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INCOME TAXES | 12 Months Ended
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Dec. 31, 2025
INCOME TAXES |
INCOME TAXES | NOTE 10 — INCOME TAXES Income tax expense consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Current |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Federal | ​ | $ | 25,113 | ​ | $ | 20,729 | ​ | $ | 21,503
State and local | ​ |  | 14,562 | ​ |  | 12,464 | ​ |  | 10,947
Total current | ​ |  | 39,675 | ​ |  | 33,193 | ​ |  | 32,450
Deferred | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Federal | ​ |  | (5,539) | ​ |  | (1,479) | ​ |  | (2,662)
State and local | ​ |  | (3,725) | ​ |  | (1,319) | ​ |  | (138)
Total deferred | ​ |  | (9,264) | ​ |  | (2,798) | ​ |  | (2,800)
Total income tax expense | ​ | $ | 30,411 | ​ | $ | 30,395 | ​ | $ | 29,650
​ The Company did not have any income tax expense (benefit) in foreign jurisdictions for the years ended December 31, 2025, 2024 and 2023. Deferred tax assets and liabilities consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Deferred tax assets: |  | ​ | ​ |  | ​ | ​
Allowance for credit losses | ​ | $ | 29,093 | ​ | $ | 19,208
Lease liabilities | ​ | ​ | 14,785 | ​ | ​ | 15,555
Net unrealized loss on securities available for sale | ​ | ​ | 16,057 | ​ | ​ | 23,063
Off balance sheet reserves | ​ |  | 641 | ​ |  | 382
Net unrealized loss on interest rate derivatives | ​ | ​ | 1,201 | ​ | ​ | —
Restricted stock | ​ |  | 1,856 | ​ |  | 1,822
Other | ​ |  | 75 | ​ |  | 136
Total gross deferred tax assets | ​ |  | 63,708 | ​ |  | 60,166
Deferred tax liabilities: | ​ |  | ​ | ​ |  | ​
Right of use lease asset | ​ | ​ | 13,484 | ​ | ​ | 14,269
Depreciation and amortization | ​ |  | 4,258 | ​ |  | 3,190
Net unrealized gain on interest rate derivatives | ​ | ​ | — | ​ |  | 147
Prepaid assets | ​ | ​ | 1,762 | ​ |  | 1,181
Total gross deferred tax liabilities | ​ |  | 19,504 | ​ |  | 18,787
Net deferred tax asset, included in other assets | ​ | $ | 44,204 | ​ | $ | 41,379
​ 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,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | Tax expense/ | ​ | ​ | ​ | ​ | Tax expense/ | ​ | ​ | ​ | ​ | Tax expense/ | ​ | ​ | ​
​ | ​ ​ ​ | (benefit) | ​ ​ ​ | Rate | ​ ​ ​ | ​ | (benefit) | ​ ​ ​ | Rate | ​ ​ ​ | ​ | (benefit) | ​ ​ ​ | Rate | ​ ​ ​
Pretax income at statutory rates | ​ | $ | 21,317 |  | 21.00 | % | ​ | $ | 20,367 |  | 21.00 | % | ​ | $ | 22,453 |  | 21.00 | %
State and local taxes, net of federal income tax benefit | ​ |  | 8,561 |  | 8.43 | ​ | ​ |  | 8,804 |  | 9.08 | ​ | ​ |  | 8,539 |  | 7.99 | ​
Nontaxable or nondeductible items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt income, net | ​ |  | (101) |  | (0.10) | ​ | ​ |  | (103) |  | (0.11) | ​ | ​ |  | (104) |  | (0.10) | ​
Other | ​ |  | 650 |  | 0.64 | ​ | ​ |  | 1,780 |  | 1.84 | ​ | ​ |  | (940) |  | (0.88) | ​
Equity compensation | ​ | ​ | — | ​ | — | ​ | ​ | ​ | — | ​ | — | ​ | ​ | ​ | (1,063) | ​ | (0.99) | ​
Other | ​ |  | (16) |  | (0.01) | ​ | ​ |  | (453) |  | (0.47) | ​ | ​ |  | 765 |  | 0.71 | ​
Effective income tax expense/rate | ​ | $ | 30,411 |  | 29.96 | % | ​ | $ | 30,395 |  | 31.34 | % | ​ | $ | 29,650 |  | 27.73 | %
​ The Company adopted ASU 2023-09 on a prospective basis for the year ended December 31, 2025 and has included the following table as a result of the adoption, which presents income taxes paid, net of refunds received (in thousands):
​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2025
Federal | ​ | $ | 17,000
State and local: | ​ |  | ​
New York | ​ |  | 3,555
New York City | ​ |  | 2,910
New Jersey | ​ |  | 1,640
Other | ​ |  | 747
Total cash paid for income taxes | ​ | $ | 25,852
​ 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 2024 and 2023. The Bank is subject to Alabama, Florida, and Missouri income taxes on a separate company basis. As of December 31, 2025 and 2024, 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, New Jersey and New York City, the Company is no longer subject to examination by the U.S. federal and state or local tax authorities for years prior to 2022. California, Kentucky, and New Jersey are no longer subject to examination for years prior to 2021. As of December 31, 2025, the Company was no longer under audit in any jurisdictions. As of December 31, 2025, the Company had net deferred tax assets of $44.2 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, 2025. 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. On July 4, 2025, the President of the United States signed into law budget reconciliation bill H.R.I, referred to as the “One Big Beautiful Bill Act” (“OBBBA”). The OBBBA contains numerous federal tax provisions including modifications to the capitalization of research and development expenses, limitations on deductions for interest expense, and accelerated fixed asset depreciation. The Company considered the effects of the OBBBA on its consolidated financial statements, and no material impact was noted.

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