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Income Taxes | 9 Months Ended
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Sep. 30, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Note 10—Income Taxes The Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual pre-tax income, permanent tax differences and statutory tax rates. The effective tax rate for the nine months ended September 30, 2020 and 2019 was 28.5% and 27.7%, respectively. The Company recorded discrete income tax provision of $231,000 and a benefit of $64,000 related to the exercise of stock options and vesting of restricted shares for the nine months ended September 30, 2020 and 2019, respectively. Net deferred tax assets decreased to $35.9 million at September 30, 2020 compared to $38.3 million at December 31, 2019. The net decrease in the total net deferred tax assets recorded as of September 30, 2020 was a result of an increase in unrealized gains on available-for-sale securities and decreases in net operating losses and tax credits, partially offset by an increase in allowance for loan and lease losses, and unearned processing fees related to PPP originations.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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