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INCOME TAXES (Tables)

12 Months Ended

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):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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