v3.25.4

INCOME TAXES (Tables)

12 Months Ended

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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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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