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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |
Unrecognized tax benefits at beginning of year |  | $ | — |  |  | $ | 73 |  |  | $ | 202 |
Gross decreases for tax positions of prior years |  |  | — |  |  |  | (73 | ) |  |  | (202 | )
Gross increase for new tax positions |  |  | 258 |  |  |  | — |  |  |  | 73 |
Unrecognized tax benefits at end of year |  | $ | 258 |  |  | $ | — |  |  | $ | 73 |
Summary of Provision for Income Taxes | A summary of the provision for income taxes was as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |
Current expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 21,805 |  |  | $ | 10,565 |  |  | $ | 18,737 |
State |  |  | 10,901 |  |  |  | 6,310 |  |  |  | 9,377 |
Total current expense |  |  | 32,706 |  |  |  | 16,875 |  |  |  | 28,114 |
Deferred expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,914 |  |  |  | 663 |  |  |  | (10,515 | )
State |  |  | (803 | ) |  |  | (239 | ) |  |  | (3,039 | )
Total deferred expense |  |  | 4,111 |  |  |  | 424 |  |  |  | (13,554 | )
Income tax expense |  | $ | 36,817 |  |  | $ | 17,299 |  |  | $ | 14,560 |
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities were as follows:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (in thousands) |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |
Provision for credit losses |  | $ | 21,671 |  |  | $ | 26,883 |  |  | $ | 18,401 |
Purchase accounting |  |  | 3,360 |  |  |  | 3,902 |  |  |  | 3,912 |
Net operating loss carryforward |  |  | 15,316 |  |  |  | 15,342 |  |  |  | 15,453 |
Unrealized loss on securities available for sale |  |  | 3,421 |  |  |  | — |  |  |  | — |
Mark to market |  |  | — |  |  |  | — |  |  |  | 261 |
Lease liability |  |  | 14,712 |  |  |  | 15,562 |  |  |  | 10,716 |
Tax credits |  |  | — |  |  |  | — |  |  |  | 198 |
State taxes |  |  | 2,318 |  |  |  | 1,223 |  |  |  | 1,739 |
Other |  |  | 4,032 |  |  |  | 3,669 |  |  |  | 3,766 |
Total deferred tax assets |  |  | 64,830 |  |  |  | 66,581 |  |  |  | 54,446 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Mark to market |  |  | (3,531 | ) |  |  | (1,660 | ) |  |  | — |
Depreciation |  |  | (1,292 | ) |  |  | (631 | ) |  |  | (388 | )
Unrealized gain loss on securities available for sale |  |  | — |  |  |  | (1,247 | ) |  |  | (1,370 | )
Leases - right of use assets |  |  | (13,738 | ) |  |  | (15,044 | ) |  |  | (10,517 | )
Other |  |  | (2,650 | ) |  |  | (2,228 | ) |  |  | (532 | )
Total deferred tax liabilities |  |  | (21,211 | ) |  |  | (20,810 | ) |  |  | (12,807 | )
Valuation allowance |  |  | (1,644 | ) |  |  | (4,352 | ) |  |  | (4,852 | )
Net deferred tax assets |  | $ | 41,975 |  |  | $ | 41,418 |  |  | $ | 36,787 |
Reconciliation between Federal Statutory Income Tax Rate and Effective Tax Rates | Reconciliation between the federal statutory income tax rate and the effective tax rates is shown in the following table:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Federal statutory income tax rate |  |  | 21.00 | % |  |  | 21.00 | % |  |  | 21.00 | %
State taxes, net of federal tax benefits |  |  | 5.81 | % |  |  | 7.86 | % |  |  | 9.39 | %
Tax credit - federal |  |  | (1.16 | )% |  |  | (2.68 | )% |  |  | (3.49 | )%
Low-income housing amortization |  |  | 1.37 | % |  |  | 3.02 | % |  |  | 4.17 | %
Other |  |  | 0.16 | % |  |  | (0.12 | )% |  |  | (0.32 | )%
Effective tax rate |  |  | 27.18 | % |  |  | 29.08 | % |  |  | 30.75 | %

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