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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense Included in Consolidated Financial Statements

The income tax expense included in the consolidated financial statements for the years ended December 31 is allocated as follows:

(In thousands)		2019				2018				2017
Federal:
Current (benefit)/expense		$	5,647			$	(7,046	)		$	1,559
Deferred expense			6,087				16,908				13,922
State:
Current expense			3,028				3,554				2,133
Deferred expense			3,926				134				196
Total income tax expense		$	18,688			$	13,550			$	17,810

Schedule of Total Income Tax Expense Differed from Amounts Computed by Applying U.S. Federal Income Tax Rate to Income Before Taxes

Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 21 percent for both 2019 and 2018, respectively, and 35 percent for 2017, to income before taxes as a result of the following:

(In thousands)		2019				2018				2017
Computed “expected” tax expense		$	13,886			$	12,121			$	19,008
(Decrease)/increase in taxes resulting from:
Tax-exempt income			(431	)			(402	)			(584	)
State income taxes, net of Federal benefit			2,540				2,942				1,514
Impact of state tax reform, net of Federal benefit			2,954				—				—
Bank owned life insurance income			(277	)			(290	)			(475	)
Life insurance expense			234				148				479
Gain on death benefit			—				(630	)			—
Interest disallowance			146				115				124
Meals and entertainment expense			40				25				76
Stock-based compensation			(46	)			(481	)			(982	)
Impact of Federal tax reform			—				—				(1,648	)
Other			(358	)			2				298
Total income tax expense		$	18,688			$	13,550			$	17,810

Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31 are as follows:

(In thousands)		2019				2018
Deferred tax assets:
Allowance for loan losses		$	11,369			$	10,537
Tax net operating loss carryforward			6,163				7,046
Organization costs			13				13
Cash flow hedge			925				—
Unrealized loss on securities available for sale			—				969
Unrealized loss on equity security			43				79
Stock plan			2,874				1,534
Nonaccrual interest			74				31
Accrued compensation			2,956				189
Accrued expenses			1,402				—
Lease liabilities			3,234				—
Capital leases (2018)/Finance lease (2019)			768				1,051
Other			188				—
Total gross deferred tax assets		$	30,009			$	21,449
Deferred tax liabilities:
Lease financing		$	44,841			$	33,191
Cash flow hedge			—				265
Unrealized gain on securities available for sale			330				—
Deferred loan origination costs and fees			1,355				1,214
Deferred income			5,329				2,693
Amortization of intangible assets			239				—
Purchase accounting			908				—
Lease right-of-use asset			3,158
Other			—				115
Total gross deferred tax liabilities			56,160				37,478
Net deferred tax liability		$	(26,151	)		$	(16,029	)

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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.

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