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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021			2020			2019
​	​	(dollars in thousands)
Current	​	​	​	​	​	​	​	​	​
Federal	​	$	11,330	​	$	8,358	​	$	4,849
State	​	​	6,053	​	​	4,709	​	​	3,102
Total current	​	​	17,383	​	​	13,067	​	​	7,951
​	​	​	​	​	​	​	​	​	​
Deferred	​	​	​	​	​	​	​	​	​
Federal	​	​	1,945	​	​	(226)	​	​	(1,437)
State	​	​	963	​	​	(113)	​	​	(724)
Change in tax status	​	​	—	​	​	—	​	​	(534)
Total deferred	​		2,908	​		(339)	​		(2,695)
Income tax expense	​	$	20,291	​	$	12,728	​	$	5,256

Schedule of effective income tax rate reconciliation

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Year Ended December 31,

​

2021

2020

2019

​

​

Amount

Percentage

​

Amount

Percentage

​

Amount

Percentage

​

​

(dollars in thousands)

​

Federal income tax, at statutory rate

​

$

16,078

​

21.0

%

$

10,410

​

21.0

%

$

3,933

​

5.5

%

Increase (decrease) resulting from:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Federally tax exempt interest income

​

​

(1,426)

​

(1.9)

​

​

(1,470)

​

(3.0)

​

​

(372)

​

(0.5)

​

State taxes, net of federal benefit

​

5,430

7.1

​

​

3,631

7.4

​

​

2,212

3.1

​

Change in tax status

​

—

—

​

​

—

—

​

​

(534)

(0.8)

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Other

​

209

0.3

​

​

157

0.3

​

​

17

—

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Income tax expense

​

$

20,291

26.5

%

$

12,728

25.7

%

$

5,256

7.3

%

Schedule of components of the net deferred tax asset (liability)

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​	​	​	​	​	​	​
​	​	December 31, 2021		​	December 31, 2020
​	​	(dollars in thousands)
Deferred tax assets		​	​		​	​
Allowance for loan losses	​	$	6,756		$	9,046
Compensation related	​	​	2,314		​	2,301
Deferred loan fees	​	​	1,059	​	​	1,595
Nonaccrual interest		​	489	​	​	660
Foreclosed assets		​	43	​	​	45
Goodwill		​	316	​	​	336
Net unrealized losses on debt securities	​	​	304	​	​	—
Other		​	853	​	​	1,011
Total deferred tax assets		​	12,134	​	​	14,994
​	​	​	​	​	​	​
Deferred tax liabilities	​	​	​	​	​	​
Fixed asset depreciation		​	4,188	​	​	4,361
Mortgage servicing rights		​	2,262	​	​	1,692
Other purchase accounting adjustments	​	​	776	​	​	1,115
Intangible assets	​	​	374	​	​	580
Prepaid assets		​	664	​	​	685
Net unrealized gains on debt securities		​	—	​	​	6,569
Other		​	505	​	​	370
Total deferred tax liabilities		​	8,769	​	​	15,372
Net deferred tax asset (liability)	​	$	3,365	​	$	(378)

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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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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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