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INCOME TAXES (Tables) | 6 Months Ended
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Jun. 30, 2021
INCOME TAXES |
Schedule of allocation of federal and state income taxes between current and deferred portions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 2,773 | ​ | $ | 977 | ​ | $ | 5,943 | ​ | $ | 2,698
State | ​ | ​ | 1,540 | ​ | ​ | 637 | ​ | ​ | 3,238 | ​ | ​ | 1,625
Total current | ​ | ​ | 4,313 | ​ | ​ | 1,614 | ​ | ​ | 9,181 | ​ | ​ | 4,323
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 311 | ​ | ​ | 580 | ​ | ​ | 768 | ​ | ​ | 123
State | ​ | ​ | 141 | ​ | ​ | 283 | ​ | ​ | 369 | ​ | ​ | 62
Total deferred | ​ |  | 452 | ​ |  | 863 | ​ |  | 1,137 | ​ |  | 185
Income tax expense | ​ | $ | 4,765 | ​ | $ | 2,477 | ​ | $ | 10,318 | ​ | $ | 4,508
Schedule of effective income tax rate reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended June 30, |
​ |  | 2021 |  | 2020 |
​ | ​ | Amount |  | Percentage | ​ | Amount |  | Percentage | ​
​ | ​ | (dollars in thousands) | ​
Federal income tax, at statutory rate | ​ | $ | 3,881 | ​ | 21.0 | % | $ | 2,078 | ​ | 21.0 | %
Increase (decrease) resulting from: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federally tax exempt interest income | ​ | ​ | (353) | ​ | (1.9) | ​ | ​ | (370) | ​ | (3.7) | ​
State taxes, net of federal benefit |  | ​ | 1,303 |  | 7.1 | ​ | ​ | 727 |  | 7.3 | ​
Other |  | ​ | (66) |  | (0.4) | ​ | ​ | 42 |  | 0.4 | ​
Income tax expense | ​ | $ | 4,765 |  | 25.8 | % | $ | 2,477 |  | 25.0 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, | ​
​ | ​ | 2021 | ​ | 2020 | ​
​ | ​ | Amount | ​ | Percentage | ​ | Amount | ​ | Percentage | ​
​ | ​ | (dollars in thousands) | ​
Federal income tax, at statutory rate | ​ | $ | 8,249 | ​ | 21.0 | % | $ | 3,811 | ​ | 21.0 | %
Increase (decrease) resulting from: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federally tax exempt interest income | ​ | ​ | (720) | ​ | (1.8) | ​ | ​ | (727) | ​ | (4.0) | ​
State taxes, net of federal benefit | ​ | ​ | 2,817 |  | 7.2 | ​ | ​ | 1,358 |  | 7.5 | ​
Other | ​ | ​ | (28) |  | (0.1) | ​ | ​ | 66 |  | 0.3 | ​
Income tax expense | ​ | $ | 10,318 |  | 26.3 | % | $ | 4,508 |  | 24.8 | %
Schedule of components of the net deferred tax asset (liability) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ | ​ | 2021 | ​ | 2020
​ | ​ | (dollars in thousands)
Deferred tax assets |  | ​ | ​ |  | ​ | ​
Allowance for loan losses | ​ | $ | 7,477 |  | $ | 9,046
Compensation related | ​ | ​ | 1,935 |  | ​ | 2,301
Deferred loan fees | ​ | ​ | 2,118 | ​ | ​ | 1,595
Nonaccrual interest |  | ​ | 510 | ​ | ​ | 660
Foreclosed assets |  | ​ | 55 | ​ | ​ | 45
Goodwill |  | ​ | 237 | ​ | ​ | 336
Other |  | ​ | 1,208 | ​ | ​ | 1,011
Total deferred tax assets |  | ​ | 13,540 | ​ | ​ | 14,994
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Fixed asset depreciation |  | ​ | 4,217 | ​ | ​ | 4,361
Mortgage servicing rights |  | ​ | 2,071 | ​ | ​ | 1,692
Other purchase accounting adjustments | ​ | ​ | 1,075 | ​ | ​ | 1,115
Intangible assets | ​ | ​ | 467 | ​ | ​ | 580
Prepaid assets |  | ​ | 407 | ​ | ​ | 685
Net unrealized gain on debt securities |  | ​ | 2,566 | ​ | ​ | 6,569
Other |  | ​ | 358 | ​ | ​ | 370
Total deferred tax liabilities |  | ​ | 11,161 | ​ | ​ | 15,372
Net deferred tax asset (liability) | ​ | $ | 2,379 | ​ | $ | (378)

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