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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
Scedule of Components of Income Tax Expense | Income tax expense for the years ended December 31, 2020, 2019 and 2018 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | 2020 |  | 2019 |  | 2018
Current federal | ​ | $ | 20,032 | ​ | $ | 19,430 | ​ | $ | 16,871
Deferred federal | ​ |  | (1,688) | ​ |  | (408) | ​ |  | 707
Revalue deferred taxes due to tax reform | ​ |  | — | ​ |  | — | ​ |  | (408)
Current state | ​ |  | 1,484 | ​ |  | 1,394 | ​ |  | 1,462
Deferred state | ​ |  | (289) | ​ |  | (78) | ​ |  | (99)
Total income tax expense | ​ | $ | 19,539 | ​ | $ | 20,338 | ​ | $ | 18,533
Schedule of Differences In Taxes From Continuing Operations | The differences between financial statement tax expense and amounts computed by applying the statutory federal income tax rate of 21% to income before income taxes were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | 2020 |  | 2019 |  | 2018
Income taxes at statutory federal rate of 21% | ​ | $ | 21,814 | ​ | $ | 22,551 | ​ | $ | 20,778
Increase (decrease) in taxes resulting from: | ​ |  | ​ | ​ |  | ​ | ​ |  |
Tax exempt income | ​ |  | (1,925) | ​ |  | (1,682) | ​ |  | (1,434)
Nondeductible expense | ​ |  | 117 | ​ |  | 194 | ​ |  | 165
State income tax, net of federal tax effect | ​ |  | 944 | ​ |  | 1,040 | ​ |  | 1,077
Captive insurance premium income | ​ |  | (227) | ​ |  | (310) | ​ |  | (292)
Tax credits | ​ |  | (540) | ​ |  | (548) | ​ |  | (412)
Bank owned life insurance | ​ |  | (595) | ​ |  | (573) | ​ |  | (303)
Long - term incentive plan | ​ |  | (58) | ​ |  | (421) | ​ |  | (641)
Revaluation deferred tax asset at 21% rate | ​ |  | — | ​ |  | — | ​ |  | (408)
Other | ​ |  | 9 | ​ |  | 87 | ​ |  | 3
Total income tax expense | ​ | $ | 19,539 | ​ | $ | 20,338 | ​ | $ | 18,533
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax asset recorded in the consolidated balance sheets at December 31, 2020 and 2019 consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | 2020 |  | 2019
Deferred tax assets: |  | ​ |  |  | ​ |
Bad debts | ​ | $ | 15,634 | ​ | $ | 12,945
Pension and deferred compensation liability | ​ |  | 2,006 | ​ |  | 1,505
Nonaccrual loan interest | ​ |  | 892 | ​ |  | 1,104
Long-term incentive plan | ​ |  | 1,212 | ​ |  | 2,281
Lease liability | ​ | ​ | 1,190 | ​ | ​ | 1,303
Other | ​ |  | 745 | ​ |  | 510
​ | ​ |  | 21,679 | ​ |  | 19,648
Deferred tax liabilities: | ​ |  | ​ | ​ |  |
Depreciation | ​ |  | 4,718 | ​ |  | 4,741
Loan servicing rights | ​ |  | 1,162 | ​ |  | 1,019
State taxes | ​ |  | 524 | ​ |  | 464
Intangible assets | ​ |  | 1,265 | ​ |  | 1,270
REIT spillover dividend | ​ |  | 1,180 | ​ |  | 1,401
Prepaid expenses | ​ |  | 948 | ​ |  | 795
Lease right of use | ​ | ​ | 1,190 | ​ | ​ | 1,303
Other | ​ |  | 442 | ​ |  | 382
​ | ​ |  | 11,429 | ​ |  | 11,375
Valuation allowance | ​ |  | — | ​ |  | —
Net deferred tax asset | ​ | $ | 10,250 | ​ | $ | 8,273
​

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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