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INCOME TAXES | 12 Months Ended
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Dec. 31, 2021
Income Tax [Abstract] |
INCOME TAXES | Note 13 INCOME TAXES The provision for income taxes reflected in the statements of comprehensive income is comprised of the following components: (Dollars in Thousands) 2021 2020 2019 Current: Federal $ 12,039 $ 8,625 $ 8,481 State 1,044 1,658 247 13,083 10,283 8,728 Deferred: Federal (3,246) (143) (680) State (10) 130 1,913 Change in Valuation Allowance 8 (40) (8) (3,248) (53) 1,225 Total: Federal 8,793 8,482 7,801 State 1,034 1,788 2,160 Change in Valuation Allowance 8 (40) (8) Total $ 9,835 $ 10,230 $ 9,953 Income taxes provided were different than the tax expense computed by applying the statutory federal income tax rate of 21 % to pre-tax income as a result of the following: (Dollars in Thousands) 2021 2020 2019 Tax Expense at Federal Statutory Rate $ 10,385 $ 11,106 $ 8,560 Increases (Decreases) Resulting From: Tax-Exempt Interest Income (271) (341) (425) State Taxes, Net of Federal Benefit 819 1,413 1,342 Other 375 601 294 Change in Valuation Allowance 8 (40) (8) Tax-Exempt Cash Surrender Value Life Insurance Benefit (173) (173) (175) Expense Due to Reduction of Florida Corporate Income Tax Rate - - 365 Noncontrolling Interest (1,308) (2,336) - Actual Tax Expense $ 9,835 $ 10,230 $ 9,953 Deferred income tax liabilities and assets result from differences between assets and liabilities measured for financial reporting purposes and for income tax return purposes. These assets and liabilities are measured using the enacted tax rates and laws that are currently in effect. The net deferred tax asset and the temporary differences comprising that balance at December 31, 2021 and 2020 are as follows: (Dollars in Thousands) 2021 2020 Deferred Tax Assets Attributable to: Allowance for Credit Losses $ 5,308 $ 6,037 Accrued Pension/SERP 4,468 16,052 State Net Operating Loss and Tax Credit Carry-Forwards 1,984 2,335 Other Real Estate Owned 1,029 1,066 Accrued SERP Liability 2,442 2,104 Lease Liability 2,597 2,581 Net Unrealized Losses on Investment Securities 1,532 - Other 2,325 2,637 Total Deferred Tax Assets $ 21,685 $ 32,812 Deferred Tax Liabilities Attributable to: Depreciation on Premises and Equipment $ 3,208 $ 4,408 Deferred Loan Fees and Costs 2,016 2,824 Intangible Assets 3,276 3,290 Accrued Pension Liability 2,138 4,723 Right of Use Asset 2,453 2,411 Investments 469 469 Other 857 1,165 Total Deferred Tax Liabilities 14,417 19,290 Valuation Allowance 1,648 1,640 Net Deferred Tax Asset $ 5,620 $ 11,882 In the opinion of management, it is more likely than not that all of the deferred tax assets, with the exception of certain state net operating loss carry-forwards and certain state tax credit carry-forwards expected to expire prior to utilization, will be realized. Accordingly, a valuation allowance of $ 1.6 million is recorded at December 31, 2021. At December 31, 2021, the Company had state loss and tax credit carry-forwards of approximately $ 2.0 million, which expire at various dates from 2022 through 2041 . The Company had $ 0.1 million in unrecognized tax benefits at December 31, 2021 for tax positions relating to current-year operations. The Company had no unrecognized tax benefits at December 31, 2020 and December 31, 2019. It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. There were no penalties and interest related to income taxes recorded in the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019. There were no amounts accrued in the consolidated statements of financial condition for penalties and interest as of December 31, 2021 and 2020. The Company files a consolidated U.S. federal income tax return and a separate U.S. federal income tax return for CCHL. Each subsidiary files various returns in states where its banking offices are located. The Company is no longer subject to U.S. federal or state tax examinations for years before 2018.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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