INCOME TAXES (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2020 | |
| Income Tax Disclosure [Abstract] | |
| Schedule of provision for income taxes |
(Dollars in Thousands)
2020
2019
2018
Current:
Federal
$
8,625
$
8,481
$
(1,617)
State
1,658
247
201
10,283
8,728
(1,416)
Deferred:
Federal
(143)
(680)
3,620
State
130
1,913
1,285
Change in Valuation
(40)
(8)
(68)
(53)
1,225
4,837
Total:
Federal
8,482
7,801
2,003
State
1,788
2,160
1,486
Change in Valuation
(40)
(8)
(68)
Total
$
10,230
$
9,953
$
3,421
|
| Schedule of effective income tax rate reconciliation |
(Dollars in Thousands)
2020
2019
2018
Tax Expense at Federal
$
11,106
$
8,560
$
6,225
Increases (Decreases) Resulting From:
Tax-Exempt Interest
(341)
(425)
(494)
2017 Provision to Return - Impact of Federal Tax
-
-
(3,590)
State Taxes, Net of
1,413
1,342
1,174
Other
601
294
348
Change in Valuation
(40)
(8)
(68)
Tax-Exempt Cash
(173)
(175)
(174)
Expense Due to Reduction of Florida Corporate Income Tax
-
365
-
Noncontrolling Interest
(2,336)
-
-
Actual Tax Expense
$
10,230
$
9,953
$
3,421
|
| Schedule of deferred income tax liabilities and assets |
(Dollars in Thousands)
2020
2019
Deferred Tax Assets Attributable
Allowance for Loan Losses
$
6,037
$
3,525
Accrued Pension/SERP
16,052
9,863
State Net Operating Loss and Tax
2,335
2,834
Other Real Estate Owned
1,066
957
Accrued SERP Liability
2,104
2,094
Lease Liability
2,581
637
Other
2,637
2,485
Total Deferred
$
32,812
$
22,395
Deferred Tax Liabilities
Depreciation on Premises and Equipment
$
4,408
$
3,870
Deferred Loan Fees and Costs
2,824
2,445
Intangible Assets
3,290
3,290
Accrued Pension Liability
4,723
4,585
Right of Use Asset
2,411
441
Investments
469
469
Other
1,165
284
Total Deferred
19,290
15,384
Valuation
1,640
1,680
Net Deferred Tax
$
11,882
$
5,331
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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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