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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of provision for income taxes | (Dollars in Thousands) 2020 2019 2018 Current: Federal $ 8,625 $ 8,481 $ (1,617) State 1,658 247 201 10,283 8,728 (1,416) Deferred: Federal (143) (680) 3,620 State 130 1,913 1,285 Change in Valuation Allowance (40) (8) (68) (53) 1,225 4,837 Total: Federal 8,482 7,801 2,003 State 1,788 2,160 1,486 Change in Valuation Allowance (40) (8) (68) Total $ 10,230 $ 9,953 $ 3,421
Schedule of effective income tax rate reconciliation | (Dollars in Thousands) 2020 2019 2018 Tax Expense at Federal Statutory Rate $ 11,106 $ 8,560 $ 6,225 Increases (Decreases) Resulting From: Tax-Exempt Interest Income (341) (425) (494) 2017 Provision to Return - Impact of Federal Tax Reform - - (3,590) State Taxes, Net of Federal Benefit 1,413 1,342 1,174 Other 601 294 348 Change in Valuation Allowance (40) (8) (68) Tax-Exempt Cash Surrender Value Life Insurance Benefit (173) (175) (174) Expense Due to Reduction of Florida Corporate Income Tax Rate - 365 - Noncontrolling Interest (2,336) - - Actual Tax Expense $ 10,230 $ 9,953 $ 3,421
Schedule of deferred income tax liabilities and assets | (Dollars in Thousands) 2020 2019 Deferred Tax Assets Attributable to: Allowance for Loan Losses $ 6,037 $ 3,525 Accrued Pension/SERP 16,052 9,863 State Net Operating Loss and Tax Credit Carry-Forwards 2,335 2,834 Other Real Estate Owned 1,066 957 Accrued SERP Liability 2,104 2,094 Lease Liability 2,581 637 Other 2,637 2,485 Total Deferred Tax Assets $ 32,812 $ 22,395 Deferred Tax Liabilities Attributable to: Depreciation on Premises and Equipment $ 4,408 $ 3,870 Deferred Loan Fees and Costs 2,824 2,445 Intangible Assets 3,290 3,290 Accrued Pension Liability 4,723 4,585 Right of Use Asset 2,411 441 Investments 469 469 Other 1,165 284 Total Deferred Tax Liabilities 19,290 15,384 Valuation Allowance 1,640 1,680 Net Deferred Tax Asset $ 11,882 $ 5,331

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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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