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Income Taxes (Tables)

12 Months Ended

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 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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