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INCOME TAXES (Tables)

12 Months Ended

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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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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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.

+ References

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