XML 27 R16.htm IDEA: XBRL DOCUMENT v3.22.0.1

INCOME TAXES

12 Months Ended

Dec. 31, 2021

INCOME TAXES

INCOME TAXES

NOTE 9 — INCOME TAXES

Income tax expense consisted of the following (in thousands):

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021			2020
Current		​			​
Federal	​	$	16,883	​	$	10,936
State and local	​		12,252	​		7,226
Total current	​		29,135	​		18,162
Deferred	​			​
Federal	​		(405)	​		139
State and local	​		285	​		151
Total deferred	​		(120)	​		290
Total income tax expense	​	$	29,015	​	$	18,452

​

Deferred tax assets and liabilities consist of the following (in thousands):

​	​	​	​	​	​	​
​	​	At December 31,
​		2021			2020
Deferred tax assets:		​			​
Allowance for loan losses	​	$	10,670	​	$	11,145
Net unrealized loss on securities available for sale	​	​	3,731	​	​	—
Interest on nonaccrual loans	​		—	​		—
Off balance sheet reserves	​		55	​		57
Restricted stock	​		252	​		90
Tangible asset	​		10	​		14
Non-qualified stock options	​		286	​		292
Net unrealized loss on interest rate cap	​		—	​		564
Total gross deferred tax assets	​		15,004	​		12,162
Deferred tax liabilities:	​			​
Depreciation and amortization	​		3,229	​		3,731
Net unrealized gain on interest rate cap	​	​	334	​	​	—
Net unrealized gain on securities available for sale	​	​	—	​	​	1,067
Pass-through income	​		—	​		59
Prepaid assets	​	​	459	​	​	355
Other	​	​	12	​	​	—
Total gross deferred tax liabilities	​		4,034	​		5,212
Net deferred tax asset, included in other assets	​	$	10,970	​	$	6,950

​

The following is a reconciliation of the Company’s statutory federal income tax rate to its effective tax rate (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31,

​

​

2021

​

2020

​

​

Tax expense/

​

​

​

​

Tax expense/

​

​

​

​

(benefit)

Rate

​

(benefit)

Rate

Pretax income at statutory rates

​

$

18,810

21.00

%

​

$

12,163

21.00

%

State and local taxes, net of federal income tax benefit

​

9,904

11.06

​

​

5,828

10.06

​

Nondeductible expenses

​

680

0.76

​

​

457

0.79

​

Excess tax deduction on equity awards

​

​

(467)

​

(0.52)

​

​

​

(59)

​

(0.10)

​

Tax-exempt income, net

​

(51)

(0.06)

​

​

—

—

​

Other

​

139

0.15

​

​

63

0.11

​

Effective income tax expense/rate

​

$

29,015

32.39

%

​

$

18,452

31.86

%

​

The Company and the Bank filed consolidated Federal, New York State, Connecticut and New York City tax returns in 2021 and 2020. The Bank filed separate state tax returns with Missouri and Kentucky in 2021 and 2020.

As of December 31, 2021 and 2020, there are no unrecognized tax benefits, and the Company does not expect this to significantly change in the next twelve months. Except for New York City and Kentucky, the Company is no longer subject to examination by the U.S. federal and state or local tax authorities for years prior to 2018. Kentucky is no longer subject to examination for years prior to 2017. As of December 31, 2021, the Company was under audit in New York for the 2018 tax year, and in New York City for the 2017 and 2018 tax years. Due to the New York City audit, the 2017 tax year New York City statute of limitation has been extended to December 31, 2022.

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration