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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of Components of Income Tax Expense (Benefit)

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		2021			2020			2019
Current:		​			​			​
Federal tax expense	​	$	7,796	​	$	7,165	​	$	2,639
State tax expense	​		1,106	​		1,280	​		550
Total current tax expense	​		8,902	​		8,445	​		3,189
​	​	​	​	​	​	​	​	​	​
Deferred tax expense	​		427	​		(38)	​		1,020
Total income tax expense	​	$	9,329	​	$	8,407	​	$	4,209

Schedule of Effective Income Tax Rate Reconciliation

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2021				​	2020				​	2019
(in thousands, except ratios)	​	Amount		​	Rate	​	Amount		​	Rate	​	Amount		​	Rate
Statutory tax rate		$	10,210		21.00	%	$	8,747		21.00	%	$	5,633		21.00	%
Increase (decrease) resulting from:		​			​		​			​		​				​
State taxes, net of federal benefit		​	1,280		2.63		​	1,120		2.69		​	547		2.04	​
Tax exempt interest		​	(1,240)		(2.55)		​	(1,301)		(3.12)		​	(1,375)		(5.13)	​
Federal tax credits		​	(582)		(1.20)		​	(330)		(0.79)		​	(282)		(1.05)	​
Officers' life insurance		​	(466)		(0.96)		​	(403)		(0.97)		​	(431)		(1.61)	​
Gain of disposal of low income housing tax credit investments		​	—		—		​	147		0.35		​	—		—	​
Stock-based compensation plans		​	(73)		(0.15)		​	52		0.12		​	(20)		(0.07)	​
Other		​	200		0.42		​	375		0.90		​	137		0.51	​
Effective tax rate	​	$	9,329		19.19	%	$	8,407		20.18	%	$	4,209		15.69	%

Schedule of Deferred Tax Assets and Liabilities

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2021					​	2020
(in thousands)	​	Assets		​	Liabilities		​	Assets		​	Liabilities
Allowance for credit losses		$	5,214		$	—		$	4,464		$	—
Deferred compensation	​		3,965	​		—	​		4,129	​		—
Unrealized gain or loss on securities available for sale	​		—	​		1,055	​		—	​		3,046
Unrealized gain or loss on derivatives(1)	​		201	​		—	​		567	​		—
Depreciation	​		—	​		2,033	​		—	​		2,261
Deferred loan origination fees, net(2)	​		432	​		—	​		451	​		—
Non-accrual interest	​		593	​		—	​		492	​		—
Branch acquisition costs and goodwill	​		—	​		1,326	​		—	​		1,034
Core deposit intangible	​		—	​		929	​		—	​		1,078
Acquisition fair value adjustments(2)	​		208	​		—	​		192	​		—
Prepaid expenses	​		—	​		205	​		—	​		301
Mortgage servicing rights	​		—	​		843	​		—	​		784
Equity compensation	​		668	​		—	​		432	​		—
Prepaid pension	​		—	​		739	​		—	​		377
Contract incentives	​		820	​		—	​		1,017	​		—
Right of use asset	​		—	​		2,129	​		—	​		2,419
Lease liability	​		2,213	​		—	​		2,487	​		—
Other	​		492	​		—	​		116	​		—
Total	​	$	14,806	​	$	9,259	​	$	14,347	​	$	11,300

(1) Prior period has been revised, see Note 1 – Summary of Significant Accounting Policies – Revision of Previously Issued Financial Statements.

(2) With the adoption of CECL, premiums and discounts on acquired loans are presented along with deferred loan origination fees, net.

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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.

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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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