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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense | The following table summarizes income tax expense for the years ended December 31, 2020, 2019 and 2018.
| 2020 |  | 2019 |  | 2018
Current expense | $ | 6,602 |  |  | $ | 934 |  |  | $ | 1,097 |
Deferred expense | (554) |  |  | 1,776 |  |  | 543 |
Income tax expense | $ | 6,048 |  |  | $ | 2,710 |  |  | $ | 1,640 |
Reconciliation of Effective Income Tax Rate to Statutory Federal Rate | The following table reconciles the Company's effective income tax rate to its statutory federal rate for the years ended December 31, 2020, 2019 and 2018.
| 2020 |  | 2019 |  | 2018
Statutory federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |
State taxes, net of federal benefit | 1.0 | % |  | (0.1) | % |  | — | %
Tax exempt interest income | (2.0) | % |  | (4.2) | % |  | (7.7) | %
Income from life insurance | (1.1) | % |  | (1.7) | % |  | (1.7) | %
Disallowed interest expense | 0.1 | % |  | 0.3 | % |  | 0.8 | %
Low-income housing credits and related expense | (0.8) | % |  | (1.3) | % |  | (2.5) | %
Merger related | — | % |  | 0.7 | % |  | 0.6 | %
Other | 0.4 | % |  | (0.9) | % |  | 0.9 | %
Effective income tax rate | 18.6 | % |  | 13.8 | % |  | 11.4 | %
Summary of Deferred Tax Assets and Liabilities | The following table summarizes the Company's deferred tax assets and liabilities at December 31, 2020, and 2019.
| 2020 |  | 2019
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 4,457 |  |  | $ | 3,418 |
Deferred compensation | 578 |  |  | 415 |
Retirement and salary continuation plans | 2,536 |  |  | 2,357 |
Share-based compensation | 735 |  |  | 631 |
Off-balance sheet reserves | 345 |  |  | 234 |
Nonaccrual loan interest | 395 |  |  | 697 |
Deferred loan fees | 1,483 |  |  | 153 |
Net unrealized losses on securities available for sale | — |  |  | 127 |
Net unrealized losses on interest rate swaps | 258 |  |  | — |
Purchase accounting adjustments | 1,886 |  |  | 4,081 |
Bonus accrual | 622 |  |  | 493 |
ROU liability | 2,003 |  |  | 2,123 |
Net operating loss carryforward | 2,472 |  |  | 1,872 |
Other | 448 |  |  | 417 |
Total deferred tax assets | 18,218 |  |  | 17,018 |
Deferred tax liabilities: |  |  |
Depreciation | 74 |  |  | 452 |
Net unrealized gains on securities available for sale | 1,148 |  |  | — |
Mortgage servicing rights | 614 |  |  | 694 |
Purchase accounting adjustments | 1,206 |  |  | 1,599 |
ROU Asset | 1,903 |  |  | 2,021 |
Other | 340 |  |  | 275 |
Total deferred tax liabilities | 5,285 |  |  | 5,041 |
Net deferred tax asset, included in other assets | $ | 12,933 |  |  | $ | 11,977 |

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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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