 2,930 | ​ | $ | 13,059
Deferred | ​ |  | 5,490 | ​ |  | 3,106 | ​ |  | 8,596 | ​ |  | (1,181) | ​ |  | (784) | ​ |  | (1,965) | ​ |  | (1,437) | ​ |  | (946) | ​ |  | (2,383)
Total | ​ | $ | 29,249 | ​ | $ | 14,921 | ​ | $ | 44,170 | ​ | $ | 11,926 | ​ | $ | 740 | ​ | $ | 12,666 | ​ | $ | 8,692 | ​ | $ | 1,984 | ​ | $ | 10,676
Schedule of reconciliation of the expected Federal income tax expense at the statutory tax rate to the actual provision | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
(Dollars in thousands) |  | 2021 |  | 2020 |  | 2019 |
Tax at federal statutory rate | ​ | $ | 31,115 | ​ | $ | 11,546 | ​ | $ | 9,841 | ​
State and local taxes, net of federal income tax benefit | ​ |  | 11,601 | ​ |  | 567 | ​ |  | 1,567 | ​
Benefit plan differences | ​ |  | (107) | ​ |  | (240) | ​ |  | (261) | ​
Adjustments for prior period returns and tax items | ​ |  | (238) | ​ |  | 125 | ​ |  | 19 | ​
Investment in BOLI | ​ |  | (1,485) | ​ |  | (1,020) | ​ |  | (594) | ​
Equity based compensation | ​ |  | (301) | ​ |  | 96 | ​ |  | (33) | ​
Salaries deduction limitation | ​ |  | 3,419 | ​ |  | 1,428 | ​ |  | 126 | ​
Transaction costs | ​ | ​ | 181 | ​ | ​ | 256 | ​ | ​ | — | ​
Other, net | ​ |  | (15) | ​ |  | (92) | ​ |  | 11 | ​
Total | ​ | $ | 44,170 | ​ | $ | 12,666 | ​ | $ | 10,676 | ​
Effective tax rate | ​ |  | 29.81 | % |  | 23.04 | % |  | 22.78 | %
Schedule of components of deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) |  | 2021 |  | 2020
Deferred tax assets: | ​ | ​ | ​ |  | ​ |
Allowance for credit losses and other contingent liabilities | ​ | $ | 29,777 | ​ | $ | 13,261
Employee benefit plans | ​ |  | — | ​ |  | 4,227
Tax effect of purchase accounting fair value adjustments | ​ |  | — | ​ |  | 287
Tax effect of other components of income on derivatives | ​ |  | — | ​ |  | 5,831
Tax effect of other components of income on securities available-for-sale | ​ | ​ | 3,608 | ​ | ​ | —
Operating lease liability | ​ |  | 20,532 | ​ |  | 12,673
Other | ​ |  | 1,976 | ​ |  | 2
Total deferred tax assets | ​ |  | 55,893 | ​ |  | 36,281
Deferred tax liabilities: | ​ |  |  | ​ |  |
Tax effect of other components of income on derivatives | ​ | ​ | 1,371 | ​ | ​ | —
Tax effect of other components of income on securities available-for-sale | ​ |  | — | ​ |  | 6,161
Employee benefit plans | ​ | ​ | 2,803 | ​ | ​ | —
Tax effect of purchase accounting fair value adjustments | ​ | ​ | 3,945 | ​ | ​ | —
Difference in book and tax carrying value of fixed assets | ​ |  | 3,950 | ​ |  | 906
Difference in book and tax basis of unearned loan fees | ​ |  | 2,413 | ​ |  | 2,490
Operating lease asset | ​ |  | 19,871 | ​ |  | 10,774
Other | ​ |  | 1,141 | ​ |  | 685
Total deferred tax liabilities | ​ |  | 35,494 | ​ |  | 21,016
Net deferred tax asset (recorded in other assets) | ​ | $ | 20,399 | ​ | $ | 15,265

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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