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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of income tax expense

The provision for income taxes for the years ended December 31, 2024, 2023, and 2022 consisted of the following (in thousands):

						Federal						State						Total
2024
Current						$	2,706					$	1,493					$	4,199
Deferred						(463)						(404)						(867)
Provision for income taxes						$	2,243					$	1,089					$	3,332
2023
Current						$	4,692					$	3,502					$	8,194
Deferred						176						(66)						110
Provision for income taxes						$	4,868					$	3,436					$	8,304
2022
Current						$	4,827					$	3,445					$	8,272
Deferred						80						144						224
Provision for income taxes						$	4,907					$	3,589					$	8,496

Components of deferred tax assets and liabilities

Deferred tax assets (liabilities) consisted of the following (in thousands):

						December 31,
						2024						2023
Deferred tax assets:
Unrealized loss on available-for-sale investment securities						$	23,132					$	27,716
Purchase accounting fair value adjustment						11,218						—
Allowance for credit losses						7,970						4,643
Deferred compensation						4,081						4,152
Net operating loss carryovers						3,175						1,754
Operating lease liabilities						3,049						2,696
Low income housing tax credit carry-forward						942						—
Other deferred tax assets						848						302
Mark-to-market adjustment						411						301
State taxes						253						718
Loan and investment impairment						133						280
Partnership income						128						74
Other-than-temporary impairment						30						30
Bank premises and equipment						—						229
Total deferred tax assets						55,370						42,895
Deferred tax liabilities:
Core deposit intangible						(2,814)						—
Operating lease right-of-use assets						(2,811)						(2,457)
Loan origination costs						(1,643)						(1,166)
Bank premises and equipment						(920)						—
Finance leases						(570)						(625)
FHLB stock						(191)						(191)
Total deferred tax liabilities						(8,949)						(4,439)
Net deferred tax assets						$	46,421					$	38,456

Reconciliation of effective tax rate

The significant items comprising these differences for the years ended December 31, 2024, 2023, and 2022 consisted of the following:

			2024						2023						2022
Federal income tax, at statutory rate			21.0		%				21.0		%				21.0		%
State taxes, net of federal tax benefit			7.8		%				8.0		%				8.1		%
Tax exempt investment security income, net			(4.0)		%				(3.5)		%				(3.7)		%
Bank owned life insurance, net			(2.4)		%				(0.6)		%				(0.8)		%
Compensation - stock compensation			(0.6)		%				—		%				(0.2)		%
Low income housing tax credits			(2.2)		%				(0.6)		%				(0.3)		%
Nondeductible employee compensation			1.0		%				—		%				—		%
Nondeductible acquisition‑related expense			3.8		%				—		%				—		%
Other			5.9		%				0.2		%				0.1		%
Effective tax rate			30.3		%				24.5		%				24.2		%

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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/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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