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Income Taxes (Tables)

12 Months Ended

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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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.

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