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INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2020

INCOME TAXES

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

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2020			2019			2020			2019
		(dollars in thousands)
Current
Federal		$	2,921		$	—		$	5,619		$	—
State			1,593			299			3,218			819
Total current			4,514			299			8,837			819
Deferred
Federal			(542)			—			(419)			—
State			(271)			—			(209)			—
Total deferred			(813)			—			(628)			—
Income tax expense		$	3,701		$	299		$	8,209		$	819

Schedule of effective income tax rate reconciliation

		Three Months Ended September 30,
		2020					2019
		Amount			Percentage		Amount			Percentage
		(dollars in thousands)
Federal income tax, at statutory rate		$	2,995		21.0	%	$	—		—	%
Increase (decrease) resulting from:
Federally tax exempt interest income			(372)		(2.6)			—		—
State taxes, net of federal benefit			1,039		7.3			299		1.7
Other			39		0.2			—		—
Income tax expense		$	3,701		25.9	%	$	299		1.7	%
		Nine Months Ended September 30,
		2020					2019
		Amount			Percentage		Amount			Percentage
		(dollars in thousands)
Federal income tax, at statutory rate		$	6,806		21.0	%	$	—		—	%
Increase (decrease) resulting from:
Federally tax exempt interest income			(1,099)		(3.4)			—		—
State taxes, net of federal benefit			2,397		7.4			819		1.6
Other			105		0.3			—		—
Income tax expense		$	8,209		25.3	%	$	819		1.6	%

Schedule of components of the net deferred tax asset

		September 30,			December 31,
		2020			2019
		(dollars in thousands)
Deferred tax assets
Allowance for loan losses		$	8,927		$	6,309
Compensation related			2,156			5,859
Deferred loan fees			1,937			497
Nonaccrual interest			617			858
Foreclosed assets			93			574
Goodwill			385			531
Other			1,084			785
Total deferred tax assets			15,199			15,413
Deferred tax liabilities
Fixed asset depreciation			4,363			4,201
Mortgage servicing rights			1,588			2,428
Other purchase accounting adjustments			1,195			1,356
Intangible assets			645			841
Prepaid assets			475			504
Net unrealized gain on debt securities available-for-sale			6,632			2,251
Other			381			426
Total deferred tax liabilities			15,279			12,007
Net deferred tax asset (liability)		$	(80)			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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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

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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