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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Components of The Provision For Income Taxes | Components of the provision for income taxes are as follows:
(In Thousands) | Current Tax Expense (Benefit) |  | Deferred Expense (Benefit) |  | Total Expense
2021: |  |  |  |  |
Federal | $5,090 |  |  | ($869) |  |  | $4,221 |
State | 3,182 |  |  | (429) |  |  | 2,753 |
Amortization of investment in low income housing tax credit partnerships | 3,502 |  |  | — |  |  | 3,502 |
Total | $11,774 |  |  | ($1,298) |  |  | $10,476 |
2020: |  |  |  |  |
Federal | $3,607 |  |  | $371 |  |  | $3,978 |
State | 1,891 |  |  | 184 |  |  | 2,075 |
Amortization of investment in low income housing tax credit partnerships | 3,506 |  |  | — |  |  | 3,506 |
Total | $9,004 |  |  | $555 |  |  | $9,559 |
2019: |  |  |  |  |
Federal | $1,078 |  |  | $476 |  |  | $1,554 |
State | 977 |  |  | 235 |  |  | 1,212 |
Amortization of investment in low income housing tax credit partnerships | 2,668 |  |  | — |  |  | 2,668 |
Total | $4,723 |  |  | $711 |  |  | $5,434 |
Reconciliation of Actual to Expected Tax Expense | The actual expense for 2021, 2020, and 2019, differs from the “expected” tax expense (computed by applying the U.S. Federal Statutory Tax Rate of 21% for the years ended December 31, 2021, 2020 and 2019) as follows:
(In Thousands) | 2021 |  | 2020 |  | 2019
Computed “expected” income tax expense | $10,079 |  |  | $8,914 |  |  | $5,486 |
State income taxes, net | 2,175 |  |  | 1,639 |  |  | 957 |
Tax-exempt interest on investment securities and loans | (238) |  |  | (256) |  |  | (300) |
Amortization of investment in low income housing tax credit partnerships, net | 3,163 |  |  | 2,712 |  |  | 2,316 |
Low income housing credits | (3,694) |  |  | (3,168) |  |  | (2,721) |
Other | (1,009) |  |  | (282) |  |  | (304) |
Total | $10,476 |  |  | $9,559 |  |  | $5,434 |
Components of Net Deferred Tax Asset | The components of the net deferred tax asset are as follows:
(In Thousands) | 2021 |  | 2020 |  | 2019
Deferred Tax Asset: |  |  |  |  |
Allowance for loan losses | $3,126 |  |  | $5,772 |  |  | $5,190 |
Loan fees, net of costs | 1,956 |  |  | (635) |  |  | 741 |
Interest income, nonaccrual loans | 482 |  |  | 419 |  |  | 609 |
Deferred compensation | 1,344 |  |  | 1,130 |  |  | 1,224 |
Equity compensation | 406 |  |  | 481 |  |  | 429 |
Operating lease liabilities | 3,117 |  |  | 3,519 |  |  | 4,045 |
Accrued liabilities | 1,826 |  |  | 1,391 |  |  | 1,173 |
Unrealized gain on available for sale investment securities | 1,270 |  |  | 54 |  |  | 27 |
Other | 837 |  |  | 1,258 |  |  | 537 |
Total Deferred Tax Asset | $14,364 |  |  | $13,389 |  |  | $13,975 |
Deferred Tax Liability: |  |  |  |  |
Intangible amortization | ($1,453) |  |  | ($1,022) |  |  | ($587) |
Mortgage servicing rights | (4,172) |  |  | (3,530) |  |  | (3,767) |
Depreciation and amortization | (1,515) |  |  | (2,066) |  |  | (1,848) |
Operating lease right-of-use assets | (3,128) |  |  | (3,537) |  |  | (4,067) |
Unrealized loss on available for sale investment securities | (189) |  |  | (554) |  |  | (411) |
Unrealized loss on marketable equity securities, net | (159) |  |  | (187) |  |  | (169) |
Other | (470) |  |  | (513) |  |  | (591) |
Total Deferred Tax Liability | ($11,086) |  |  | ($11,409) |  |  | ($11,440) |
Net Deferred Tax Asset | $3,278 |  |  | $1,980 |  |  | $2,535 |

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