XML 48 R36.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

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

(in thousands)			2022			2021			2020
Current tax provision
Federal			$	10,670		$	6,627		$	7,108
State			6,687			4,815			4,895
Total current tax provision			17,357			11,442			12,003
Deferred tax (benefit) provision
Federal			(441)			274			(964)
State			7			(58)			(694)
Total deferred tax (benefit) provision			(434)			216			(1,658)
Total income tax provision			$	16,923		$	11,658		$	10,345

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)			2022			2021
Deferred tax assets:
Net unrealized losses on securities available-for-sale			$	29,458		$	—
Operating and finance lease liabilities			8,002			7,642
Allowance for credit losses on loans and unfunded loan commitments			7,229			7,335
Deferred compensation and salary continuation plans			3,481			3,911
Accrued but unpaid expenses			1,751			1,884
State franchise tax			1,396			930
Net operating loss carryforwards			1,239			1,406
Fair value adjustment on acquired loans			905			894
Stock-based compensation			697			599
Depreciation and disposals on premises and equipment			236			188
Other			194			144
Total gross deferred tax assets			54,588			24,933
Deferred tax liabilities:
Operating and finance lease right-of-use assets			(7,465)			(7,098)
Core deposit intangible assets			(1,512)			(1,953)
Deferred loan origination costs and fees			(1,476)			(1,526)
Net unrealized gains on securities available-for-sale			—			(745)
Other			(279)			(292)
Total gross deferred tax liabilities			(10,732)			(11,614)
Net deferred tax assets			$	43,856		$	13,319

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate for 2022, 2021 and 2020 differs from the current federal statutory income tax rate as follows:

			2022			2021			2020
Federal statutory income tax rate			21.0		%	21.0		%	21.0		%
Increase (decrease) due to:
California franchise tax, net of federal tax benefit			8.3		%	8.4		%	8.1		%
Tax exempt interest on municipal securities and loans			(1.9)		%	(2.5)		%	(2.4)		%
Tax exempt earnings on bank owned life insurance			(0.4)		%	(1.0)		%	(0.5)		%
Non-deductible acquisition related expenses			—		%	0.6		%	—		%
Non-deductible executive compensation			—		%	0.4		%	—		%
Low income housing and qualified zone academy bond tax credits			(0.2)		%	(0.4)		%	(0.5)		%
Stock-based compensation and excess tax benefits			—		%	(0.1)		%	(0.2)		%
Other			(0.2)		%	(0.4)		%	—		%
Effective Tax Rate			26.6		%	26.0		%	25.5		%

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration