v3.8.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

The Company is subject to federal income tax and California franchise tax. Income tax expense (benefit) was as follows for the years ended December 31:

(dollars in thousands)		2017				2016				2015
Current expense:
Federal		$	14,122			$	10,235			$	8,620
State			4,384				3,459				2,700
Deferred expense (benefit):
Federal			4,677				1,263				(1,525	)
State			(166	)			74				(341	)
Total		$	23,017			$	15,031			$	9,454

Schedule of Comparison of the Federal Statutory Income Tax Rates

The following is a comparison of the federal statutory income tax rates to the Company’s effective income tax rate for the years ended December 31:

		2017								2016								2015
(dollars in thousands)		Amount				Rate				Amount				Rate				Amount				Rate
Income before taxes		$	50,599							$	38,334							$	22,832
Federal tax statutory rate		$	17,710				35.00	%		$	13,417				35.00	%		$	7,991				35.00	%
State tax, net of Federal benefit			3,313				6.55	%			2,510				6.55	%			1,536				6.73	%
Windfall benefit – exercise of stock options			(3,762	)			(7.43	)%			(1,025)				(2.67)	%			—				—	%
Change in federal rate			5,414				10.70	%			—				—	%			—				—	%
Other items, net			342				0.68	%			129				0.34	%			(73	)			(0.32)	%
Effective tax rate		$	23,017				45.49	%		$	15,031				39.22	%		$	9,454				41.41	%

Summary of Components of the Net Deferred Tax Assets Recognized

Deferred taxes are a result of differences between income tax accounting and generally accepted accounting principles with respect to income tax recognition. The following is a summary of the components of the net deferred tax assets recognized in the accompanying consolidated balance sheets at December 31:

(dollars in thousands)		2017				2016
Deferred tax assets (liabilities)
Allowance for loan and REO losses		$	4,741			$	6,258
Operating loss carryforwards			3,157				3,896
Market valuation: Acquired loans and REO			2,505				988
Stock-based compensation			678				1,171
State taxes			921				1,265
Accumulated other comprehensive income			2,105				3,668
Organizational expenses			179				238
Depreciation			(833	)			(1,017	)
Core deposit intangible			(1,817	)			(364	)
Prepaid expenses			(586	)			(827	)
Accrued vacation			418				478
Other			675				1,057
Net deferred tax assets		$	12,143			$	16,811

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- References

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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