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Income taxes

12 Months Ended

Dec. 31, 2021

Income taxes

Income taxes

18. Income taxes:

The current and deferred amounts of the provision for income taxes expense (benefit) for each of the years ended December 31, 2021, 2020 and 2019 are summarized as follows:

​

​	​	​	​	​	​	​	​	​	​	​
Year Ended December 31		2021			2020			2019
Current	​	$	9,548	​	$	6,600	​	$	2,761	​
Deferred	​	​	450	​	​	(1,779)	​	​	394	​
Total income tax expense	​	$	9,998	​	$	4,821	​	$	3,155	​

​

The components of the net deferred tax asset at December 31, 2021 and 2020 are summarized as follows:

​

​	​	​	​	​	​	​	​
December 31		2021			2020
​	​	​	​	​	​	​	​
Deferred tax assets:	​	​	​	​	​	​	​
Allowance for loan losses	​	$	5,960	​	$	5,742	​
Lease liability	​	​	1,846	​	​	1,349	​
Defined benefit plan	​		​	​		1,108	​
Deferred compensation	​		884	​		789	​
Deferred loan fees	​		1,215	​		1,368	​
Investment securities available-for-sale	​	​	379	​	​	​	​
Other	​		86	​		170	​
Total	​		10,370	​		10,526	​
Deferred tax liabilities:	​	​	​	​	​	​	​
Lease right-of-use assets	​	​	1,798	​	​	1,319	​
Premises and equipment, net	​		1,441	​		1,455	​
Merger related accounting	​		572	​	​	694	​
Deferred loan costs	​	​	885	​	​	936	​
Defined benefit plan	​	​	75	​	​	​	​
Investment securities available-for-sale	​		​	​		2,033	​
Other	​		244	​		321	​
Total	​		5,015	​		6,758	​
Net deferred tax asset	​	$	5,355	​	$	3,768	​

​

Management believes that future taxable income will be sufficient to utilize deferred tax assets. Core earnings of the Company have remained strong and will continue to support the recognition of the deferred tax asset based on future growth projections.

A reconciliation between the amount of the effective income tax expense and the income tax expense that would have been provided at the federal statutory rate of 21.0 percent for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 is summarized as follows:

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2021

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2020

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​

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2019

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Year Ended December 31

Amount

%

​

Amount

%

​

Amount

​

%

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​

​

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Provision for income tax at statutory rate

​

$

11,239

​

21.00

%

​

$

7,177

​

21.00

%

​

$

6,067

​

21.00

%

State tax, net of federal benefit

​

​

475

​

0.89

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax exempt interest

​

(1,194)

​

(2.23)

​

​

(1,032)

​

(3.02)

​

​

(1,299)

​

(4.50)

​

Bank owned life insurance income

​

(119)

​

(0.22)

​

​

(299)

​

(0.87)

​

​

(159)

​

(0.55)

​

Residential housing program tax credits

​

(1,091)

​

(2.04)

​

​

​

(1,094)

​

(3.20)

​

​

​

(1,094)

​

(3.79)

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Other, net

​

688

​

1.29

​

​

69

​

0.19

​

​

(360)

​

(1.25)

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Total

​

$

9,998

​

18.69

%

​

$

4,821

​

14.10

%

​

$

3,155

​

10.91

%

​

X

- References

No definition available.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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