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INCOME TAXES | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
INCOME TAXES | NOTE 10 — INCOME TAXES Income tax expense consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
Current |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 27,311 | ​ | $ | 16,883 | ​ | $ | 10,936
State and local | ​ |  | 14,162 | ​ |  | 12,252 | ​ |  | 7,226
Total current | ​ |  | 41,473 | ​ |  | 29,135 | ​ |  | 18,162
Deferred | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (1,919) | ​ |  | (405) | ​ |  | 139
State and local | ​ |  | (2,081) | ​ |  | 285 | ​ |  | 151
Total deferred | ​ |  | (4,000) | ​ |  | (120) | ​ |  | 290
Total income tax expense | ​ | $ | 37,473 | ​ | $ | 29,015 | ​ | $ | 18,452
​ Deferred tax assets and liabilities consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ |  | 2022 |  | 2021
Deferred tax assets: |  | ​ |  |  | ​ |
Allowance for loan losses | ​ | $ | 13,698 | ​ | $ | 10,670
Lease liabilities | ​ | ​ | 14,782 | ​ | ​ | —
Net unrealized loss on securities available for sale | ​ | ​ | 27,084 | ​ | ​ | 3,731
Off balance sheet reserves | ​ |  | 55 | ​ |  | 55
Restricted stock | ​ |  | 1,140 | ​ |  | 252
Tangible asset | ​ |  | 7 | ​ |  | 10
Non-qualified stock options | ​ |  | 285 | ​ |  | 286
Other | ​ |  | 95 | ​ |  | —
Total gross deferred tax assets | ​ |  | 57,146 | ​ |  | 15,004
Deferred tax liabilities: | ​ |  |  | ​ |  |
Right of use lease asset | ​ | ​ | 13,551 | ​ | ​ | —
Depreciation and amortization | ​ |  | 4,390 | ​ |  | 3,229
Net unrealized gain on interest rate cap | ​ | ​ | 3,302 | ​ |  | 334
Prepaid assets | ​ | ​ | 548 | ​ |  | 459
Other | ​ | ​ | — | ​ |  | 12
Total gross deferred tax liabilities | ​ |  | 21,791 | ​ |  | 4,034
Net deferred tax asset, included in other assets | ​ | $ | 35,355 | ​ | $ | 10,970
​ 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,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | Tax expense/ | ​ | ​ | ​ | ​ | Tax expense/ | ​ | ​ | ​ | ​ | Tax expense/ | ​ | ​ | ​
​ |  | (benefit) |  | Rate |  | ​ | (benefit) |  | Rate |  | ​ | (benefit) |  | Rate |
Pretax income at statutory rates | ​ | $ | 20,349 |  | 21.00 | % | ​ | $ | 18,810 |  | 21.00 | % | ​ | $ | 12,163 |  | 21.00 | %
State and local taxes, net of federal income tax benefit | ​ |  | 9,544 |  | 9.85 | ​ | ​ |  | 9,904 |  | 11.06 | ​ | ​ |  | 5,828 |  | 10.06 | ​
Nondeductible expenses | ​ |  | 8,175 |  | 8.44 | ​ | ​ |  | 680 |  | 0.76 | ​ | ​ |  | 457 |  | 0.79 | ​
Stock options | ​ | ​ | (302) | ​ | (0.31) | ​ | ​ | ​ | — | ​ | — | ​ | ​ | ​ | — | ​ | — | ​
Excess tax deduction on equity awards | ​ | ​ | — | ​ | — | ​ | ​ | ​ | (467) | ​ | (0.52) | ​ | ​ | ​ | (59) | ​ | (0.10) | ​
Tax-exempt income, net | ​ |  | (106) |  | (0.11) | ​ | ​ |  | (51) |  | (0.06) | ​ | ​ |  | — |  | — | ​
Other | ​ |  | (187) |  | (0.20) | ​ | ​ |  | 139 |  | 0.15 | ​ | ​ |  | 63 |  | 0.11 | ​
Effective income tax expense/rate | ​ | $ | 37,473 |  | 38.67 | % | ​ | $ | 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 2022 and 2021. The Company is subject to California, Connecticut, Kentucky, Massachusetts, New Jersey, New York State, New York City, and Tennessee income taxes on a consolidated basis. The Bank is subject to Alabama, Florida, and Missouri income taxes on a separate company basis. As of December 31, 2022 and 2021, there are no unrecognized tax benefits, and the Company does not expect this to significantly change in the next twelve months. Except for California, Connecticut, Kentucky, New York City and Tennessee, the Company is no longer subject to examination by the U.S. federal and state or local tax authorities for years prior to 2019. California is subject to examination for years 2016 and forward. Connecticut, Kentucky and Tennessee are no longer subject to examination for years prior to 2018. As of December 31, 2022, 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 June 30, 2023.

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- 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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