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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision for 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

Reconciliation of Income Tax Expense

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

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

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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

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-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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
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-SubTopic 10
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-Paragraph 12
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