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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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