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INCOME TAXES | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
INCOME TAXES | Note 9 – Income Taxes The provisions for income taxes for the years ended December 31, were as follows:
(Dollars in thousands) |  | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |  |
Federal |  | $ | 3,332 |  |  | $ | 10,899 |  |  | $ | 10,450 |
State |  | 421 |  |  | 2,019 |  |  | 2,101 |
|  | $ | 3,753 |  |  | $ | 12,918 |  |  | $ | 12,551 |
Deferred: |  |  |  |  |  |
Federal |  | $ | 5,159 |  |  | $ | (3,183) |  |  | $ | (3,716) |
State |  | 970 |  |  | (203) |  |  | (237) |
|  | 6,129 |  |  | (3,386) |  |  | (3,953) |
Income tax expense |  | $ | 9,882 |  |  | $ | 9,532 |  |  | $ | 8,598 |
Following is a reconciliation of income taxes at federal statutory rates to recorded income taxes for the year ended December 31:
|  | 2021 |  | 2020 |  | 2019
(Dollars in thousands) |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Income tax at federal statutory rate |  | $ | 10,201 |  |  | 21.0 | % |  | $ | 9,858 |  |  | 21.0 | % |  | $ | 7,353 |  |  | 21.0 | %
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income taxes |  | 1,099 |  |  | 2.2 | % |  | 1,435 |  |  | 3.1 | % |  | 2,101 |  |  | 6.0 | %
Tax exempt earnings |  | (1,460) |  |  | (3.0) | % |  | (1,381) |  |  | (3.0) | % |  | (856) |  |  | (2.8) | %
Other |  | 42 |  |  | 0.1 | % |  | (380) |  |  | (0.8) | % |  | — |  |  | — | %
|  | $ | 9,882 |  |  | 20.3 | % |  | $ | 9,532 |  |  | 20.3 | % |  | $ | 8,598 |  |  | 24.2 | %
Deferred income tax assets and liabilities were comprised of the following at December 31:
(Dollars in thousands) |  | 2021 |  | 2020
Gross deferred tax assets: |  |  |  |
Allowance for loan losses |  | $ | 4,393 |  |  | $ | 7,141 |
Minimum pension liability |  | 1,245 |  |  | 1,544 |
Stock-based compensation |  | 1,140 |  |  | 753 |
SERP |  | 298 |  |  | 286 |
Other |  | 478 |  |  | 1,209 |
Total gross deferred tax assets |  | 7,554 |  |  | 10,933 |
Gross deferred tax liabilities: |  |  |  |
Depreciation |  | (1,556) |  |  | (1,733) |
Pension |  | (1,077) |  |  | (262) |
Unrealized gain on securities available-for-sale |  | (45) |  |  | (2,320) |
Holding gain on equity securities |  | (4,358) |  |  | (3,893) |
Equity method investment |  | (4,086) |  |  | (2,463) |
Goodwill |  | (70) |  |  | (35) |
Other |  | (288) |  |  | — |
Total gross deferred tax liabilities |  | (11,480) |  |  | (10,706) |
Net deferred tax assets (liabilities) |  | $ | (3,926) |  |  | $ | 227 |
Deferred income tax assets and deferred income tax liabilities were included in other assets and other liabilities, respectively. We have invested, as a limited partner, in four Section 42 affordable housing investment funds. In exchange for these investments, we receive a pro rata share of income, expense, gains and losses, including tax credits, that are received by the projects. As of December 31, 2021 and December 31, 2020, we recognized, as an investment, $3.2 million and $2.8 million in the aggregate between the four affordable housing investment funds. In addition, we have recognized no gains or losses from the funds.

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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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