v3.25.4

INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes for the years ended December 31, 2025, 2024, and 2023 are as follows:
| Year Ended December 31,
(In thousands) | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $ | 23,745 |  |  | $ | 24,444 |  |  | $ | 21,756 |
State and local | 10,286 |  |  | 9,536 |  |  | 10,752 |
| 34,031 |  |  | 33,980 |  |  | 32,508 |
Deferred: |  |  |  |  |
Federal | 1,062 |  |  | 2,594 |  |  | 279 |
State and local | 615 |  |  | 2,581 |  |  | 3,965 |
| 1,677 |  |  | 5,175 |  |  | 4,244 |
Total income tax provision | $ | 35,708 |  |  | $ | 39,155 |  |  | $ | 36,752 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the expected income tax expense at the statutory federal income tax rate of 21% to the Company’s actual income tax benefit and effective tax rate for the years ended December 31, 2025, 2024, and 2023 and is as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
|  | Amount | % |  | Amount | % |  | Amount | %
(In thousands) |  |  |  |  |  |  |  |  |
U.S. federal statutory income tax rate |  | $ | 29,432 |  | 21.00 | % |  | $ | 30,574 |  | 21.00 | % |  | $ | 26,193 |  | 21.00 | %
State and local income taxes, net of federal effect (1) |  | 7,926 |  | 5.66 | % |  | 8,158 |  | 5.60 | % |  | 8,922 |  | 7.15 | %
Effect of: |  |  |  |  |  |  |  |  |
Non-taxable and non-deductible items |  | (148) |  | (0.11) | % |  | (880) |  | (0.60) | % |  | (15) |  | (0.01) | %
Tax credits(2) |  | (1,556) |  | (1.11) | % |  | — |  | 0.00 | % |  | — |  | 0.00 | %
Changes in tax laws or rates |  | (298) |  | (0.21) | % |  | — |  | 0.00 | % |  | — |  | 0.00 | %
Other (3) |  | (213) |  | (0.15) | % |  | 141 |  | 0.10 | % |  | (1,055) |  | (0.85) | %
Changes in unrecognized tax benefits |  | 565 |  | 0.40 | % |  | 1,162 |  | 0.79 | % |  | 2,707 |  | 2.18 | %
Total |  | $ | 35,708 |  | 25.48 | % |  | $ | 39,155 |  | 26.89 | % |  | $ | 36,752 |  | 29.47 | %
(1) State and local taxes in New York State and New York City made up the majority (greater than 50 percent) of the tax effect in this category.
(2) Solar tax credits are presented net of the related proportional amortization and tax benefits.
(3) The individual items included do not individually or in the aggregate exceed the 5% quantitative threshold for separate disaggregation.
Schedule of Discloses Income Taxes Paid (Net of Refunds) | The following table discloses income taxes paid (net of refunds) for each annual period presented, disaggregated by domestic federal and state for the years ended December 31, 2025, 2024, and 2023.
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
|  | Amount |  |  |  | Amount |  |  |  | Amount |  |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 8,640 |  |  |  |  | $ | 21,400 |  |  |  |  | $ | 15,788 |  |  |
U.S state and local |  |  |  |  |  |  |  |  |  |  |  |
New York State |  | 4,226 |  |  |  |  | 6,820 |  |  |  |  | 1,891 |  |  |
New York City |  | 4,273 |  |  |  |  | 2,702 |  |  |  |  | 1,857 |  |  |
California |  | 1,330 |  |  |  |  | 1,020 |  |  |  |  | 643 |  |  |
All other states |  | 1,522 |  |  |  |  | 2,055 |  |  |  |  | 2,446 |  |  |
Total |  | $ | 19,991 |  |  |  |  | $ | 33,997 |  |  |  |  | $ | 22,625 |  |  |
Schedule of Net Deferred Tax Assets and Liabilities | The significant components of the net deferred tax assets and liabilities as of December 31, 2025 and 2024, are as follows:
|  | December 31,
|  | 2025 |  | 2024
(In thousands) |  |  |  |
Deferred tax assets: |  |  |  |
Excess tax basis over carrying value of assets: |  |  |  |
Allowance for credit losses |  | $ | 16,328 |  |  | $ | 17,436 |
Postretirement and other employee benefits |  | 4,520 |  |  | 5,069 |
Available for sale securities carried at fair value for financial statement purposes |  | 8,687 |  |  | 18,043 |
Depreciation and amortization |  | 103 |  |  | 791 |
Operating leases |  | 3,274 |  |  | 5,300 |
Federal, state and local net operating loss carryforward |  | 324 |  |  | 474 |
Transfer of available for sale securities to held-to-maturity |  | 2,584 |  |  | 3,161 |
Other, net |  | 766 |  |  | 1,114 |
Gross deferred tax asset |  | 36,586 |  |  | 51,388 |
Deferred tax liabilities: |  |  |  |
Derivatives |  | (103) |  |  | (173) |
Equity method investments |  | (1,685) |  |  | (4,045) |
Purchase accounting adjustments, net |  | (240) |  |  | (395) |
Operating leases |  | (2,566) |  |  | (3,822) |
Depreciation and amortization |  | (1,242) |  |  | (516) |
Gross deferred tax liabilities |  | (5,836) |  |  | (8,951) |
Deferred tax asset, net |  | $ | 30,750 |  |  | $ | 42,437 |
Schedule of Unrecognized Tax Benefits Roll Forward | table discloses a reconciliation of the beginning and ending amount of unrecognized tax benefit.
|  | 2025 |  | 2024 |  | 2023
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1 |  | $ | 915 |  |  |  |  | $ | 3,036 |  |  |  |  | $ | — |  |  |
Additions for tax positions of prior years |  | 410 |  |  |  |  | 1,012 |  |  |  |  | 3,036 |  |  |
Reductions due to lapse of statute of limitations |  |  |  |  |  | (37) |  |  |  |  |  |  |
Settlements |  | (1,325) |  |  |  |  | (3,096) |  |  |  |  |  |  |
Balance at December 31 |  | $ | — |  |  |  |  | $ | 915 |  |  |  |  | $ | 3,036 |  |  |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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