XML 35 R18.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Taxes |
Income Taxes | Note 10: Income Taxes ​ Income tax expense (benefit) for the years ending December 31, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Current federal | ​ | $ | 6,269 | ​ | $ | 4,815 | ​ | $ | -
Current state | ​ | ​ | 3,960 | ​ | ​ | 1,151 | ​ | ​ | 84
Deferred federal | ​ | ​ | (135) | ​ | ​ | 3,177 | ​ | ​ | 6,226
Deferred state | ​ | ​ | (511) | ​ | ​ | 3,259 | ​ | ​ | 3,614
Total income tax expenses | ​ | $ | 9,583 | ​ | $ | 12,402 | ​ | $ | 9,924
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The following were the components of the deferred tax assets and liabilities as of December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
Allowance for credit losses | ​ | $ | 11,058 | ​ | $ | 6,082
Deferred compensation | ​ | ​ | 1,093 | ​ | ​ | 907
Goodwill amortization/impairment | ​ | ​ | 2,212 | ​ | ​ | 3,456
Stock based compensation | ​ | ​ | 1,356 | ​ | ​ | 1,622
Business combination adjustments | ​ | ​ | 255 | ​ | ​ | 1,547
OREO write-downs | ​ | ​ | 614 | ​ | ​ | 1,931
Federal recognized built-in loss ("RBIL") carryforward | ​ | ​ | 142 | ​ | ​ | 340
State net operating loss and RBIL carryforward | ​ | ​ | 60 | ​ | ​ | 326
Other assets | ​ | ​ | 2,182 | ​ | ​ | 2,270
Total deferred tax assets | ​ | ​ | 18,972 | ​ | ​ | 18,481
​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated depreciation on premises and equipment | ​ | ​ | (1,237) | ​ | ​ | (746)
Mortgage servicing rights | ​ | ​ | (1,261) | ​ | ​ | (1,779)
Amortization of core deposit intangible | ​ | ​ | (171) | ​ | ​ | (144)
State tax benefits | ​ | ​ | (930) | ​ | ​ | (927)
Other liabilities | ​ | ​ | (1,481) | ​ | ​ | (1,637)
Total deferred tax liabilities | ​ | ​ | (5,080) | ​ | ​ | (5,233)
Net deferred tax asset before adjustments related to other comprehensive income | ​ | ​ | 13,892 | ​ | ​ | 13,248
Tax effect of adjustments related to other comprehensive income | ​ | ​ | (5,771) | ​ | ​ | (1,789)
Net deferred tax asset | ​ | $ | 8,121 | ​ | $ | 11,459
​ | ​ | ​ | ​ | ​ | ​ | ​
​ At December 31, 2020, the Company no longer has federal nor state net operating loss carryforward. The Company had $674,000 of recognized built-in loss carryforward, which is below the $945,300 limitation per year under IRC Section 382. ​ The components of the provision for deferred income tax expense (benefit) for the years ending December 31, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2020 |  | 2019 |  | 2018
Provision for credit losses | $ | (4,976) | ​ | $ | (279) | ​ | $ | (426)
Deferred compensation | ​ | (186) | ​ | ​ | (242) | ​ | ​ | (15)
Amortization of core deposit intangible | ​ | 27 | ​ | ​ | 14 | ​ | ​ | 957
Stock based compensation | ​ | 266 | ​ | ​ | (245) | ​ | ​ | (511)
Business combination adjustments | ​ | 1,292 | ​ | ​ | 985 | ​ | ​ | 927
OREO write-downs | ​ | 1,317 | ​ | ​ | 406 | ​ | ​ | 48
Federal net operating loss and RBIL carryforward | ​ | 198 | ​ | ​ | 1,859 | ​ | ​ | 5,041
State net operating loss and RBIL carryforward | ​ | 266 | ​ | ​ | 3,708 | ​ | ​ | 2,986
Depreciation | ​ | 491 | ​ | ​ | 303 | ​ | ​ | 59
Mortgage servicing rights | ​ | (518) | ​ | ​ | (431) | ​ | ​ | 124
Goodwill amortization/impairment | ​ | 1,244 | ​ | ​ | 1,242 | ​ | ​ | 1,389
State tax benefits | ​ | 3 | ​ | ​ | (912) | ​ | ​ | (550)
Other, net | ​ | (70) | ​ | ​ | 28 | ​ | ​ | (189)
Total deferred tax (benefit) expense | $ | (646) | ​ | $ | 6,436 | ​ | $ | 9,840
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Effective tax rates differ from federal statutory rates applied to financial statement income for the years ended December 31, due to the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Tax at statutory federal income tax rate | ​ | $ | 7,856 | ​ | $ | 10,890 | ​ | $ | 9,227
Nontaxable interest income, net of disallowed interest deduction | ​ | ​ | (1,067) | ​ | ​ | (1,409) | ​ | ​ | (1,600)
BOLI income | ​ | ​ | (271) | ​ | ​ | (480) | ​ | ​ | (422)
State income taxes, net of federal benefit | ​ | ​ | 2,570 | ​ | ​ | 3,496 | ​ | ​ | 2,927
Stock based compensation | ​ | ​ | 297 | ​ | ​ | (207) | ​ | ​ | (305)
Other, net | ​ | ​ | 198 | ​ | ​ | 112 | ​ | ​ | 97
Total tax at effective tax rate | ​ | $ | 9,583 | ​ | $ | 12,402 | ​ | $ | 9,924
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The Company evaluated positive and negative evidence in order to determine if it was more likely than not that the deferred tax asset would be recovered through future income. Significant positive evidence evaluated included recent and projected earnings, significantly improved asset quality and an improved capital position. No significant negative evidence was noted.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=84230637&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=116825942&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=84230637&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=116825942&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=84230637&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 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration