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INCOME TAXES | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
INCOME TAXES | NOTE 16 – INCOME TAXES Allocation of income tax expense between current and deferred portions for the years ended December 31 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 15,194 | ​ | $ | 11,330 | ​ | $ | 8,358
State | ​ | ​ | 7,459 | ​ | ​ | 6,053 | ​ | ​ | 4,709
Total current | ​ | ​ | 22,653 | ​ | ​ | 17,383 | ​ | ​ | 13,067
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | (2,045) | ​ | ​ | 1,945 | ​ | ​ | (226)
State | ​ | ​ | (874) | ​ | ​ | 963 | ​ | ​ | (113)
Total deferred | ​ |  | (2,919) | ​ |  | 2,908 | ​ |  | (339)
Income tax expense | ​ | $ | 19,734 | ​ | $ | 20,291 | ​ | $ | 12,728
​ Income tax expense differs from the statutory federal rate for the years ended December 31 due to the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, |
​ |  | 2022 |  | 2021 |  | 2020 |
​ | ​ | Amount |  | Percentage | ​ | Amount |  | Percentage | ​ | Amount |  | Percentage |
​ | ​ | (dollars in thousands) | ​
Federal income tax, at statutory rate | ​ | $ | 16,000 | ​ | 21.0 | % | $ | 16,078 | ​ | 21.0 | % | $ | 10,410 | ​ | 21.0 | %
Increase (decrease) resulting from: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federally tax exempt interest income | ​ | ​ | (1,618) | ​ | (2.1) | ​ | ​ | (1,426) | ​ | (1.9) | ​ | ​ | (1,470) | ​ | (3.0) | ​
State taxes, net of federal benefit |  | ​ | 5,285 |  | 6.9 | ​ | ​ | 5,430 |  | 7.1 | ​ | ​ | 3,631 |  | 7.4 | ​
Other |  | ​ | 67 |  | 0.1 | ​ | ​ | 209 |  | 0.3 | ​ | ​ | 157 |  | 0.3 | ​
Income tax expense | ​ | $ | 19,734 |  | 25.9 | % | $ | 20,291 |  | 26.5 | % | $ | 12,728 |  | 25.7 | %
​ The components of the deferred tax assets and liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ | ​ | (dollars in thousands)
Deferred tax assets |  | ​ | ​ |  | ​ | ​
Allowance for loan losses | ​ | $ | 7,151 |  | $ | 6,756
Compensation related | ​ | ​ | 2,623 |  | ​ | 2,314
Deferred loan fees | ​ | ​ | 965 | ​ | ​ | 1,059
Nonaccrual interest |  | ​ | 480 | ​ | ​ | 489
Foreclosed assets |  | ​ | 142 | ​ | ​ | 43
Goodwill |  | ​ | 153 | ​ | ​ | 316
Net unrealized losses on debt securities | ​ | ​ | 29,874 | ​ | ​ | 304
Other |  | ​ | 5,237 | ​ | ​ | 853
Total deferred tax assets |  | ​ | 46,625 | ​ | ​ | 12,134
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Fixed asset depreciation |  | ​ | 3,940 | ​ | ​ | 4,188
Mortgage servicing rights |  | ​ | 2,868 | ​ | ​ | 2,262
Other purchase accounting adjustments | ​ | ​ | 610 | ​ | ​ | 776
Intangible assets | ​ | ​ | 214 | ​ | ​ | 374
Prepaid assets |  | ​ | 756 | ​ | ​ | 664
Other |  | ​ | 2,756 | ​ | ​ | 505
Total deferred tax liabilities |  | ​ | 11,144 | ​ | ​ | 8,769
Net deferred tax asset | ​ | $ | 35,481 | ​ | $ | 3,365
​

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