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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES |
Schedule of components of income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Current expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 20,170 | ​ | $ | 24,469 | ​ | $ | 39,492
State and city | ​ |  | 8,479 | ​ |  | 15,681 | ​ |  | 17,205
Total current expense | ​ | ​ | 28,649 | ​ | ​ | 40,150 | ​ | ​ | 56,697
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | (5,179) | ​ | ​ | 1,393 | ​ | ​ | 840
State and city | ​ | ​ | (1,115) | ​ | ​ | (758) | ​ | ​ | 1,822
Total deferred expense | ​ | ​ | (6,294) | ​ | ​ | 635 | ​ | ​ | 2,662
Total | ​ | $ | 22,355 | ​ | $ | 40,785 | ​ | $ | 59,359
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) |  | 2024 |  | 2023 |  | 2022 |
Tax at federal statutory rate | ​ | $ | 10,802 | ​ | $ | 28,745 | ​ | $ | 44,502 | ​
State and local taxes, net of federal income tax benefit | ​ |  | 5,583 | ​ |  | 12,237 | ​ |  | 13,699 | ​
Benefit plan differences | ​ |  | (131) | ​ |  | (127) | ​ |  | (127) | ​
Investment in BOLI | ​ |  | (2,179) | ​ |  | (2,047) | ​ |  | (2,173) | ​
Surrender of BOLI | ​ | ​ | 7,415 | ​ | ​ | — | ​ | ​ | — | ​
Equity based compensation | ​ |  | 200 | ​ |  | 79 | ​ |  | (141) | ​
Salaries deduction limitation | ​ |  | 653 | ​ |  | 2,381 | ​ |  | 2,054 | ​
Other, net | ​ |  | 12 | ​ |  | (483) | ​ |  | 1,545 | ​
Total | ​ | $ | 22,355 | ​ | $ | 40,785 | ​ | $ | 59,359 | ​
Effective tax rate | ​ |  | 43.46 | % |  | 29.80 | % |  | 28.01 | %
Schedule of components of deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) |  | 2024 |  | 2023
Deferred tax assets: | ​ | ​ | ​ |  | ​ |
Allowance for credit losses and other contingent liabilities | ​ | $ | 29,013 | ​ | $ | 26,926
Tax effect of other components of income on securities available-for-sale | ​ | ​ | 14,251 | ​ | ​ | 34,745
Tax effect of other components of income on securities held-to-maturity | ​ | ​ | 6,048 | ​ | ​ | 7,216
Operating lease liability | ​ |  | 15,034 | ​ |  | 19,229
Other | ​ |  | 3,546 | ​ |  | 2,603
Total deferred tax assets | ​ |  | 67,892 | ​ |  | 90,719
Deferred tax liabilities: | ​ |  |  | ​ |  |
Tax effect of other components of income on derivatives | ​ | ​ | 3,261 | ​ | ​ | 2,368
Employee benefit plans | ​ | ​ | 3,259 | ​ | ​ | 1,707
Tax effect of purchase accounting fair value adjustments | ​ | ​ | (201) | ​ | ​ | 1,329
Difference in book and tax carrying value of fixed assets | ​ |  | 670 | ​ |  | 2,230
Difference in book and tax basis of unearned loan fees | ​ |  | 2,531 | ​ |  | 3,239
Operating lease asset | ​ |  | 14,179 | ​ |  | 18,266
States taxes | ​ | ​ | — | ​ | ​ | 2,166
Other | ​ |  | 951 | ​ |  | 241
Total deferred tax liabilities | ​ |  | 24,650 | ​ |  | 31,546
Net deferred tax asset (recorded in other assets) | ​ | $ | 43,242 | ​ | $ | 59,173

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