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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense for the years ended December 31, 2022, 2021 and 2020 consisted of the following:

(dollars in thousands)			2022						2021						2020
Current federal			$	22,825					$	21,329					$	20,032
Deferred federal			(2,327)						(1,249)						(1,688)
Current state			1,297						1,892						1,484
Deferred state			(448)						(261)						(289)
Total income tax expense			$	21,347					$	21,711					$	19,539

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)			2022						2021						2020
Income taxes at statutory federal rate of 21%			$	26,284					$	24,663					$	21,814
Increase (decrease) in taxes resulting from:
Tax exempt income			(4,438)						(2,822)						(1,925)
Nondeductible expense			159						116						117
State income tax, net of federal tax effect			671						1,288						944
Captive insurance premium income			(417)						(303)						(227)
Tax credits			(586)						(578)						(540)
Bank owned life insurance			(78)						(596)						(595)
Long-term incentive plan and deferred compensation			(530)						(274)						(58)
Nondeductible compensation expense			181						156						0
Other			101						61						9
Total income tax expense			$	21,347					$	21,711					$	19,539

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax asset recorded in the consolidated balance sheets at December 31, 2022 and 2021 consisted of the following:

(dollars in thousands)			2022						2021
Deferred tax assets:
Bad debts			$	18,561					$	17,321
Pension and deferred compensation liability			2,272						2,351
Nonaccrual loan interest			256						600
Long-term incentive plan			2,894						1,896
Lease liability			1,354						1,078
Deferred loan fees			572						771
Accrued legal reserve			819						0
Other			1,130						191
			27,858						24,208
Deferred tax liabilities:
Depreciation			4,257						4,279
Loan servicing rights			694						717
State taxes			786						679
Intangible assets			1,270						1,270
REIT spillover dividend			1,290						1,180
Prepaid expenses			988						952
Lease right of use			1,354						1,078
Other			585						194
			11,224						10,349
Valuation allowance			0						0
Net deferred tax asset			$	16,634					$	13,859

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- Definition

Tabular disclosure the differences between financial statement tax expense and amounts computed by applying the statutory federal income tax rate.

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No definition available.

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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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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