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INCOME TAXES | 9 Months Ended
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Sep. 30, 2021
INCOME TAXES |
INCOME TAXES | NOTE 13 – INCOME TAXES Allocation of income tax expense between current and deferred portions is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ ​ Income tax expense differs from the statutory federal rate due to the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 | %
​ The components of the net deferred tax asset (liability) are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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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- 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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