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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense for the dates indicated consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2020 |  | 2019 |  | 2018
Current income tax expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 3,718 | ​ | $ | 4,813 | ​ | $ | 3,157
State | ​ |  | 2,487 | ​ |  | 2,935 | ​ |  | 2,299
Total current tax expense | ​ | ​ | 6,205 | ​ | ​ | 7,748 | ​ | ​ | 5,456
Deferred income tax (benefit) expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | (895) | ​ | ​ | (938) | ​ | ​ | 517
State | ​ | ​ | (807) | ​ | ​ | (437) | ​ | ​ | 23
Total deferred tax (benefit) expense | ​ | ​ | (1,702) | ​ | ​ | (1,375) | ​ | ​ | 540
Total income tax expense | ​ | $ | 4,503 | ​ | $ | 6,373 | ​ | $ | 5,996
​
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense results in effective tax rates that differ from the statutory federal income tax rate for the years indicated as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 | December 31, 2019 | ​ | December 31, 2018 |
​ |  | Amount |  | Rate% |  | Amount |  | Rate% |  | Amount |  | Rate% |
Federal statutory tax rate | ​ | $ | 3,828 |  | 21.00 | % | $ | 5,000 |  | 21.00 | % | $ | 4,303 |  | 21.00 | %
State statutory tax rate, net of federal effective tax rate | ​ |  | 1,327 |  | 7.28 | ​ |  | 1,963 |  | 8.29 | ​ |  | 1,835 |  | 8.95 | ​
Tax exempt interest | ​ |  | (81) |  | (0.44) | ​ |  | (76) |  | (0.32) | ​ |  | (51) |  | (0.25) | ​
Bank owned life insurance | ​ |  | (137) |  | (0.75) | ​ |  | (132) |  | (0.56) | ​ |  | (190) |  | (0.93) | ​
Acquisition expenses | ​ |  | 67 |  | 0.37 | ​ |  | 147 |  | 0.62 | ​ |  | 30 |  | 0.14 | ​
Other | ​ |  | (501) |  | (2.75) | ​ |  | (529) |  | (2.23) | ​ |  | 69 |  | 0.35 | ​
Total income tax expense | ​ | $ | 4,503 |  | 24.70 | % | $ | 6,373 |  | 26.80 | % | $ | 5,996 |  | 29.26 | %
​
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets at the dates indicated, included as a component of interest receivable and other assets in the consolidated balance sheets consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2020 | ​ | 2019
Deferred tax assets |  | ​ |  |  | ​ |
Net operating loss carryforward | ​ | $ | 3,585 | ​ | $ | 3,337
Salary continuation plan | ​ |  | 1,153 | ​ |  | 1,066
Allowance for loan losses | ​ |  | 5,032 | ​ |  | 2,157
Stock based compensation | ​ |  | 449 | ​ |  | 377
Lease liability | ​ |  | 3,545 | ​ |  | 4,546
Other liabilities | ​ | ​ | 420 | ​ | ​ | 549
Other | ​ |  | 1,218 | ​ |  | 1,205
Total deferred tax assets | ​ |  | 15,402 | ​ |  | 13,237
Deferred tax liabilities | ​ |  |  | ​ |  |
Mark to market adjustment | ​ |  | (1,953) | ​ |  | (1,036)
Depreciation | ​ |  | - | ​ |  | (169)
ROU assets | ​ |  | (3,465) | ​ |  | (4,456)
FHLB stock dividend | ​ |  | (248) | ​ |  | (247)
Unrealized gain on AFS securities | ​ |  | (1,087) | ​ |  | (512)
Other | ​ |  | (767) | ​ |  | (895)
Total deferred tax liability | ​ |  | (7,520) | ​ |  | (7,315)
Deferred tax assets, net | ​ | $ | 7,882 | ​ | $ | 5,922

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