INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of components of income tax expense

	Year Ended December 31,
(In thousands)	2024		2023		2022
Current expense
Federal	$	20,170	$	24,469	$	39,492
State and city		8,479		15,681		17,205
Total current expense		28,649		40,150		56,697
Deferred expense
Federal		(5,179)		1,393		840
State and city		(1,115)		(758)		1,822
Total deferred expense		(6,294)		635		2,662
Total	$	22,355	$	40,785	$	59,359

Schedule of reconciliation of the expected Federal income tax expense at the statutory tax rate to the actual provision

	Year Ended December 31,
(Dollars in thousands)	2024			2023			2022
Tax at federal statutory rate	$	10,802		$	28,745		$	44,502
State and local taxes, net of federal income tax benefit		5,583			12,237			13,699
Benefit plan differences		(131)			(127)			(127)
Investment in BOLI		(2,179)			(2,047)			(2,173)
Surrender of BOLI		7,415			—			—
Equity based compensation		200			79			(141)
Salaries deduction limitation		653			2,381			2,054
Other, net		12			(483)			1,545
Total	$	22,355		$	40,785		$	59,359
Effective tax rate		43.46	%		29.80	%		28.01	%

Schedule of components of deferred tax assets and liabilities

	December 31,
(In thousands)	2024		2023
Deferred tax assets:
Allowance for credit losses and other contingent liabilities	$	29,013	$	26,926
Tax effect of other components of income on securities available-for-sale		14,251		34,745
Tax effect of other components of income on securities held-to-maturity		6,048		7,216
Operating lease liability		15,034		19,229
Other		3,546		2,603
Total deferred tax assets		67,892		90,719
Deferred tax liabilities:
Tax effect of other components of income on derivatives		3,261		2,368
Employee benefit plans		3,259		1,707
Tax effect of purchase accounting fair value adjustments		(201)		1,329
Difference in book and tax carrying value of fixed assets		670		2,230
Difference in book and tax basis of unearned loan fees		2,531		3,239
Operating lease asset		14,179		18,266
States taxes		—		2,166
Other		951		241
Total deferred tax liabilities		24,650		31,546
Net deferred tax asset (recorded in other assets)	$	43,242	$	59,173