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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax [Abstract] |
Schedule of provision for income taxes | (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
Schedule of effective income tax rate reconciliation | (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
Schedule of deferred income tax liabilities and assets | (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

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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=121826272&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=121826272&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=121826272&loc=d3e32687-109319 + Details
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