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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The following presents a summary of income tax provision for the years ended December 31:
| Current |  | Deferred |  | Total
| (Dollars in thousands)
2024 |  |  |  |  |
Federal | $ | 14,475 |  |  | $ | 3,760 |  |  | $ | 18,235 |
State | 13,576 |  |  | 1,523 |  |  | 15,099 |
| $ | 28,051 |  |  | $ | 5,283 |  |  | $ | 33,334 |
2023 |  |  |  |  |
Federal | $ | 22,076 |  |  | $ | 3,158 |  |  | $ | 25,234 |
State | 17,998 |  |  | 982 |  |  | 18,980 |
| $ | 40,074 |  |  | $ | 4,140 |  |  | $ | 44,214 |
2022 |  |  |  |  |
Federal | $ | 52,676 |  |  | $ | (6,366) |  |  | $ | 46,310 |
State | 34,050 |  |  | (2,589) |  |  | 31,461 |
| $ | 86,726 |  |  | $ | (8,955) |  |  | $ | 77,771 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the difference between the federal statutory income tax rate and the effective tax rate is shown in the following table for the years indicated:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory tax rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
State taxes-net of federal tax effect | 8.74 | % |  | 8.79 | % |  | 8.58 | %
Nondeductible transaction costs | 0.60 | % |  | — | % |  | — | %
Tax credits and benefits, net of amortization expenses | (7.25) | % |  | (4.67) | % |  | (2.99) | %
Bank owned life insurance | (0.28) | % |  | (0.24) | % |  | (0.22) | %
Tax exempt municipal bonds and loans | (0.08) | % |  | (0.82) | % |  | (0.26) | %
State tax rate change | 0.93 | % |  | 0.02 | % |  | 0.15 | %
Changes in uncertain tax positions | 0.21 | % |  | (0.59) | % |  | (0.23) | %
Other | 1.20 | % |  | 1.37 | % |  | 0.24 | %
Effective income tax rate | 25.07 | % |  | 24.86 | % |  | 26.27 | %
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at December 31, 2024 and 2023, were comprised of the following:
| December 31,
| 2024 |  | 2023
| (Dollars in thousands)
Deferred tax assets: |  |  |
Depreciation | $ | — |  |  | $ | 651 |
Statutory bad debt deduction less than financial statement provision | 47,626 |  |  | 50,402 |
Net operating loss carry-forward | 1,100 |  |  | 1,238 |
Investment security provision | 468 |  |  | 607 |
State tax deductions | 1,960 |  |  | 2,962 |
Accrued compensation | 21 |  |  | 28 |
Deferred compensation | 119 |  |  | 113 |
Mark to market on loans held for sale | 4 |  |  | 4 |
Nonaccrual loan interest | 4,753 |  |  | 4,246 |
Other real estate owned | — |  |  | 14 |
Non-qualified stock option and restricted share expense | 2,754 |  |  | 3,902 |
Lease liabilities | 13,945 |  |  | 16,734 |
Unrealized loss on securities AFS | 95,025 |  |  | 85,386 |
Other | 7,290 |  |  | 7,132 |
Total deferred tax assets | $ | 175,065 |  |  | $ | 173,419 |
Deferred tax liabilities: |  |  |
Purchase accounting fair value adjustment | $ | (8,331) |  |  | $ | (7,667) |
Depreciation | (95) |  |  | — |
FHLB stock dividends | (77) |  |  | (79) |
Deferred loan costs | (6,981) |  |  | (8,410) |
State taxes deferred and other | (3,376) |  |  | (3,660) |
Prepaid expenses | (2,834) |  |  | (2,228) |
Amortization of intangibles | (846) |  |  | (1,351) |
ROU assets | (12,481) |  |  | (14,809) |
Total deferred tax liabilities | $ | (35,021) |  |  | $ | (38,204) |
Net deferred tax assets | $ | 140,044 |  |  | $ | 135,215 |
Summary of Operating Loss Carryforwards | A summary of the Company’s net operating loss carry-forwards at December 31, 2024 and 2023, is as follows:
| Federal |  | State
| Remaining Amount |  | Expires |  | Annual Limitation |  | Remaining Amount |  | Expires |  | Annual Limitation
| (Dollars in thousands)
2024 |  |  |  |  |  |  |  |  |  |  |
Saehan Bank (acquired by Wilshire) | $ | 1,357 |  |  | 2030 |  | $ | 226 |  |  | $ | 1,809 |  |  | 2032 |  | $ | 226 |
Pacific International Bank | 3,150 |  |  | 2032 |  | 420 |  |  | — |  |  | N/A |  | — |
Total | $ | 4,507 |  |  |  |  | $ | 646 |  |  | $ | 1,809 |  |  |  |  | $ | 226 |
2023 |  |  |  |  |  |  |  |  |  |  |
Saehan Bank (acquired by Wilshire) | $ | 1,583 |  |  | 2030 |  | $ | 226 |  |  | $ | 2,035 |  |  | 2032 |  | $ | 226 |
Pacific International Bank | 3,570 |  |  | 2032 |  | 420 |  |  | — |  |  | N/A |  | — |
Total | $ | 5,153 |  |  |  |  | $ | 646 |  |  | $ | 2,035 |  |  |  |  | $ | 226 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2024 and 2023, is as follows:
| Year Ended December 31,
| 2024 |  | 2023
| (Dollars in thousands)
Balance at January 1, | $ | 469 |  |  | $ | 2,951 |
Additions based on tax positions related to prior years | 311 |  |  | 169 |
Settlement of tax positions related to prior years | — |  |  | (1,234) |
Expiration of statute of limitations | (84) |  |  | (1,417) |
Balance at December 31, | $ | 696 |  |  | $ | 469 |

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