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INCOME TAXES | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
INCOME TAXES | NOTE 9 — INCOME TAXES Income tax expense consisted of the following for the years ended December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(in thousands) |  | 2020 |  | 2019
Current |  | ​ |  |  | ​ |
Federal | ​ | $ | 10,936 | ​ | $ | 9,222
State and local | ​ |  | 7,226 | ​ |  | 6,570
Total current | ​ |  | 18,162 | ​ |  | 15,792
Deferred | ​ |  |  | ​ |  |
Federal | ​ |  | 139 | ​ |  | (845)
State and local | ​ |  | 151 | ​ |  | (1,020)
Total deferred | ​ |  | 290 | ​ |  | (1,865)
Total income tax expense | ​ | $ | 18,452 | ​ | $ | 13,927
​ Deferred tax assets and liabilities consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ |  | 2020 |  | 2019
Deferred tax assets: |  | ​ |  |  | ​ |
Allowance for loan losses | ​ | $ | 11,145 | ​ | $ | 8,303
Interest on nonaccrual loans | ​ |  | — | ​ |  | 24
Off balance sheet reserves | ​ |  | 57 | ​ |  | 57
Restricted stock | ​ |  | 90 | ​ |  | 188
Tangible asset | ​ |  | 14 | ​ |  | 17
Non-qualified stock options | ​ |  | 292 | ​ |  | 294
Net unrealized loss on interest rate cap | ​ |  | 564 | ​ |  | —
Other | ​ | ​ | — | ​ | ​ | 51
Total gross deferred tax assets | ​ |  | 12,162 | ​ |  | 8,934
Deferred tax liabilities: | ​ |  |  | ​ |  |
Depreciation and amortization | ​ |  | 3,731 | ​ |  | 781
Net unrealized gain on securities available for sale | ​ | ​ | 1,067 | ​ | ​ | 604
Pass-through income | ​ |  | 59 | ​ |  | 69
Prepaid assets | ​ | ​ | 355 | ​ | ​ | 341
Total gross deferred tax liabilities | ​ |  | 5,212 | ​ |  | 1,795
Net deferred tax asset, included in other assets | ​ | $ | 6,950 | ​ | $ | 7,139
​ The following is a reconciliation of the Company’s statutory federal income tax rate of 21% to its effective tax rate for the years ended December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2020 | ​ | 2019
​ | ​ | Tax expense/ | ​ | ​ | ​ | ​ | Tax expense/ | ​ | ​ | ​
​ |  | (benefit) |  | Rate |  | ​ | (benefit) |  | Rate |
Pretax income at statutory rates | ​ | $ | 12,163 |  | 21.00 | % | ​ | $ | 9,253 |  | 21.00 | %
State and local taxes, net of federal income tax benefit | ​ |  | 5,828 |  | 10.06 | ​ | ​ |  | 4,385 |  | 9.95 | ​
Nondeductible expenses | ​ |  | 457 |  | 0.79 | ​ | ​ |  | 430 |  | 0.97 | ​
Excess tax deduction on equity awards | ​ | ​ | (59) | ​ | (0.10) | ​ | ​ | ​ | (132) | ​ | (0.30) | ​
Tax-exempt income, net | ​ |  | — |  | — | ​ | ​ |  | (2) |  | (0.00) | ​
Other | ​ |  | 63 |  | 0.11 | ​ | ​ |  | (7) |  | (0.01) | ​
Effective income tax expense/rate | ​ | $ | 18,452 |  | 31.86 | % | ​ | $ | 13,927 |  | 31.61 | %
​ Metropolitan Bank Holding Corp. and the Bank filed consolidated Federal, New York State and New York City tax returns in 2020 and 2019. As of December 31, 2020 and 2019, there are no unrecognized tax benefits, and the Company does not expect this to significantly change in the next twelve months. The Company and its subsidiary are subject to U.S. federal income tax as well as income tax of the State and City of New York. The Company is no longer subject to examination by the U.S. federal and state or local tax authorities for years prior to 2016.

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