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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of components of income taxes

Income tax expense consisted of the following (in thousands):

​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021			2020
Current		​			​
Federal	​	$	16,883	​	$	10,936
State and local	​		12,252	​		7,226
Total current	​		29,135	​		18,162
Deferred	​			​
Federal	​		(405)	​		139
State and local	​		285	​		151
Total deferred	​		(120)	​		290
Total income tax expense	​	$	29,015	​	$	18,452

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities consist of the following (in thousands):

​	​	​	​	​	​	​
​	​	At December 31,
​		2021			2020
Deferred tax assets:		​			​
Allowance for loan losses	​	$	10,670	​	$	11,145
Net unrealized loss on securities available for sale	​	​	3,731	​	​	—
Interest on nonaccrual loans	​		—	​		—
Off balance sheet reserves	​		55	​		57
Restricted stock	​		252	​		90
Tangible asset	​		10	​		14
Non-qualified stock options	​		286	​		292
Net unrealized loss on interest rate cap	​		—	​		564
Total gross deferred tax assets	​		15,004	​		12,162
Deferred tax liabilities:	​			​
Depreciation and amortization	​		3,229	​		3,731
Net unrealized gain on interest rate cap	​	​	334	​	​	—
Net unrealized gain on securities available for sale	​	​	—	​	​	1,067
Pass-through income	​		—	​		59
Prepaid assets	​	​	459	​	​	355
Other	​	​	12	​	​	—
Total gross deferred tax liabilities	​		4,034	​		5,212
Net deferred tax asset, included in other assets	​	$	10,970	​	$	6,950

Schedule of reconciliation of statutory federal income tax rate

The following is a reconciliation of the Company’s statutory federal income tax rate to its effective tax rate (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31,

​

​

2021

​

2020

​

​

Tax expense/

​

​

​

​

Tax expense/

​

​

​

​

(benefit)

Rate

​

(benefit)

Rate

Pretax income at statutory rates

​

$

18,810

21.00

%

​

$

12,163

21.00

%

State and local taxes, net of federal income tax benefit

​

9,904

11.06

​

​

5,828

10.06

​

Nondeductible expenses

​

680

0.76

​

​

457

0.79

​

Excess tax deduction on equity awards

​

​

(467)

​

(0.52)

​

​

​

(59)

​

(0.10)

​

Tax-exempt income, net

​

(51)

(0.06)

​

​

—

—

​

Other

​

139

0.15

​

​

63

0.11

​

Effective income tax expense/rate

​

$

29,015

32.39

%

​

$

18,452

31.86

%

X

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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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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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