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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		2020			2019			2018
Current:		​			​			​
Federal tax expense	​	$	7,165	​	$	2,639	​	$	6,775
State tax expense	​		1,280	​		550	​		1,230
Total current tax expense	​		8,445	​		3,189	​		8,005
​	​	​	​	​	​	​	​	​	​
Deferred tax expense	​		(38)	​		1,020	​		(443)
Total income tax expense	​	$	8,407	​	$	4,209	​	$	7,562

Schedule of Effective Income Tax Rate Reconciliation

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2020				​	2019				​	2018
(in thousands, except ratios)	​	Amount		​	Rate	​	Amount		​	Rate	​	Amount		​	Rate
Statutory tax rate		$	8,747		21.00	%	$	5,633		21.00	%	$	8,505		21.00	%
Increase (decrease) resulting from:		​			​		​					​				​
State taxes, net of federal benefit		​	1,120		2.69		​	547		2.04		​	908		2.24	​
Tax exempt interest		​	(1,301)		(3.12)		​	(1,375)		(5.13)		​	(1,315)		(3.25)	​
Federal tax credits		​	(330)		(0.79)		​	(282)		(1.05)		​	(125)		(0.31)	​
Officers' life insurance		​	(403)		(0.97)		​	(431)		(1.61)		​	(382)		(0.94)	​
Gain of disposal of low income housing tax credit investments		​	147		0.35		​	—		—		​	—		—	​
Stock-based compensation plans		​	52		0.12		​	(20)		(0.07)		​	(120)		(0.30)	​
Other		​	375		0.90		​	137		0.51		​	91		0.23	​
Effective tax rate	​	$	8,407		20.18	%	$	4,209		15.69	%	$	7,562		18.67	%

Schedule of Deferred Tax Assets and Liabilities

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2020					​	2019
(in thousands)	​	Assets		​	Liabilities		​	Assets		​	Liabilities
Allowance for loan losses		$	4,464		$	—		$	3,507		$	—
Deferred compensation	​		4,129	​		—	​		3,383	​		—
Unrealized gain or loss on securities available for sale	​		—	​		4,404	​		—	​		1,858
Unrealized gain or loss on derivatives	​		623	​		—	​		307	​		—
Depreciation	​		—	​		2,261	​		—	​		1,722
Deferred loan origination costs	​		—	​		1,190	​		—	​		862
Non-accrual interest	​		492	​		—	​		381	​		—
Branch acquisition costs and goodwill	​		—	​		1,034	​		—	​		712
Core deposit intangible	​		—	​		1,078	​		—	​		1,231
Acquisition fair value adjustments	​		1,833	​		—	​		2,223	​		—
Prepaid expenses	​		—	​		301	​		—	​		311
Mortgage servicing rights	​		—	​		784	​		—	​		703
Equity compensation	​		432	​		—	​		468	​		—
Prepaid pension	​		—	​		377	​		—	​		359
Contract incentives	​		1,017	​		—	​		1,167	​		—
Right of use asset	​		—	​		2,419	​		—	​		2,253
Lease liability	​		2,487	​		—	​		2,273	​		—
Other	​		116	​		—	​		167	​		—
Total	​	$	15,593	​	$	13,848	​	$	13,876	​	$	10,011

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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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-Name Accounting Standards Codification
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-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.

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