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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of allocation of federal and state income taxes between current and deferred portions

		2019			2018			2017
		(dollars in thousands)
Current
Federal		$	4,849		$	—		$	—
State			3,102			869			870
Total current			7,951			869			870
Deferred
Federal			(1,437)			—			—
State			(724)			—			—
Change in tax status			(534)			—			—
Total deferred			(2,695)			—			—
Income tax expense		$	5,256		$	869		$	870

Schedule of effective income tax rate reconciliation

		2019					2018					2017
		Amount			Percentage		Amount			Percentage		Amount			Percentage
		(dollars in thousands)
Federal income tax, at statutory rate		$	3,933		5.5	%	$	—		—	%	$	—		—	%
Increase (decrease) resulting from:
State taxes, net of federal benefit			2,212		3.1			869		1.3			870		1.5
Change in tax status			(534)		(0.8)			—		—			—		—
Other			(355)		(0.5)			—		—			—		—
Income tax expense		$	5,256		7.3	%	$	869		1.3	%	$	870		1.5	%

Schedule of components of the net deferred tax asset

The components of the net deferred tax asset as of December 31, 2019 are as follows (dollars in thousands):

Deferred tax assets
Allowance for loan losses		$	6,309
Compensation related			5,859
Nonaccrual interest			858
Foreclosed assets			574
Goodwill			531
Other			1,282
Total deferred tax assets			15,413
Deferred tax liabilities
Fixed asset depreciation			4,201
Mortgage servicing rights			2,428
Other purchase accounting adjustments			1,356
Intangible assets			841
Prepaid assets			504
Net unrealized gain on securities available-for-sale			2,251
Other			426
Total deferred tax liabilities			12,007
Net deferred tax asset		$	3,406

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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
-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
-Paragraph 2
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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