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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 17 – Income Taxes The components of income tax expense were as follows:
|  | For the years ended December 31,
(dollars in thousands) |  | 2020 |  | 2019 |  | 2018
Current income taxes: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 10,244 |  |  | 6,791 |  |  | 5,536 |
State |  |  | 841 |  |  | 1,250 |  |  | 990 |
Total current tax expense |  |  | 11,085 |  |  | 8,041 |  |  | 6,526 |
Deferred income tax expense (benefit) |  |  | (5,594 | ) |  | (420 | ) |  | (125 | )
Income tax expense |  | $ | 5,491 |  |  | 7,621 |  |  | 6,401 |
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) |  | 2020 |  | 2019 |  | 2018
Tax expense at statutory rate |  | $ | 5,002 |  |  | 7,451 |  |  | 6,025 |
Effect of state income taxes, net of federal benefit |  |  | 664 |  |  | 987 |  |  | 782 |
Exempt income |  |  | (27 | ) |  | (26 | ) |  | (34 | )
Effect of stock-based compensation |  |  | (30 | ) |  | (693 | ) |  | (248 | )
Other |  |  | (118 | ) |  | (98 | ) |  | (124 | )
Income tax expense |  | $ | 5,491 |  |  | 7,621 |  |  | 6,401 |
The components of the deferred tax assets and liabilities are as follows:
|  | December 31,
(dollars in thousands) |  | 2020 |  |  | 2019
Deferred tax assets: |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 9,271 |  |  |  | 3,495
Unrealized loss on securities available for sale |  |  | - |  |  |  | 79
Net deferred loan fees |  |  | 812 |  |  |  | 697
Deferred compensation |  |  | 1,728 |  |  |  | 1,404
Write-down of real estate owned |  |  | 216 |  |  |  | -
Lease liabilities |  |  | 4,102 |  |  |  | 4,219
Other |  |  | 187 |  |  |  | 234
|  |  | 16,316 |  |  |  | 10,128
Deferred tax liabilities: |  |  |  |  |  |  |
Property and equipment |  |  | 1,610 |  |  |  | 1,398
Unrealized gain on securities available for sale |  |  | 272 |  |  |  | -
Hedging transactions |  |  | 855 |  |  |  | 227
Prepaid expenses |  |  | 120 |  |  |  | 132
ROU assets |  |  | 3,941 |  |  |  | 4,096
|  |  | 6,798 |  |  |  | 5,853
Net deferred tax asset |  | $ | 9,518 |  |  |  | 4,275
The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded it has no liability related to uncertain tax positions.

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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=84230637&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=116825942&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=84230637&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=116825942&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=84230637&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 + Details
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