INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of current and deferred amounts of income tax expense |
| (in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Current |
|
$ |
6,033 |
|
|
$ |
5,486 |
|
|
$ |
4,675 |
|
| Deferred |
|
|
3,338 |
|
|
|
603 |
|
|
|
(68 |
) |
| Income tax expense |
|
$ |
9,371 |
|
|
$ |
6,089 |
|
|
$ |
4,607 |
|
|
| Schedule of income tax reconciliation |
| (in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Tax on pretax income, less noncontrolling interest, at statutory rates |
|
$ |
9,742 |
|
|
$ |
5,956 |
|
|
$ |
4,949 |
|
| State income taxes, net of federal effect |
|
|
1,339 |
|
|
|
980 |
|
|
|
594 |
|
| Tax-exempt interest income |
|
|
(769 |
) |
|
|
(430 |
) |
|
|
(317 |
) |
| Non-deductible interest disallowance |
|
|
18 |
|
|
|
15 |
|
|
|
18 |
|
| Increase in cash surrender value life insurance |
|
|
(452 |
) |
|
|
(338 |
) |
|
|
(289 |
) |
| Non-deductible business entertainment |
|
|
106 |
|
|
|
94 |
|
|
|
81 |
|
| Non-deductible merger expenses |
|
|
18 |
|
|
|
106 |
|
|
|
- |
|
| Stock-based employee compensation |
|
|
(35 |
) |
|
|
20 |
|
|
|
62 |
|
| Other, net |
|
|
(596 |
) |
|
|
(314 |
) |
|
|
(491 |
) |
| Income tax expense |
|
$ |
9,371 |
|
|
$ |
6,089 |
|
|
$ |
4,607 |
|
|
| Schedule of net deferred tax asset |
| (in thousands) |
|
2016 |
|
|
2015 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| ALLL |
|
$ |
13,975 |
|
|
$ |
6,360 |
|
| Net operating loss carryforwards |
|
|
3,058 |
|
|
|
2,603 |
|
| Credit carryforwards |
|
|
981 |
|
|
|
13 |
|
| Other real estate |
|
|
1,350 |
|
|
|
112 |
|
| Compensation |
|
|
3,727 |
|
|
|
804 |
|
| Other |
|
|
949 |
|
|
|
190 |
|
| Unrealized loss on securities AFS |
|
|
1,743 |
|
|
|
- |
|
| Total deferred tax asset |
|
|
25,783 |
|
|
|
10,082 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Premises and equipment |
|
|
(681 |
) |
|
|
(830 |
) |
| Prepaid expenses |
|
|
(808 |
) |
|
|
(327 |
) |
| Investment securities |
|
|
(2,856 |
) |
|
|
(148 |
) |
| Core deposit and other intangibles |
|
|
(6,125 |
) |
|
|
(378 |
) |
| Estimated section 382 limitation |
|
|
(561 |
) |
|
|
(980 |
) |
| Purchase accounting adjustments to liabilities |
|
|
(3,192 |
) |
|
|
(1,561 |
) |
| Other |
|
|
(621 |
) |
|
|
- |
|
| Unrealized gain on securities AFS |
|
|
- |
|
|
|
(626 |
) |
| Total deferred tax liability |
|
|
(14,844 |
) |
|
|
(4,850 |
) |
| Net deferred tax asset |
|
$ |
10,939 |
|
|
$ |
5,232 |
|
|