INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

The Company's consolidated Federal, State and City income tax provisions were comprised of the following:

The provision for income taxes differed from that computed at the Federal statutory rate as follows:

	Year Ended December 31,
	2018			2017			2016
Tax at Federal statutory rate	$	14,010		$	31,058		$	46,715
State and local taxes, net of federal income tax benefit		2,967			5,008			11,323
ESOP acceleration expense		—			—			3,962
Benefit plan differences		(312	)		(535	)		(54	)
Adjustments for prior period returns and tax items		(693	)		84			(13	)
Investment in BOLI		(605	)		(776	)		(957	)
Enactment of federal tax reform		—			3,135			—
Equity based compensation		(128	)		(1,283	)		—
Other, net		188			165			(19	)
TOTAL	$	15,427		$	36,856		$	60,957
Effective tax rate		23.12	%		41.53	%		45.67	%

The components of Federal, State and City deferred income tax assets and liabilities were as follows:

	At December 31,
	2018		2017
Deferred tax assets:
Allowance for loan losses		7,071		6,836
Employee benefit plans		6,809		7,148
Tax effect of purchase accounting fair value adjustments		291		307
Tax effect of other components of income on investment securities and MBS		948		—
Other		2,112		2,135
Total deferred tax assets		17,231		16,426
Deferred tax liabilities:
Tax effect of other components of income on investment securities, MBS, and interest rate derivatives		827		1,474
Difference in book and tax carrying value of fixed assets		1,497		20
Difference in book and tax basis of unearned loan fees		2,986		2,837
Difference in book and tax basis of deferred income from REIT subsidiary		—		2,262
Other		527		605
Total deferred tax liabilities		5,837		7,198
Net deferred tax asset (recorded in other assets)	$	11,394	$	9,228