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INCOME TAXES (Tables)

12 Months Ended

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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