XML 71 R47.htm IDEA: XBRL DOCUMENT v3.21.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Summary of components of the federal and state income tax expense

​

​	​	​	​	​
(dollars in thousands)	2020			2019
Federal:	​	​	​	​
Current	$	5,703	​	3,287
Deferred	​	1,242	​	(489)
​	​	6,945	​	2,798
State:	​	​	​	​
Current	​	1,141	​	249
Deferred	​	12	​	(14)
​	​	1,153	​	235
Totals	$	8,098	​	3,033

Schedule of reconciliation of the statutory income tax

​

​	​	​	​	​	​	​	​	​	​
(dollars in thousands)	​	2020				2019			​
Federal income tax at statutory rate	$	7,252		21.0	%	2,838		21.0	%
State tax expense, net of federal benefit	​	911	​	2.6	​	186	​	1.4	​
Tax exempt interest	​	(153)	​	(0.4)	​	(65)	​	(0.5)	​
Bank owned life insurance	​	(59)	​	(0.2)	​	(61)	​	(0.5)	​
Incentive stock options	​	74	​	0.2	​	66	​	0.5	​
Other	​	73	​	0.2	​	69	​	0.5	​
Effective income tax rate	$	8,098	​	23.4	%	3,033	​	22.4	%

Summary of net deferred tax assets

​

​	​	​	​	​	​
(dollars in thousands)		2020			2019
Deferred tax assets:	​	​	​	​	​
Allowance for loan and lease losses	​	$	4,230	​	2,111
Litigation reserve	​	​	—	​	220
Intangibles	​	​	30	​	58
Accrued incentive compensation	​	​	—	​	176
Accrued retirement	​	​	528	​	432
Unrealized loss on available for sale securities	​	​	—	​	2
Deferred rent	​	​	180	​	142
Mortgage repurchase reserve	​	​	641	​	16
Other	​	​	122	​	78
Total deferred tax asset	​	​	5,731	​	3,235
Deferred tax liabilities:	​	​	​	​	​
Property and equipment	​	​	(377)	​	(388)
Loan servicing rights	​	​	(1,337)	​	(183)
Mortgage pipeline fair-value adjustment	​	​	(1,156)	​	(77)
Hedge instrument fair-value adjustment	​	​	(1,252)	​	(41)
Unrealized gain on available for sale securities	​	​	(797)	​	—
Prepaid expenses	​	​	(340)	​	(152)
Deferred loan costs	​	​	(406)	​	(279)
Other	​	​	(4)	​	—
Total deferred tax liability	​	​	(5,669)	​	(1,120)
Net deferred tax asset	​	$	62	​	2,115

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration