v3.22.0.1

Income Taxes (Tables)

12 Months Ended

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

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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

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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

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