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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

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

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	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

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Schedule of effective income tax rate reconciliation

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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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

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Federally tax exempt interest income

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​

(1,618)

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(2.1)

​

​

(1,426)

​

(1.9)

​

​

(1,470)

​

(3.0)

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State taxes, net of federal benefit

​

5,285

6.9

​

​

5,430

7.1

​

​

3,631

7.4

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Other

​

67

0.1

​

​

209

0.3

​

​

157

0.3

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Income tax expense

​

$

19,734

25.9

%

$

20,291

26.5

%

$

12,728

25.7

%

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

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​	​	​	​	​	​	​
​	​	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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- References

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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