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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Note 15 - Income Taxes The provision for income taxes is as follows:
(Dollars in thousands) | Years Ended December 31,
Federal income taxes: | 2021 |  | 2020 |  | 2019
Current | $ | 17,022 |  |  | $ | 18,157 |  |  | $ | 14,232 |
Deferred | 6,077 |  |  | (11,545) |  |  | (2,513) |
State income taxes: |  |  |  |  |
Current | 584 |  |  | 1,723 |  |  | 1,030 |
Deferred | 202 |  |  | (339) |  |  | (83) |
Income tax expense | $ | 23,885 |  |  | $ | 7,996 |  |  | $ | 12,666 |
A reconciliation of income tax expense at the statutory rate to the Company's actual income tax expense is below:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
(Dollars in thousands) | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Income taxes computed at statutory rate | $ | 27,811 |  |  | 21.00 | % |  | $ | 9,314 |  |  | 21.00 | % |  | $ | 13,975 |  |  | 21.00 | %
Tax exempt revenue, net of nondeductible interest | (1,339) |  |  | (1.01) |  |  | (878) |  |  | (1.98) |  |  | (644) |  |  | (0.97) |
Low-income housing tax credits, net of amortization | (468) |  |  | (0.35) |  |  | (511) |  |  | (1.15) |  |  | (514) |  |  | (0.77) |
Other tax credits, net of add-backs | (1,218) |  |  | (0.92) |  |  | (1,218) |  |  | (2.75) |  |  | (1,218) |  |  | (1.83) |
Bank-owned life insurance income | (170) |  |  | (0.13) |  |  | (259) |  |  | (0.58) |  |  | (158) |  |  | (0.24) |
State income taxes, net of federal benefit | 662 |  |  | 0.50 |  |  | 1,033 |  |  | 2.35 |  |  | 730 |  |  | 1.10 |
Stock-based compensation | (1,272) |  |  | (0.96) |  |  | 181 |  |  | 0.41 |  |  | (100) |  |  | (0.15) |
Nondeductible expense | 106 |  |  | 0.08 |  |  | 257 |  |  | 0.58 |  |  | 413 |  |  | 0.62 |
Other | (227) |  |  | (0.17) |  |  | 77 |  |  | 0.16 |  |  | 182 |  |  | 0.27 |
Total income tax expense | $ | 23,885 |  |  | 18.04 | % |  | $ | 7,996 |  |  | 18.04 | % |  | $ | 12,666 |  |  | 19.03 | %
Significant components of deferred tax assets and liabilities are as follows:
(Dollars in thousands) | December 31, |
Deferred tax assets: | 2021 |  | 2020 |
Credit loss allowances | $ | 14,565 |  |  | $ | 19,315 |  |
Deferred compensation and share-based compensation | 4,795 |  |  | 4,504 |  |
Net operating loss carryforwards | 1,170 |  |  | 1,240 |  |
Other | 278 |  |  | 1,064 |  |
Gross deferred tax assets | 20,808 |  |  | 26,123 |  |
Valuation allowance | (974) |  |  | (994) |  |
Deferred tax assets net of valuation allowance | $ | 19,834 |  |  | $ | 25,129 |  |
Deferred tax liabilities: |  |  |  |
Basis difference in premises and equipment | $ | 2,461 |  |  | $ | 3,089 |  |
Intangible assets | 127 |  |  | 118 |  |
Mortgage servicing rights | 3,504 |  |  | 2,951 |  |
Other | 1,144 |  |  | 146 |  |
Gross deferred tax liabilities | 7,236 |  |  | 6,304 |  |
Net deferred tax asset | $ | 12,598 |  |  | $ | 18,825 |  |
At December 31, 2021, the Company has $3.4 million in Federal gross net operating loss carryforwards acquired in previous business combinations expiring between 2022 and 2028, and $15.0 million in state net operating losses expiring between 2022 and 2041. Due to limitations on the amounts of these losses that can be recognized annually, the Company has determined that it is more likely than not that some of these net operating loss carryforwards will expire unused, and has established a $974,000 valuation allowance related to these carryforwards. The Company files a consolidated income tax return in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to income tax examinations by tax authorities in these taxing jurisdictions for the years before 2018.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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