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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | Income tax expense consists of the following:
(dollars in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 8,074 |  |  | $ | 6,616 |  |  | $ | 12,097 |
State |  |  | 5,614 |  |  |  | 3,451 |  |  |  | 3,773 |
|  |  | 13,688 |  |  |  | 10,067 |  |  |  | 15,870 |
Deferred |  |  | 1,503 |  |  |  | (131 | ) |  |  | 2,492 |
Deferred tax adjustment for change in tax rate |  |  | 21 |  |  |  | (479 | ) |  |  | 2,591 |
Amortization of investment in affordable housing tax credits |  |  | 900 |  |  |  | 644 |  |  |  | 316 |
|  | $ | 16,112 |  |  | $ | 10,101 |  |  | $ | 21,269 |
Comparison of Federal Statutory Income Tax Rates to Effective Income Tax Rates | A comparison of the federal statutory income tax rates to the Company's effective income tax rates as of December 31 follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
(dollars in thousands) |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Statutory federal tax |  | $ | 11,617 |  |  |  | 21.0 | % |  | $ | 9,703 |  |  | 21.0% |  |  | $ | 16,379 |  |  |  | 35.0 | %
State franchise tax, net of federal benefit |  |  | 5,322 |  |  |  | 9.6 | % |  |  | 3,488 |  |  | 7.5% |  |  |  | 3,135 |  |  |  | 6.7 | %
Tax-exempt income |  |  | (25 | ) |  |  | 0.0 | % |  |  | (27 | ) |  | -0.1% |  |  |  | (297 | ) |  |  | -0.6 | %
Tax impact from change in tax rate |  |  | 17 |  |  |  | 0.0 | % |  |  | (479 | ) |  | -1.0% |  |  |  | 2,591 |  |  |  | 5.5 | %
Stock-based compensation |  |  | (27 | ) |  |  | 0.0 | % |  |  | (2,643 | ) |  | -5.7% |  |  |  | — |  |  |  | 0.0 | %
Other items, net |  |  | (792 | ) |  |  | -1.4 | % |  |  | 59 |  |  | 0.1% |  |  |  | (539 | ) |  |  | -1.2 | %
Actual tax expense |  | $ | 16,112 |  |  |  | 29.2 | % |  | $ | 10,101 |  |  |  | 21.8 | % |  | $ | 21,269 |  |  |  | 45.4 | %
Components of Net Deferred Tax Asset | The following is a summary of the components of the net deferred tax asset accounts recognized in the accompanying balance sheets as of December 31:
(dollars in thousands) |  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Pre-opening expenses |  | $ | 122 |  |  | $ | 154 |
Allowance for loan losses |  |  | 5,883 |  |  |  | 5,545 |
Stock-based compensation |  |  | 1,346 |  |  |  | 1,419 |
Off balance sheet reserve |  |  | 258 |  |  |  | 217 |
Operating loss carryforwards |  |  | 1,253 |  |  |  | 1,688 |
Other real estate owned |  |  | 37 |  |  |  | 10 |
Unrealized loss on AFS securities |  |  | — |  |  |  | 600 |
Mark to market on held for sale mortgage loans |  |  | 359 |  |  |  | 2,451 |
Other |  |  | 1,594 |  |  |  | 1,220 |
|  |  | 10,852 |  |  |  | 13,304 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | (282 | ) |  |  | (521 | )
Unrealized gain on AFS securities |  |  | (106 | ) |  |  | — |
Acquisition accounting fair value adjustments |  |  | (2,671 | ) |  |  | (2,067 | )
Mortgage servicing rights |  |  | (3,745 | ) |  |  | (3,586 | )
Other |  |  | (1,722 | ) |  |  | (2,488 | )
|  |  | (8,526 | ) |  |  | (8,662 | )
Net deferred tax assets |  | $ | 2,326 |  |  | $ | 4,642 |

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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=84230637&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=84230637&loc=d3e32537-109319 + Details
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