XML 68 R49.htm IDEA: XBRL DOCUMENT
v3.21.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Difference Between Provision for Income Taxes and Amounts Computed by Applying Statutory Federal Income Tax Rate to Income Before Income Taxes | The difference between the provision for income taxes and the amounts computed by applying the statutory federal income tax rate of 21% for 2020 and 2019 to income before income taxes is summarized below:
(Dollars in thousands) |  | 2020 |  |  | 2019 |
Income tax at federal statutory rate |  | $ | 4,725 |  |  |  | 21.0 | % |  | $ | 1,171 |  |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal tax effect |  |  | 34 |  |  |  | 0.2 | % |  |  | — |  |  |  | (— | %)
Tax-exempt interest income |  |  | (20 | ) |  |  | (0.1 | %) |  |  | (74 | ) |  |  | (1.3 | %)
Income from life insurance |  |  | (82 | ) |  |  | (0.4 | %) |  |  | (196 | ) |  |  | (3.5 | %)
Merger-related expenses |  |  | 174 |  |  |  | 0.8 | % |  |  | 188 |  |  |  | 3.4 | %
Other permanent differences |  |  | (31 | ) |  |  | (0.1 | %) |  |  | (116 | ) |  |  | (2.2 | %)
Provision for income taxes |  | $ | 4,800 |  |  |  | 21.4 | % |  | $ | 973 |  |  |  | 17.4 | %
Schedule of Significant Components of Provision for Income Taxes | The significant components of the provision for income taxes for the years ended December 31, 2020 and 2019 were as follows:
(Dollars in thousands) |  | 2020 |  |  | 2019 |
Current tax provision |  |  |  |  |  |  |  |
Federal |  | $ | 6,437 |  |  | $ | 1,058 |
State |  |  | 43 |  |  |  | — |
Total current tax provision |  |  | 6,480 |  |  |  | 1,058 |
Deferred tax benefit |  |  |  |  |  |  |  |
Federal |  |  | (1,680 | ) |  |  | (85 | )
State |  |  | — |  |  |  | — |
Total deferred tax provision |  |  | (1,680 | ) |  |  | (85 | )
Provision for income taxes |  | $ | 4,800 |  |  | $ | 973 |
Schedule of Significant Components of Deferred Taxes | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred taxes at December 31, 2020 and 2019 were as follows:
(Dollars in thousands) |  | 2020 |  |  | 2019 |
Deferred tax assets relating to: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 2,478 |  |  | $ | 414 |
Compensation differences |  |  | 892 |  |  |  | 19 |
Reserve for loan sale buy backs |  |  | 341 |  |  |  | — |
Acquisition accounting |  |  | 255 |  |  |  | 591 |
Loan origination costs |  |  | 81 |  |  |  | 153 |
Pass-through entities |  |  | 252 |  |  |  | 173 |
Unrealized losses on swaps and securities available for sale |  |  | 108 |  |  |  | — |
Other |  |  | 191 |  |  |  | 341 |
Total deferred tax assets |  |  | 4,598 |  |  |  | 1,691 |
Deferred tax liabilities relating to: |  |  |  |  |  |  |  |
Premises and equipment |  |  | (1,532 | ) |  |  | (1,473 | )
Core deposit and customer based intangible assets |  |  | (464 | ) |  |  | (355 | )
Mortgage servicing rights |  |  | (1,488 | ) |  |  | — |
Unrealized gains on swaps and securities available for sale |  |  | — |  |  |  | (53 | )
Other |  |  | (25 | ) |  |  | (561 | )
Total deferred tax liabilities |  |  | (3,509 | ) |  |  | (2,442 | )
Net deferred tax asset (liability), included in other assets (liabilities) |  | $ | 1,089 |  |  | $ | (751 | )

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=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration