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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of Federal and State Income Tax Expense | The components of federal and state income tax expense for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands):
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,315 |  |  | $ | 8,538 |  |  | $ | 4,841 |
State |  |  | 7,120 |  |  |  | 4,900 |  |  |  | 2,781 |
Total Current |  |  | 19,435 |  |  |  | 13,438 |  |  |  | 7,622 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (3,318 | ) |  |  | 1,368 |  |  |  | 2,818 |
State |  |  | (1,645 | ) |  |  | 517 |  |  |  | 1,465 |
Total Deferred |  |  | (4,963 | ) |  |  | 1,885 |  |  |  | 4,283 |
Total |  | $ | 14,472 |  |  | $ | 15,323 |  |  | $ | 11,905 |
Effective Income Tax Reconciliation | The principal reasons for the difference are as follows (in thousands):
|  | 2020 |  |  | 2019 |  |  | 2018 |
Expected income taxes |  | $ | 12,546 |  |  | $ | 13,286 |  |  | $ | 10,186 |
Effects of: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income from bank owned life insurance |  |  | (363 | ) |  |  | (563 | ) |  |  | (283 | )
Other tax-exempt income |  |  | (1,758 | ) |  |  | (1,701 | ) |  |  | (1,598 | )
Nondeductible interest expense |  |  | 45 |  |  |  | 70 |  |  |  | 43 |
State taxes, net of federal taxes |  |  | 4,325 |  |  |  | 4,280 |  |  |  | 3,354 |
Other items |  |  | (158 | ) |  |  | 116 |  |  |  | 218 |
Adjustment of deferred tax assets and liabilities for enacted change in tax laws |  |  | — |  |  |  | — |  |  |  | — |
Effect of marginal tax rate |  |  | (165 | ) |  |  | (165 | ) |  |  | (15 | )
Total |  | $ | 14,472 |  |  | $ | 15,323 |  |  | $ | 11,905 |
Tax Effects of Temporary Differences on Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2020 and 2019 are presented below (in thousands):
|  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 11,858 |  |  | $ | 7,512 |
Deferred compensation |  |  | 3,486 |  |  |  | 3,487 |
Supplemental retirement |  |  | 126 |  |  |  | 133 |
Core deposit premium and other intangible assets |  |  | 948 |  |  |  | 889 |
Deferred loan costs |  |  | 987 |  |  |  | — |
Stock compensation expense |  |  | 80 |  |  |  | 54 |
Deferred revenue |  |  | 460 |  |  |  | 521 |
Acquisition costs |  |  | 265 |  |  |  | 265 |
Other |  |  | 682 |  |  |  | 749 |
Total gross deferred tax assets |  |  | 18,892 |  |  |  | 13,610 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Deferred expenses |  |  | 108 |  |  |  | 13 |
Intangibles amortization |  |  | 5,034 |  |  |  | 4,584 |
Prepaid expenses |  |  | 863 |  |  |  | 754 |
FHLB stock dividend |  |  | 23 |  |  |  | 23 |
Depreciation |  |  | 2,566 |  |  |  | 2,500 |
Purchase accounting |  |  | 7,937 |  |  |  | 7,906 |
Accumulated accretion |  |  | 135 |  |  |  | 304 |
Mortgage servicing rights |  |  | 148 |  |  |  | 411 |
Available-for-sale investment securities |  |  | 6,941 |  |  |  | 3,415 |
Total gross deferred tax liabilities |  |  | 23,755 |  |  |  | 19,910 |
Net deferred tax assets (liabilities) |  | $ | (4,863 | ) |  | $ | (6,300 | )

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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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