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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income tax is summarized as follows for the years ended December 31,:
| 2022 |  | 2021 |  | 2020
Current | $ | 5,637 |  |  | $ | 5,533 |  |  | $ | 12,957 |
Deferred | 9,203 |  |  | 3,145 |  |  | (3,377) |
Total income tax expense | $ | 14,840 |  |  | $ | 8,678 |  |  | $ | 9,580 |
Schedule of reconciliation of the statutory u.s. federal income tax rate to income before provision for income taxes | A reconciliation of the provision for income taxes, with the amount computed by applying the statutory U.S. federal income tax rates to income before provision for income taxes is as follows for the years ended December 31,:
| 2022 |  | 2021 |  | 2020
Income tax provision computed at U.S. federal statutory rate | $ | 15,545 |  |  | $ | 10,887 |  |  | $ | 12,005 |
State tax expense, net of U.S. federal effect | 2,359 |  |  | 1,836 |  |  | 1,536 |
Tax exempt interest | (4,011) |  |  | (4,562) |  |  | (4,381) |
Net increase in cash surrender value of BOLI | (353) |  |  | (268) |  |  | (269) |
Non-deductible professional fees | 216 |  |  | 648 |  |  | — |
Executive compensation | 727 |  |  | — |  |  | — |
Other | 357 |  |  | 137 |  |  | 689 |
Income tax provision | $ | 14,840 |  |  | $ | 8,678 |  |  | $ | 9,580 |
Effective tax provision rate | 20.0% |  | 16.7% |  | 16.8%
Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows as of December 31,:
| 2022 |  | 2021
Deferred tax assets: |  |  |
Federal and state net operating loss | $ | 25,118 |  |  | $ | 16,266 |
Allowance for loan losses | 15,537 |  |  | 11,207 |
Unrealized loss on securities | 14,235 |  |  | — |
Deferred compensation | 4,756 |  |  | 4,720 |
Fair value adjustments on loans | 2,428 |  |  | 35 |
Share-based compensation | 2,208 |  |  | 2,235 |
Accrued expenses | 1,320 |  |  | 1,039 |
Deferred loan fees | 1,044 |  |  | 2,059 |
Lease liability | 1,044 |  |  | — |
Fair value adjustments on deposits | 326 |  |  | — |
Other real estate owned and foreclosed assets | 7 |  |  | 40 |
State tax credits | — |  |  | 48 |
Other | 4,559 |  |  | 2,120 |
Total deferred tax assets | 72,582 |  |  | 39,769 |
Deferred tax liabilities: |  |  |
Mortgage servicing rights | 17,465 |  |  | 11,170 |
Fair value adjustments on intangible assets | 3,596 |  |  | 1,731 |
Prepaid expenses | 1,143 |  |  | 1,078 |
Premises and equipment | 918 |  |  | 1,018 |
Fair value adjustments on debt | 700 |  |  | 1,029 |
FHLB stock | 196 |  |  | 165 |
Unrealized gain on securities | — |  |  | 541 |
Other | 209 |  |  | 7 |
Total deferred tax liabilities | 24,227 |  |  | 16,739 |
Total deferred tax assets, net | $ | 48,355 |  |  | $ | 23,030 |

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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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