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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of components of income tax expense (benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Current federal	​	$	750	​	$	6,269	​	$	4,815
Current state	​	​	594	​	​	3,960	​	​	1,151
Deferred federal	​	​	4,445	​	​	(135)	​	​	3,177
Deferred state	​	​	2,034	​	​	(511)	​	​	3,259
Total income tax expenses	​	$	7,823	​	$	9,583	​	$	12,402
​	​	​	​	​	​	​	​	​	​

Schedule of components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​		2021			2020
Allowance for credit losses	​	$	15,601	​	$	11,058
Deferred compensation	​	​	1,378	​	​	1,093
Goodwill amortization/impairment	​	​	980	​	​	2,212
Stock based compensation	​	​	971	​	​	1,356
Business combination adjustments	​	​	940	​	​	255
OREO write-downs	​	​	573	​	​	614
Federal recognized built-in loss ("RBIL") carryforward	​	​	493	​	​	142
State net operating loss and RBIL carryforward	​	​	-	​	​	60
Other assets	​	​	2,129	​	​	2,182
Total deferred tax assets	​	​	23,065	​	​	18,972
​	​	​	​	​	​	​
Accumulated depreciation on premises and equipment	​	​	(1,701)	​	​	(1,237)
Mortgage servicing rights	​	​	(2,113)	​	​	(1,261)
Amortization of core deposit intangible	​	​	(4,550)	​	​	(171)
State tax benefits	​	​	(641)	​	​	(930)
Securities	​	​	(2,620)	​	​	-
Other liabilities	​	​	(1,931)	​	​	(1,481)
Total deferred tax liabilities	​	​	(13,556)	​	​	(5,080)
Net deferred tax asset before adjustments related to other comprehensive income	​	​	9,509	​	​	13,892
Tax effect of adjustments related to other comprehensive income	​	​	(3,410)	​	​	(5,771)
Net deferred tax asset	​	$	6,099	​	$	8,121
​	​	​	​	​	​	​

Schedule of components of provision for deferred income taxes

​

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
​	2021			2020			2019
Provision for credit losses	$	(78)	​	$	(4,976)	​	$	(279)
Deferred compensation	​	1,388	​	​	(186)	​	​	(242)
Amortization of core deposit intangible	​	(18)	​	​	27	​	​	14
Stock based compensation	​	385	​	​	266	​	​	(245)
Business combination adjustments	​	80	​	​	1,292	​	​	985
OREO write-downs	​	1,543	​	​	1,317	​	​	406
Federal net operating loss and RBIL carryforward	​	(351)	​	​	198	​	​	1,859
State net operating loss and RBIL carryforward	​	60	​	​	266	​	​	3,708
Depreciation	​	(1,737)	​	​	491	​	​	303
Mortgage servicing rights	​	852	​	​	(518)	​	​	(431)
Goodwill amortization/impairment	​	1,232	​	​	1,244	​	​	1,242
State tax benefits	​	(491)	​	​	3	​	​	(912)
Securities	​	4,188	​	​	-	​	​	-
Other, net	​	(574)	​	​	(70)	​	​	28
Total deferred tax (benefit) expense	$	6,479	​	$	(646)	​	$	6,436
​	​	​	​	​	​	​	​	​

Schedule of difference between effective tax rates from federal statutory rates

Effective tax rates differ from federal statutory rates applied to financial statement income for the years ended December 31, due to the following:

​

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Tax at statutory federal income tax rate	​	$	5,852	​	$	7,856	​	$	10,890
Nontaxable interest income, net of disallowed interest deduction	​	​	(1,069)	​	​	(1,067)	​	​	(1,409)
BOLI income	​	​	(292)	​	​	(271)	​	​	(480)
State income taxes, net of federal benefit	​	​	2,054	​	​	2,570	​	​	3,496
Stock based compensation	​	​	54	​	​	297	​	​	(207)
Transaction costs	​	​	396	​	​	-	​	​	-
Other, net	​	​	828	​	​	198	​	​	112
Total tax at effective tax rate	​	$	7,823	​	$	9,583	​	$	12,402
​	​	​	​	​	​	​	​	​	​

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Tabular disclosure of components of provision for deferred income tax expense (benefit) recognized in the entity's financial statements.

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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.

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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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