v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense were as follows:
|  | For the Years Ended December 31, |  |
(in thousands) |  | 2021 |  | 2020 |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,990 |  |  | $ | 9,489 |  |  |  |  |  |  |
State |  | 2,835 |  |  | 2,995 |  |  |  |  |  |  |
Total current expense |  | 15,825 |  |  | 12,484 |  |  |  |  |  |  |
Deferred tax benefit |  | (1,927) |  |  | (3,170) |  |  |  |  |  |  |
Total income tax expense |  | $ | 13,898 |  |  | $ | 9,314 |  |  |  |  |  |  |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax asset at December 31, 2021 and 2020 were:
(in thousands) |  | 2021 |  | 2020 |  |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |
Allowance for loan and credit losses |  | $ | 6,674 |  |  | $ | 6,666 |  |  |  |  |  |  |
Reserve for recourse on mortgage loans sold |  | 364 |  |  | 308 |  |  |  |  |  |  |
Deferred loan fees - PPP |  | 1,076 |  |  | — |  |  |  |  |  |  |
Stock-based compensation |  | 320 |  |  | 276 |  |  |  |  |  |  |
Long-term incentive program |  | 507 |  |  | 302 |  |  |  |  |  |  |
Unrealized loss on investment securities available for sale |  | 428 |  |  | — |  |  |  |  |  |  |
Net operating loss carryforward |  | 67 |  |  | 123 |  |  |  |  |  |  |
Other |  | 532 |  |  | 144 |  |  |  |  |  |  |
|  | 9,968 |  |  | 7,819 |  |  |  |  |  |  |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |
Unrealized gains on investment securities available for sale |  | — |  |  | 620 |  |  |  |  |  |  |
Accumulated depreciation |  | 107 |  |  | 190 |  |  |  |  |  |  |
Other |  | 1 |  |  | 68 |  |  |  |  |  |  |
|  | 108 |  |  | 878 |  |  |  |  |  |  |
Net deferred tax asset before valuation allowance |  | 9,860 |  |  | 6,941 |  |  |  |  |  |  |
Less: Valuation allowance |  | 67 |  |  | 123 |  |  |  |  |  |  |
Net deferred tax asset |  | $ | 9,793 |  |  | $ | 6,818 |  |  |  |  |  |  |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the federal income tax rate and the effective tax rate for the Company are reconciled as follows:
|  | 2021 |  | 2020 |  |  |  |  |  |
Statutory federal income tax rate |  | 21.00 | % |  | 21.00 | % |  |  |  |  |  |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  | 3.97 |  |  | 5.40 |  |  |  |  |  |  |
Nondeductible expenses |  | 0.44 |  |  | 0.49 |  |  |  |  |  |  |
Tax exempt income |  | (0.20) |  |  | (0.01) |  |  |  |  |  |  |
Other |  | 0.59 |  |  | (0.37) |  |  |  |  |  |  |
Effective Tax Rate |  | 25.80 | % |  | 26.51 | % |  |  |  |  |  |

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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 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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