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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

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)		2020				2019				2018
Federal:
Current (benefit)/expense		$	(4,741	)		$	5,647			$	(7,046	)
Deferred expense			10,161				6,087				16,908
State:
Current expense			2,327				3,028				3,554
Deferred (benefit)/expense			(1,936	)			3,926				134
Total income tax expense		$	5,811			$	18,688			$	13,550

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 2020, 2019, and   2018, respectively, to income before taxes as a result of the following:

(In thousands)		2020				2019				2018
Computed “expected” tax expense		$	6,721			$	13,886			$	12,121
(Decrease)/increase in taxes resulting from:
Tax-exempt income			(287	)			(431	)			(402	)
State income taxes, net of Federal benefit			1,813				2,540				2,942
Impact of state tax reform, net of Federal benefit			—				2,954				—
Bank owned life insurance income			(267	)			(277	)			(290	)
Life insurance expense			225				234				148
Gain on death benefit			—				—				(630	)
Interest disallowance			66				146				115
Meals and entertainment expense			40				40				25
Stock-based compensation			569				(46	)			(481	)
Impact of CARES Act			(3,009	)			—				—
Other			(60	)			(358	)			2
Total income tax expense		$	5,811			$	18,688			$	13,550

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)		2020				2019
Deferred tax assets:
Allowance for loan losses		$	18,044			$	11,369
Tax net operating loss carryforward			3,476				6,163
Organization costs			12				13
Cash flow hedge			2,703				925
Unrealized loss on equity security			—				43
Stock option expense			2,131				2,874
Nonaccrual interest			24				74
Accrued compensation			4,058				2,956
Accrued expenses			1,420				1,402
Lease liabilities			2,610				3,234
Finance lease			762				768
Other			52				188
Total gross deferred tax assets		$	35,292			$	30,009
Deferred tax liabilities:
Lease financing		$	55,823			$	44,841
Unrealized gain on securities available for sale			1,772				330
Unrealized gain on equity security			31				—
Deferred loan origination costs and fees			1,175				1,355
Deferred income			5,205				5,329
Amortization of intangible assets			1,738				239
Purchase accounting			—				908
Lease right-of-use asset			2,526				3,158
Total gross deferred tax liabilities			68,270				56,160
Net deferred tax liability		$	(32,978	)		$	(26,151	)

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-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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-Name Accounting Standards Codification
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-SubTopic 10
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