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INCOME TAXES (Tables) | 9 Months Ended
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Sep. 30, 2021
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,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 2,330 | ​ | $ | 2,921 | ​ | $ | 8,273 | ​ | $ | 5,619
State | ​ | ​ | 1,290 | ​ | ​ | 1,593 | ​ | ​ | 4,528 | ​ | ​ | 3,218
Total current | ​ | ​ | 3,620 | ​ | ​ | 4,514 | ​ | ​ | 12,801 | ​ | ​ | 8,837
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 846 | ​ | ​ | (542) | ​ | ​ | 1,614 | ​ | ​ | (419)
State | ​ | ​ | 426 | ​ | ​ | (271) | ​ | ​ | 795 | ​ | ​ | (209)
Total deferred | ​ |  | 1,272 | ​ |  | (813) | ​ |  | 2,409 | ​ |  | (628)
Income tax expense | ​ | $ | 4,892 | ​ | $ | 3,701 | ​ | $ | 15,210 | ​ | $ | 8,209
Schedule of effective income tax rate reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended September 30, |
​ |  | 2021 |  | 2020 |
​ | ​ | Amount |  | Percentage | ​ | Amount |  | Percentage | ​
​ | ​ | (dollars in thousands) | ​
Federal income tax, at statutory rate | ​ | $ | 3,907 | ​ | 21.0 | % | $ | 2,995 | ​ | 21.0 | %
Increase (decrease) resulting from: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federally tax exempt interest income | ​ | ​ | (352) | ​ | (1.9) | ​ | ​ | (372) | ​ | (2.6) | ​
State taxes, net of federal benefit |  | ​ | 1,353 |  | 7.3 | ​ | ​ | 1,039 |  | 7.3 | ​
Other |  | ​ | (16) |  | (0.1) | ​ | ​ | 39 |  | 0.2 | ​
Income tax expense | ​ | $ | 4,892 |  | 26.3 | % | $ | 3,701 |  | 25.9 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ | ​ | 2021 | ​ | 2020 | ​
​ | ​ | Amount | ​ | Percentage | ​ | Amount | ​ | Percentage | ​
​ | ​ | (dollars in thousands) | ​
Federal income tax, at statutory rate | ​ | $ | 12,156 | ​ | 21.0 | % | $ | 6,806 | ​ | 21.0 | %
Increase (decrease) resulting from: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federally tax exempt interest income | ​ | ​ | (1,072) | ​ | (1.8) | ​ | ​ | (1,099) | ​ | (3.4) | ​
State taxes, net of federal benefit | ​ | ​ | 4,170 |  | 7.2 | ​ | ​ | 2,397 |  | 7.4 | ​
Other | ​ | ​ | (44) |  | (0.1) | ​ | ​ | 105 |  | 0.3 | ​
Income tax expense | ​ | $ | 15,210 |  | 26.3 | % | $ | 8,209 |  | 25.3 | %
Schedule of components of the net deferred tax asset (liability) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ | ​ | 2021 | ​ | 2020
​ | ​ | (dollars in thousands)
Deferred tax assets |  | ​ | ​ |  | ​ | ​
Allowance for loan losses | ​ | $ | 7,014 |  | $ | 9,046
Compensation related | ​ | ​ | 2,032 |  | ​ | 2,301
Deferred loan fees | ​ | ​ | 1,392 | ​ | ​ | 1,595
Nonaccrual interest |  | ​ | 494 | ​ | ​ | 660
Foreclosed assets |  | ​ | 70 | ​ | ​ | 45
Goodwill |  | ​ | 189 | ​ | ​ | 336
Other |  | ​ | 995 | ​ | ​ | 1,011
Total deferred tax assets |  | ​ | 12,186 | ​ | ​ | 14,994
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Fixed asset depreciation |  | ​ | 3,944 | ​ | ​ | 4,361
Mortgage servicing rights |  | ​ | 2,083 | ​ | ​ | 1,692
Other purchase accounting adjustments | ​ | ​ | 1,050 | ​ | ​ | 1,115
Intangible assets | ​ | ​ | 417 | ​ | ​ | 580
Prepaid assets |  | ​ | 546 | ​ | ​ | 685
Net unrealized gain on debt securities |  | ​ | 1,004 | ​ | ​ | 6,569
Other |  | ​ | 500 | ​ | ​ | 370
Total deferred tax liabilities |  | ​ | 9,544 | ​ | ​ | 15,372
Net deferred tax asset (liability) | ​ | $ | 2,642 | ​ | $ | (378)

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