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Income Taxes | 12 Months Ended
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Dec. 31, 2021
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) |  | 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 |
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 |
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
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=121826272&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=122134291&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=121826272&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=122134291&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=121826272&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 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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