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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of principal components of income tax expense

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)		2020			2019			2018
Current taxes	​	$	7,612	​	$	4,728	​	$	3,889	​
Deferred taxes	​		(817)	​		354	​		632	​
​	​	$	6,795	​	$	5,082	​	$	4,521	​

Schedule of reconciliation of effective income tax rate to income tax provision

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	​	2020			​	​	2019			​	​	2018			​
(Dollars in thousands)	​	Amount		​	Percent	​	Amount		​	Percent	​	Amount		​	Percent
Income tax at statutory rates	​	$	6,136		21.0	%	$	5,026		21.0	%	$	4,734		21.0	%
State income taxes	​		1,449		5.0	​		695		2.9	​		575		2.6	​
Tax-exempt interest income	​		(493)		(1.7)	​		(453)		(1.9)	​		(574)		(2.5)	​
Excess compensation	​	​	328	​	1.1	​	​	—	​	—	​	​	—	​	—	​
Change in tax law	​	​	(326)	​	(1.1)	​	​	—	​	—	​	​	—	​	—	​
Income from bank-owned life insurance	​	​	(107)	​	(0.4)	​	​	(149)	​	(0.6)	​	​	(89)	​	(0.4)	​
Investments in qualified housing projects	​	​	(82)	​	(0.3)	​	​	(93)	​	(0.4)	​	​	(85)	​	(0.4)	​
Share based compensation	​		(77)		(0.3)	​		(126)		(0.5)	​	​	(103)		(0.5)	​
Merger related expenses	​	​	29	​	0.1	​	​	96	​	0.4	​	​	—	​	—	​
Other	​		(62)		(0.2)	​		86		0.3	​		63		0.3	​
​	​	$	6,795		23.2	%	$	5,082		21.2	%	$	4,521		20.1	%

Schedule of deferred tax assets and liabilities

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​	​	​	​	​	​	​	​
​		December 31,
(Dollars in thousands)	​	2020		​	2019
Deferred tax asset	​	​	​	​	​	​	​
Allowances for loan losses and OREO losses	​	$	9,743	​	$	8,227	​
Nonqualified defined contribution plan	​		3,595	​		3,247	​
Lease liabilities	​	​	1,906	​	​	667	​
Fair value adjustments related to business combinations	​		1,716	​		1,053	​
Share-based compensation	​		920	​		863	​
Reserve for indemnification losses	​		879	​		645	​
Accrued expenses	​	​	779	​	​	426	​
Cash flow hedges	​		471	​		24	​
Other	​		1,364	​		1,359	​
Deferred tax asset	​		21,373	​		16,511	​
Deferred tax liability	​	​	​	​	​	​	​
Goodwill and other intangible assets	​		(3,164)	​		(2,818)	​
Right of use assets	​	​	(1,868)	​	​	(664)	​
Depreciation	​		(1,272)	​		(972)	​
Net unrealized gain on securities available for sale	​		(1,169)	​		(415)	​
Defined benefit plan	​		(345)	​		(423)	​
Deferred tax liability	​		(7,818)	​		(5,292)	​
Net deferred tax asset	​	$	13,555	​	$	11,219	​

​

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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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-Section 50
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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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