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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2025
INCOME TAXES |
Schedule of components of 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
Schedule of deferred tax assets and liabilities | 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
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,
​ | ​ | 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 | %
Schedule of income tax paid | 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

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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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