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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax expense of continuing operations for the periods indicated:

						Year Ended December 31,
($ in thousands)						2020						2019						2018
Current income taxes:
Federal						$	7,332					$	3,900					$	5,720
State						3,713						941						5,035
Total current income tax expense						11,045						4,841						10,755
Deferred income taxes:
Federal						(5,663)						(1,492)						(4,418)
State						(3,596)						870						(1,493)
Total deferred income tax benefit						(9,259)						(622)						(5,911)
Income tax expense						$	1,786					$	4,219					$	4,844

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the recorded income tax expense of continuing operations to the amount of taxes computed by applying the applicable statutory Federal income tax rate of 21.0% to income from continuing operations before income taxes for the years ended December 31, 2020, 2019, and 2018:

						Year Ended December 31,
						2020						2019						2018
Computed expected income tax expense (benefit) at Federal statutory rate						21.0		%				21.0		%				21.0		%
Increase (decrease) resulting from:
Proportional amortization						24.1		%				12.6		%				4.3		%
Other permanent book-tax differences						1.9		%				(2.4)		%				0.4		%
State tax expense, net of federal benefit						0.6		%				5.1		%				5.9		%
Income tax credits (investment tax credits and other)						(30.6)		%				(20.0)		%				(23.2)		%
Bank owned life insurance policies						(3.6)		%				(1.7)		%				(1.0)		%
Equity compensation shortfall (windfall) tax impact						2.2		%				0.6		%				(0.5)		%
Reserve for uncertain tax positions						(0.9)		%				(1.0)		%				0.1		%
Other, net						(2.3)		%				0.9		%				3.3		%
Effective tax rates						12.4		%				15.1		%				10.3		%

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:

						December 31,
($ in thousands)						2020						2019
Deferred tax assets:
Allowance for loan losses						$	24,032					$	15,874
Stock-based compensation expense						2,182						2,222
Accrued expenses						4,168						3,831
Loan repurchase reserve						1,625						1,826
Federal net operating losses						272						372
State net operating losses						686						725
Federal income tax credits						30,225						30,661
Unrealized loss on securities available-for-sale						—						4,968
Deferred loan fees						1,998						2,104
Amortization of intangible assets						1,198						1,248
Prior year state tax deduction						443						85
Lease liability						6,082						6,978
Other deferred tax assets						2,824						2,835
Total deferred tax assets						75,735						73,729
Deferred tax liabilities:
Unrealized gain on securities available-for-sale						(3,236)						—
Investments in partnerships						(8,139)						(7,455)
Mortgage servicing rights						(167)						(341)
Deferred loan costs						(5,154)						(6,623)
Depreciation on premises and equipment						(5,618)						(5,796)
Right of use asset						(5,784)						(6,638)
Other deferred tax liabilities						(1,680)						(1,970)
Total deferred tax liabilities						(29,778)						(28,823)
Valuation allowance						—						—
Net deferred tax assets						$	45,957					$	44,906

Schedule of Unrecognized Tax Benefits Roll Forward

The table below summarizes the activity related to our unrecognized tax benefits for the periods indicated:

						Year Ended December 31,
($ in thousands)						2020						2019						2018
Beginning balance						$	977					$	1,227					$	1,047
Increase related to prior year tax positions						—						—						—
Decrease related to prior year tax positions						(6)						(101)						—
Increase in current year tax positions						120						120						180
Decrease related to lapsing of statute of limitations						(167)						(269)						—
Ending balance						$	924					$	977					$	1,227

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