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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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) |  | 2021 |  | 2020 |  | 2019 |
Current income taxes: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 10,414 |  |  | 10,244 |  |  | 6,791 |
State |  |  | 2,088 |  |  | 841 |  |  | 1,250 |
Total current tax expense |  |  | 12,502 |  |  | 11,085 |  |  | 8,041 |
Deferred income tax expense (benefit) |  |  | 1,590 |  |  | (5,594 | ) |  | (420 | )
Income tax expense |  | $ | 14,092 |  |  | 5,491 |  |  | 7,621 |
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) |  | 2021 |  | 2020 |  | 2019 |
Tax expense at statutory rate |  | $ | 12,768 |  |  | 5,002 |  |  | 7,451 |
Effect of state income taxes, net of federal benefit |  |  | 1,649 |  |  | 664 |  |  | 987 |
Exempt income |  |  | (43 | ) |  | (27 | ) |  | (26 | )
Effect of stock-based compensation |  |  | (115 | ) |  | (30 | ) |  | (693 | )
Other |  |  | (167 | ) |  | (118 | ) |  | (98 | )
Income tax expense |  | $ | 14,092 |  |  | 5,491 |  |  | 7,621 |
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) |  | 2021 |  |  | 2020
Deferred tax assets: |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 6,386 |  |  |  | 9,271
Unrealized loss on securities available for sale |  |  | 197 |  |  |  | -
Net deferred loan fees |  |  | 1,054 |  |  |  | 812
Deferred compensation |  |  | 1,930 |  |  |  | 1,728
Write-down of real estate owned |  |  | - |  |  |  | 216
Lease liabilities |  |  | 5,883 |  |  |  | 4,102
Other |  |  | 260 |  |  |  | 187
|  |  | 15,710 |  |  |  | 16,316
Deferred tax liabilities: |  |  |  |  |  |  |
Property and equipment |  |  | 1,419 |  |  |  | 1,610
Unrealized gain on securities available for sale |  |  | - |  |  |  | 272
Hedging transactions |  |  | 151 |  |  |  | 855
Prepaid expenses |  |  | 148 |  |  |  | 120
ROU assets |  |  | 5,595 |  |  |  | 3,941
|  |  | 7,313 |  |  |  | 6,798
Net deferred tax asset |  | $ | 8,397 |  |  |  | 9,518

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- 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=121826272&loc=d3e32639-109319 + Details
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- 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=121826272&loc=d3e32537-109319 + Details
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- 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=121826272&loc=d3e32687-109319 + Details
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