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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES |
Schedule of components of income taxes | Income tax expense consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
Current |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 20,729 | ​ | $ | 21,503 | ​ | $ | 27,311
State and local | ​ |  | 12,464 | ​ |  | 10,947 | ​ |  | 14,162
Total current | ​ |  | 33,193 | ​ |  | 32,450 | ​ |  | 41,473
Deferred | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (1,479) | ​ |  | (2,662) | ​ |  | (1,919)
State and local | ​ |  | (1,319) | ​ |  | (138) | ​ |  | (2,081)
Total deferred | ​ |  | (2,798) | ​ |  | (2,800) | ​ |  | (4,000)
Total income tax expense | ​ | $ | 30,395 | ​ | $ | 29,650 | ​ | $ | 37,473
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ |  | 2024 |  | 2023
Deferred tax assets: |  | ​ |  |  | ​ |
Allowance for credit losses | ​ | $ | 19,208 | ​ | $ | 17,219
Lease liabilities | ​ | ​ | 15,555 | ​ | ​ | 13,793
Net unrealized loss on securities available for sale | ​ | ​ | 23,063 | ​ | ​ | 23,098
Off balance sheet reserves | ​ |  | 382 | ​ |  | 351
Restricted stock | ​ |  | 1,822 | ​ |  | 1,666
Tangible asset | ​ |  | — | ​ |  | 3
Other | ​ |  | 136 | ​ |  | 147
Total gross deferred tax assets | ​ |  | 60,166 | ​ |  | 56,277
Deferred tax liabilities: | ​ |  |  | ​ |  |
Right of use lease asset | ​ | ​ | 14,269 | ​ | ​ | 12,550
Depreciation and amortization | ​ |  | 3,190 | ​ |  | 4,024
Net unrealized gain on interest rate derivatives | ​ | ​ | 147 | ​ |  | 825
Prepaid assets | ​ | ​ | 1,181 | ​ |  | 748
Total gross deferred tax liabilities | ​ |  | 18,787 | ​ |  | 18,147
Net deferred tax asset, included in other assets | ​ | $ | 41,379 | ​ | $ | 38,130
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,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
​ | ​ | Tax expense/ | ​ | ​ | ​ | ​ | Tax expense/ | ​ | ​ | ​ | ​ | Tax expense/ | ​ | ​ | ​
​ |  | (benefit) |  | Rate |  | ​ | (benefit) |  | Rate |  | ​ | (benefit) |  | Rate |
Pretax income at statutory rates | ​ | $ | 20,367 |  | 21.00 | % | ​ | $ | 22,453 |  | 21.00 | % | ​ | $ | 20,349 |  | 21.00 | %
State and local taxes, net of federal income tax benefit | ​ |  | 8,804 |  | 9.08 | ​ | ​ |  | 8,539 |  | 7.99 | ​ | ​ |  | 9,544 |  | 9.85 | ​
Nondeductible expenses | ​ |  | 1,780 |  | 1.84 | ​ | ​ |  | (940) |  | (0.88) | ​ | ​ |  | 8,175 |  | 8.44 | ​
Equity compensation | ​ | ​ | — | ​ | — | ​ | ​ | ​ | (1,063) | ​ | (0.99) | ​ | ​ | ​ | (302) | ​ | (0.31) | ​
Tax-exempt income, net | ​ |  | (103) |  | (0.11) | ​ | ​ |  | (104) |  | (0.10) | ​ | ​ |  | (106) |  | (0.11) | ​
Other | ​ |  | (453) |  | (0.47) | ​ | ​ |  | 765 |  | 0.71 | ​ | ​ |  | (187) |  | (0.20) | ​
Effective income tax expense/rate | ​ | $ | 30,395 |  | 31.34 | % | ​ | $ | 29,650 |  | 27.73 | % | ​ | $ | 37,473 |  | 38.67 | %

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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