INCOME TAXES (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Income Tax [Abstract] | |
| Schedule of provision for income taxes |
(Dollars in Thousands)
2021
2020
2019
Current:
Federal
$
12,039
$
8,625
$
8,481
State
1,044
1,658
247
13,083
10,283
8,728
Deferred:
Federal
(3,246)
(143)
(680)
State
(10)
130
1,913
Change in Valuation
8
(40)
(8)
(3,248)
(53)
1,225
Total:
Federal
8,793
8,482
7,801
State
1,034
1,788
2,160
Change in Valuation
8
(40)
(8)
Total
$
9,835
$
10,230
$
9,953
|
| Schedule of effective income tax rate reconciliation |
(Dollars in Thousands)
2021
2020
2019
Tax Expense at Federal
$
10,385
$
11,106
$
8,560
Increases (Decreases) Resulting From:
Tax-Exempt Interest
(271)
(341)
(425)
State Taxes, Net of Federal
819
1,413
1,342
Other
375
601
294
Change in Valuation
8
(40)
(8)
Tax-Exempt Cash Surrender
(173)
(173)
(175)
Expense Due to Reduction of Florida Corporate Income Tax
-
-
365
Noncontrolling Interest
(1,308)
(2,336)
-
Actual Tax Expense
$
9,835
$
10,230
$
9,953
|
| Schedule of deferred income tax liabilities and assets |
(Dollars in Thousands)
2021
2020
Deferred Tax Assets Attributable
Allowance for Credit Losses
$
5,308
$
6,037
Accrued Pension/SERP
4,468
16,052
State Net Operating Loss and Tax
1,984
2,335
Other Real Estate Owned
1,029
1,066
Accrued SERP Liability
2,442
2,104
Lease Liability
2,597
2,581
Net Unrealized Losses on Investment Securities
1,532
-
Other
2,325
2,637
Total Deferred
$
21,685
$
32,812
Deferred Tax Liabilities
Depreciation on Premises and Equipment
$
3,208
$
4,408
Deferred Loan Fees and Costs
2,016
2,824
Intangible Assets
3,276
3,290
Accrued Pension Liability
2,138
4,723
Right of Use Asset
2,453
2,411
Investments
469
469
Other
857
1,165
Total Deferred
14,417
19,290
Valuation
1,648
1,640
Net Deferred Tax Asset
$
5,620
$
11,882
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- References No definition available.
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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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- 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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- 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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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