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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The following table provides information on components of income tax expense for the years ended December 31, 2023 and December 31, 2022.
(Dollars in thousands) |  | December 31, 2023 |  | December 31, 2022 |  |
Current tax expense: |  |  |  |  |  |
Federal |  | $ | 172 |  |  | $ | 8,814 |  |  |
State |  | 63 |  |  | 3,332 |  |  |
|  | 235 |  |  | 12,146 |  |  |
Deferred income tax (benefit) expense: |  |  |  |  |  |
Federal |  | 1,692 |  |  | (911) |  |  |
State |  | 1,029 |  |  | (271) |  |  |
|  | 2,721 |  |  | (1,182) |  |  |
Total income tax expense |  | $ | 2,956 |  |  | $ | 10,964 |  |  |
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation of tax computed at the statutory federal tax rate to the actual tax expense for the years ended December 31, 2023 and December 31, 2022.
|  | December 31, 2023 |  | December 31, 2022 |  |
Tax at federal statutory rate |  | 21.0 | % |  | 21.0 | % |  |
Tax effect of: |  |  |  |  |  |
Tax-exempt income |  | (3.6) |  |  | (1.0) |  |  |
State income taxes, net of federal benefit |  | 6.1 |  |  | 5.7 |  |  |
Bargain purchase gain |  | (13.1) |  |  | — |  |  |
Nondeductible compensation costs |  | 3.9 |  |  | — |  |  |
Nondeductible merger related expenses |  | 2.6 |  |  | — |  |  |
Other |  | 3.9 |  |  | 0.3 |  |  |
Actual income tax expense rate |  | 20.8 | % |  | 26.0 | % |  |
Schedule of Deferred Tax Assets and Liabilities | The following table provides information on significant components of the Company’s deferred tax assets and liabilities for the years ended December 31, 2023 and December 31, 2022.
(Dollars in thousands) |  | December 31, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |  |
Allowance for credit losses |  | $ | 14,534 |  |  | $ | 4,460 |
Write-downs of OREO |  | 33 |  |  | 21 |
Nonaccrual loan interest |  | 344 |  |  | 345 |
Lease liabilities |  | 3,326 |  |  | 2,635 |
Deferred compensation |  | 4,160 |  |  | 1,522 |
Federal net operating loss |  | 6,528 |  |  | — |
State net operating loss |  | 2,448 |  |  | 722 |
Deferred loan costs |  | 1,775 |  |  | 1,183 |
Acquisition fair value adjustments |  | 30,452 |  |  | 2,580 |
Unrealized losses on available-for-sale securities |  | 2,825 |  |  | 3,399 |
Other |  | 1,398 |  |  | 883 |
Total deferred tax assets |  | 67,823 |  |  | 17,750 |
Less valuation allowance |  | (1,015) |  |  | (791) |
Deferred tax assets, net of valuation allowance |  | 66,808 |  |  | 16,959 |
Deferred tax liabilities: |  |  |  |
Depreciation |  | 4,320 |  |  | 2,491 |
Right-of-use assets |  | 3,229 |  |  | 2,560 |
Mortgage servicing rights |  | 1,541 |  |  | 1,405 |
Acquisition fair value adjustments |  | 2,401 |  |  | 466 |
Deferred capital gain on branch sale |  | 207 |  |  | 220 |
Intangibles |  | 13,611 |  |  | 2,290 |
Other |  | 792 |  |  | 170 |
Total deferred tax liabilities |  | 26,101 |  |  | 9,602 |
Net deferred tax assets |  | $ | 40,707 |  |  | $ | 7,357 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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