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INCOME TAXES (Tables)

12 Months Ended

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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-Topic 740
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