XML 32 R21.htm IDEA: XBRL DOCUMENT

INCOME TAXES

6 Months Ended

Jun. 30, 2021

NOTE 13 – INCOME TAXES

Allocation of income tax expense between current and deferred portions is as follows:


	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

Income tax expense differs from the statutory federal rate due to the following:


	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	%

The components of the net deferred tax asset (liability) are as follows:


	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)

- 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 + Details