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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
INCOME TAXES | NOTE 10 — 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
​ 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
​ 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 | %
​ The Company and the Bank filed consolidated Federal, California, Connecticut, Kentucky, Massachusetts, New Jersey, New York State, New York City, and Tennessee income tax returns in 2022 and 2023. The Bank is subject to Alabama, Florida, and Missouri income taxes on a separate company basis. As of December 31, 2023 and 2022, there are no unrecognized tax benefits, and the Company does not expect this to significantly change in the next twelve months. Except for California, Kentucky, and New Jersey, the Company is no longer subject to examination by the U.S. federal and state or local tax authorities for years prior to 2020. California, Kentucky, and New Jersey are no longer subject to examination for years prior to 2019. As of December 31, 2023, the Company was under audit in New York for the 2018 tax year, and in New York City for the 2019, 2020 and 2021 tax years. Due to the New York State audit, the 2018 and 2019 tax year for New York State statute of limitations has been extended to December 31, 2024. Due to the New York City audits, the 2019 tax year New York City statute of limitation has been extended to December 31, 2024. As of December 31, 2023, the Company had net deferred tax assets of $38.1 million. These deferred tax assets can only be realized if the Company generates taxable income in the future. The Company regularly evaluates the feasibility of the deferred tax asset positions. In determining whether a valuation allowance is necessary, the Company considers the level of taxable income in prior years to the extent that carrybacks are permitted under current tax laws, as well as estimates of future pre-tax and taxable income and tax planning strategies that would, if necessary, be implemented. The Company expects to realize the deferred tax assets over the allowable carryback and/or carryforward periods. Therefore, no valuation allowance was deemed necessary against the deferred tax assets as of December 31, 2023. However, if an unanticipated event occurred that materially changed pre-tax and taxable income in future periods, a valuation allowance may become necessary and could have a material effect on our consolidated financial statements.

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