XML 40 R46.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of components of income tax expense

The components of income tax expense were as follows:

		For the years ended December 31,
(dollars in thousands)		2019				2018			2017
Current income taxes:
Federal		$	6,791			5,536			7,139
State			1,250			990			573
Total current tax expense			8,041			6,526			7,712
Deferred income tax expense (benefit)			(420	)		(125	)		2,904
Income tax expense		$	7,621			6,401			10,616

Summary of taxes computed using the statutory tax rate

The following is a summary of the items that caused recorded income taxes to differ from taxes computed using the statutory tax rate:

		For the years ended December 31,
(dollars in thousands)		2019				2018			2017
Tax expense at statutory rate		$	7,451			6,025			8,281
Effect of state income taxes, net of federal benefit			987			782			372
Exempt income			(26	)		(34	)		(146	)
Effect of change in federal tax rate			-			-			2,441
Effect of stock-based compensation			(693	)		(248	)		(2	)
Other			(98	)		(124	)		(330	)
Income tax expense		$	7,621			6,401			10,616

Summary of components of the deferred tax assets and liabilities

The components of the deferred tax assets and liabilities are as follows:

		December 31,
(dollars in thousands)		2019			2018
Deferred tax assets:
Allowance for loan losses		$	3,495		3,310
Unrealized loss on securities available for sale			79		244
Net deferred loan fees			697		592
Deferred compensation			1,404		1,280
Sale of real estate owned			-		128
Lease liabilities			4,219		-
Other			234		130
			10,128		5,684
Deferred tax liabilities:
Property and equipment			1,398		1,433
Hedging transactions			227		112
Prepaid expenses			132		107
Right-of-use assets			4,096		-
Other			-		12
			5,853		1,664
Net deferred tax asset		$	4,275		4,020

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