XML 48 R36.htm IDEA: XBRL DOCUMENT
v3.20.4

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
INCOME TAXES |
Schedule of components of income taxes | Income tax expense consisted of the following for the years ended December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(in thousands) |  | 2020 |  | 2019
Current |  | ​ |  |  | ​ |
Federal | ​ | $ | 10,936 | ​ | $ | 9,222
State and local | ​ |  | 7,226 | ​ |  | 6,570
Total current | ​ |  | 18,162 | ​ |  | 15,792
Deferred | ​ |  |  | ​ |  |
Federal | ​ |  | 139 | ​ |  | (845)
State and local | ​ |  | 151 | ​ |  | (1,020)
Total deferred | ​ |  | 290 | ​ |  | (1,865)
Total income tax expense | ​ | $ | 18,452 | ​ | $ | 13,927
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities consist of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At December 31,
​ |  | 2020 |  | 2019
Deferred tax assets: |  | ​ |  |  | ​ |
Allowance for loan losses | ​ | $ | 11,145 | ​ | $ | 8,303
Interest on nonaccrual loans | ​ |  | — | ​ |  | 24
Off balance sheet reserves | ​ |  | 57 | ​ |  | 57
Restricted stock | ​ |  | 90 | ​ |  | 188
Tangible asset | ​ |  | 14 | ​ |  | 17
Non-qualified stock options | ​ |  | 292 | ​ |  | 294
Net unrealized loss on interest rate cap | ​ |  | 564 | ​ |  | —
Other | ​ | ​ | — | ​ | ​ | 51
Total gross deferred tax assets | ​ |  | 12,162 | ​ |  | 8,934
Deferred tax liabilities: | ​ |  |  | ​ |  |
Depreciation and amortization | ​ |  | 3,731 | ​ |  | 781
Net unrealized gain on securities available for sale | ​ | ​ | 1,067 | ​ | ​ | 604
Pass-through income | ​ |  | 59 | ​ |  | 69
Prepaid assets | ​ | ​ | 355 | ​ | ​ | 341
Total gross deferred tax liabilities | ​ |  | 5,212 | ​ |  | 1,795
Net deferred tax asset, included in other assets | ​ | $ | 6,950 | ​ | $ | 7,139
Schedule of reconciliation of statutory federal income tax rate | The following is a reconciliation of the Company’s statutory federal income tax rate of 21% to its effective tax rate for the years ended December 31, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2020 | ​ | 2019
​ | ​ | Tax expense/ | ​ | ​ | ​ | ​ | Tax expense/ | ​ | ​ | ​
​ |  | (benefit) |  | Rate |  | ​ | (benefit) |  | Rate |
Pretax income at statutory rates | ​ | $ | 12,163 |  | 21.00 | % | ​ | $ | 9,253 |  | 21.00 | %
State and local taxes, net of federal income tax benefit | ​ |  | 5,828 |  | 10.06 | ​ | ​ |  | 4,385 |  | 9.95 | ​
Nondeductible expenses | ​ |  | 457 |  | 0.79 | ​ | ​ |  | 430 |  | 0.97 | ​
Excess tax deduction on equity awards | ​ | ​ | (59) | ​ | (0.10) | ​ | ​ | ​ | (132) | ​ | (0.30) | ​
Tax-exempt income, net | ​ |  | — |  | — | ​ | ​ |  | (2) |  | (0.00) | ​
Other | ​ |  | 63 |  | 0.11 | ​ | ​ |  | (7) |  | (0.01) | ​
Effective income tax expense/rate | ​ | $ | 18,452 |  | 31.86 | % | ​ | $ | 13,927 |  | 31.61 | %

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration