XML 53 R41.htm IDEA: XBRL DOCUMENT v3.22.0.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

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)		2021				2020				2019
Federal:
Current (benefit)/expense		$	7,400			$	(4,741	)		$	5,647
Deferred expense			7,971				10,161				6,087
State:
Current expense			4,188				2,327				3,028
Deferred (benefit)/expense			1,481				(1,936	)			3,926
Total income tax expense		$	21,040			$	5,811			$	18,688

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 2021, 2020, and   2019, respectively, to income before taxes as a result of the following:

(In thousands)		2021				2020				2019
"Computed expected tax expense"		$	16,309			$	6,721			$	13,886
(Decrease)/increase in taxes resulting from:
Tax-exempt income			(146	)			(287	)			(431	)
State income taxes, net of Federal benefit			4,789				1,813				2,540
Impact of state tax reform, net of Federal benefit			—				—				2,954
Bank owned life insurance income			(356	)			(267	)			(277	)
Life insurance expense			199				225				234
Interest disallowance			14				66				146
Meals and entertainment expense			39				40				40
Stock-based compensation			9				569				(46	)
Impact of CARES Act			—				(3,009	)			—
Other			183				(60	)			(358	)
Total income tax expense		$	21,040			$	5,811			$	18,688

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)		2021				2020
Deferred tax assets:
Allowance for loan losses		$	16,408			$	18,044
Tax net operating loss carryforward			1,180				3,476
Organization costs			8				12
Cash flow hedge			978				2,703
Unrealized loss on securities available for sale			3,061				—
Unrealized loss on equity security			84				—
Stock option expense			2,541				2,131
Nonaccrual interest			97				24
Accrued compensation			5,631				4,058
Accrued expenses			472				1,420
Lease liabilities			2,689				2,610
Finance lease			732				762
Other			183				52
Total gross deferred tax assets		$	34,064			$	35,292
Deferred tax liabilities:
Lease financing		$	64,071			$	55,823
Unrealized gain on securities available for sale			—				1,772
Unrealized gain on equity security			—				31
Deferred loan origination costs and fees			1,757				1,175
Deferred income			4,543				5,205
Amortization of intangible assets			369				1,738
Lease right-of-use asset			2,600				2,526
Other			46				—
Total gross deferred tax liabilities			73,386				68,270
Net deferred tax liability		$	(39,322	)		$	(32,978	)

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration