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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
​	​	(In Thousands)
​	​	​	​	​	​	​	​	​	​
Taxes currently payable	​	$	25,259	​	$	15,375	​	$	19,291
Deferred income taxes (benefit)	​		(11,480)	​		1,074	​		(4,450)
​	​	​	​	​	​	​	​	​	​
Income taxes	​	$	13,779	​	$	16,449	​	$	14,841

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	December 31,
​		2020			2019
​	​	(In Thousands)
Deferred tax assets		​			​
Allowance for loan losses	​	$	12,711	​	$	9,188
Interest on nonperforming loans	​		142	​		161
Accrued expenses	​		894	​		821
Write-down of foreclosed assets	​		131	​		185
Write-down of fixed assets	​		114	​		50
Income recognized for tax in excess of book	​		8,830	​		—
Partnership tax credits	​		11	​		732
Deferred income	​		885	​		509
Difference in basis for acquired assets and liabilities	​	​	1,532	​	​	2,540
​	​		25,250	​		14,186
​	​	​	​	​	​	​
Deferred tax liabilities	​			​
Tax depreciation in excess of book depreciation	​		(5,988)	​		(5,986)
FHLB stock dividends	​		(368)	​		(817)
Prepaid expenses	​		(898)	​		(891)
Unrealized gain on available-for-sale securities	​		(6,869)	​		(2,671)
Unrealized gain on cash flow derivatives	​		(8,830)	​		(6,853)
Other	​		(258)	​		(233)
​	​		(23,211)	​		(17,451)
​	​	​	​	​	​	​
Net deferred tax asset (liability)	​	$	2,039	​	$	(3,265)

Schedule of effective income tax rate reconciliation

​

​	​	​	​	​	​	​	​
​		2020		2019		2018
Tax at statutory rate		21.0	%	21.0	%	21.0	%
Nontaxable interest and dividends		(0.5)		(0.5)		(0.8)	​
Tax credits		(3.8)		(3.6)		(3.4)	​
State taxes		1.4		1.3		1.1	​
Other		0.8		0.1		0.2	​
​	​	​	​	​	​	​	​
​		18.9	%	18.3	%	18.1	%

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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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

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