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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for 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

Reconciliation of Income Taxes at Federal Statutory Rates to Recorded Income Taxes

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)

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

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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

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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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.

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-SubTopic 10
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-Paragraph 12
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