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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
Schedule of components of income taxes | Income tax expense consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Current |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 21,503 | ​ | $ | 27,311 | ​ | $ | 16,883
State and local | ​ |  | 10,947 | ​ |  | 14,162 | ​ |  | 12,252
Total current | ​ |  | 32,450 | ​ |  | 41,473 | ​ |  | 29,135
Deferred | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (2,662) | ​ |  | (1,919) | ​ |  | (405)
State and local | ​ |  | (138) | ​ |  | (2,081) | ​ |  | 285
Total deferred | ​ |  | (2,800) | ​ |  | (4,000) | ​ |  | (120)
Total income tax expense | ​ | $ | 29,650 | ​ | $ | 37,473 | ​ | $ | 29,015
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ |  | 2023 |  | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Allowance for credit losses | ​ | $ | 17,219 | ​ | $ | 13,698
Lease liabilities | ​ | ​ | 13,793 | ​ | ​ | 14,782
Net unrealized loss on securities available for sale | ​ | ​ | 23,098 | ​ | ​ | 27,084
Off balance sheet reserves | ​ |  | 351 | ​ |  | 55
Restricted stock | ​ |  | 1,666 | ​ |  | 1,140
Tangible asset | ​ |  | 3 | ​ |  | 7
Non-qualified stock options | ​ |  | — | ​ |  | 285
Other | ​ |  | 147 | ​ |  | 95
Total gross deferred tax assets | ​ |  | 56,277 | ​ |  | 57,146
Deferred tax liabilities: | ​ |  |  | ​ |  |
Right of use lease asset | ​ | ​ | 12,550 | ​ | ​ | 13,551
Depreciation and amortization | ​ |  | 4,024 | ​ |  | 4,390
Net unrealized gain on interest rate derivatives | ​ | ​ | 825 | ​ |  | 3,302
Prepaid assets | ​ | ​ | 748 | ​ |  | 548
Other | ​ | ​ | — | ​ |  | —
Total gross deferred tax liabilities | ​ |  | 18,147 | ​ |  | 21,791
Net deferred tax asset, included in other assets | ​ | $ | 38,130 | ​ | $ | 35,355
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,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | Tax expense/ | ​ | ​ | ​ | ​ | Tax expense/ | ​ | ​ | ​ | ​ | Tax expense/ | ​ | ​ | ​
​ |  | (benefit) |  | Rate |  | ​ | (benefit) |  | Rate |  | ​ | (benefit) |  | Rate |
Pretax income at statutory rates | ​ | $ | 22,453 |  | 21.00 | % | ​ | $ | 20,349 |  | 21.00 | % | ​ | $ | 18,810 |  | 21.00 | %
State and local taxes, net of federal income tax benefit | ​ |  | 8,539 |  | 7.99 | ​ | ​ |  | 9,544 |  | 9.85 | ​ | ​ |  | 9,904 |  | 11.06 | ​
Nondeductible expenses | ​ |  | (940) |  | (0.88) | ​ | ​ |  | 8,175 |  | 8.44 | ​ | ​ |  | 680 |  | 0.76 | ​
Equity compensation | ​ | ​ | (1,063) | ​ | (0.99) | ​ | ​ | ​ | (302) | ​ | (0.31) | ​ | ​ | ​ | (467) | ​ | (0.52) | ​
Tax-exempt income, net | ​ |  | (104) |  | (0.10) | ​ | ​ |  | (106) |  | (0.11) | ​ | ​ |  | (51) |  | (0.06) | ​
Other | ​ |  | 765 |  | 0.71 | ​ | ​ |  | (187) |  | (0.20) | ​ | ​ |  | 139 |  | 0.15 | ​
Effective income tax expense/rate | ​ | $ | 29,650 |  | 27.73 | % | ​ | $ | 37,473 |  | 38.67 | % | ​ | $ | 29,015 |  | 32.39 | %

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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