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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
Schedule of components of 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
​
Schedule of deferred tax assets and liabilities | 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
​
Schedule of reconciliation of statutory federal income tax rate | 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 | %
​

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