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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The current and deferred components of the income tax provision for each of the two years ended December 31 are as follows:

(in thousands)	2019			2018
Current tax provision
Federal	$	7,838		$	7,289
State	5,183			4,722
Total current	13,021			12,011
Deferred tax benefit
Federal	(907		)	(898		)
State	(461		)	(318		)
Total deferred	(1,368		)	(1,216		)
Total income tax provision	$	11,653		$	10,795

Schedule of Deferred Tax Assets and Liabilities

The following table shows the tax effect of our cumulative temporary differences as of December 31:

(in thousands)	2019			2018
Deferred tax assets:
Allowance for loan losses and off-balance sheet credit commitments	$	5,252		$	4,960
Operating and finance lease liabilities	3,792			—
Deferred compensation plan and salary continuation plan	2,188			1,940
Net operating loss carryforwards	1,914			2,271
Net unrealized losses on securities available-for-sale	—			1,800
Accrued but unpaid expenses	1,067			1,153
State franchise tax	1,015			993
Stock-based compensation	623			517
Depreciation and disposals on premises and equipment	562			584
Fair value adjustment on acquired loans	299			364
Deferred rent and lease incentives	—			224
Interest received on non-accrual loans	12			114
Other	154			215
Total gross deferred tax assets	16,878			15,135
Deferred tax liabilities:
Operating and finance lease right-of-use assets	(3,314		)	—
Net unrealized gains on securities available-for-sale	(1,738		)	—
Deferred loan origination costs and fees	(1,619		)	(2,360		)
Core deposit intangible assets	(1,385		)	(1,647		)
Unaccreted discount on subordinated debentures	(418		)	(439		)
Accretion on investment securities	(70		)	(67		)
Other	(172		)	(204		)
Total gross deferred tax liabilities	(8,716		)	(4,717		)
Net deferred tax assets	$	8,162		$	10,418

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate for 2019 and 2018 differs from the current federal statutory income tax rate as follows:

	2019		2018
Federal statutory income tax rate	21.0	%	21.0	%
Increase (decrease) due to:
California franchise tax, net of federal tax benefit	8.2	%	8.0	%
Tax exempt interest on municipal securities and loans	(1.8	)%	(2.4	)%
Tax exempt earnings on bank owned life insurance	(0.6	)%	(0.4	)%
Low income housing and qualified zone academy bond tax credits	(0.4	)%	(0.5	)%
Stock-based compensation and excess tax benefits	(0.1	)%	(0.6	)%
Other	(0.9	)%	(0.2	)%
Effective Tax Rate	25.4	%	24.9	%

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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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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