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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Note 12. Income Taxes Income tax expense in the consolidated statements of income for the years ended December 31, 2021 and 2020, includes the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
Current tax expense |  | ​ |  |  | ​ |
Federal | ​ | $ | 8,031 | ​ | $ | 6,330
State | ​ |  | 855 | ​ |  | 1,447
Deferred tax expense related to: | ​ |  |  | ​ |  |
Federal | ​ |  | 405 | ​ |  | (991)
State | ​ |  | 238 | ​ |  | (228)
Total income tax expense | ​ | $ | 9,529 | ​ | $ | 6,558
​ The income tax expense is different from the expected tax expense computed by multiplying income before income tax expense by the statutory income tax rate of 21%. The reasons for this difference are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
Federal income tax expense computed at the statutory rate | ​ | $ | 9,307 | ​ | $ | 6,487
State income taxes, net of federal tax benefit | ​ |  | 863 | ​ |  | 923
Nondeductible acquisition expenses | ​ |  | 94 | ​ |  | 109
Tax-exempt interest | ​ |  | (568) | ​ |  | (555)
Tax benefit from stock options | ​ |  | (10) | ​ |  | (14)
Other | ​ |  | (157) | ​ |  | (392)
Total income tax expense | ​ | $ | 9,529 | ​ | $ | 6,558
​ The components of the net deferred tax asset as of December 31, 2021 and 2020, were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
Deferred tax assets: |  |  |  | ​ | ​ |
Allowance for loan losses |  | $ | 5,011 | ​ | $ | 4,744
Fair value adjustments | ​ |  | 4,119 | ​ |  | 3,854
Unrealized losses on hedges or derivative securities | ​ |  | — | ​ |  | 278
Other real estate owned | ​ |  | 306 | ​ |  | 523
Deferred compensation | ​ |  | 1,564 | ​ |  | 1,103
Lease liability | ​ |  | 2,559 | ​ |  | 1,248
Federal net operating loss carryforward | ​ |  | 4,645 | ​ |  | —
Other | ​ |  | 1,977 | ​ |  | 82
Total deferred tax assets | ​ |  | 20,181 | ​ |  | 11,832
Deferred tax liabilities: | ​ |  |  | ​ |  |
Accumulated depreciation | ​ |  | 2,317 | ​ |  | 1,374
Core deposit intangible | ​ |  | 3,047 | ​ |  | 3,112
Right of use asset | ​ |  | 2,541 | ​ |  | 1,240
Unrealized gains on available-for-sale securities | ​ |  | 240 | ​ |  | 1,051
Unrealized gains on hedges or derivative securities | ​ | ​ | 262 | ​ | ​ | —
Other | ​ |  | 540 | ​ |  | 663
Total deferred tax liabilities | ​ |  | 8,947 | ​ |  | 7,440
Net deferred tax asset | ​ | $ | 11,234 | ​ | $ | 4,392
​ At December 31, 2021, the Company has a federal net operating loss carryforward recorded of approximately $22.1 million acquired with the acquisition of SCB. The net operating loss is subject to Section 382 limitations. The federal net operating loss will begin to expire in 2029. During 2020, the CARES Act was passed allowing the five year carryback of net operating losses (“NOLs”). The Federal NOLs acquired with Foothills Bancorp, Inc. and Tennessee Bancshares, Inc. were carried back for a refund in 2020. The income tax returns of the Company for 2020, 2019, and 2018 are subject to examination by the federal and state taxing authorities, generally for three years after they were filed.

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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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