XML 49 R36.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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)			2023			2022			2021
Current tax provision
Federal			$	3,234		$	10,670		$	6,627
State			2,823			6,687			4,815
Total current tax provision			6,057			17,357			11,442
Deferred tax provision (benefit)
Federal			319			(441)			274
State			(235)			7			(58)
Total deferred tax provision (benefit)			84			(434)			216
Total income tax provision			$	6,141		$	16,923		$	11,658

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)			2023			2022
Deferred tax assets:
Net unrealized losses on securities available-for-sale			$	20,993		$	29,458
Allowance for credit losses on loans and unfunded loan commitments			7,775			7,229
Operating and finance lease liabilities			6,860			8,002
Deferred compensation and salary continuation plans			3,289			3,481
Accrued but unpaid expenses			1,709			1,751
Net operating loss carryforwards			1,136			1,239
Fair value adjustment on acquired loans			695			905
Stock-based compensation			632			697
State franchise tax			593			1,396
Depreciation and disposals on premises and equipment			179			236
Other			74			194
Total gross deferred tax assets			43,935			54,588
Deferred tax liabilities:
Operating and finance lease right-of-use assets			(6,092)			(7,465)
Deferred loan origination costs and fees			(1,435)			(1,476)
Core deposit intangible assets			(1,113)			(1,512)
Other			(226)			(279)
Total gross deferred tax liabilities			(8,866)			(10,732)
Net deferred tax assets			$	35,069		$	43,856

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate for 2023, 2022 and 2021 differs from the current federal statutory income tax rate as follows:

			2023			2022			2021
Federal statutory income tax rate			21.0		%	21.0		%	21.0		%
Increase (decrease) due to:
California franchise tax, net of federal tax benefit			7.9		%	8.3		%	8.4		%
Tax exempt interest on municipal securities and loans			(3.1)		%	(1.9)		%	(2.5)		%
Tax exempt earnings on bank owned life insurance			(1.5)		%	(0.4)		%	(1.0)		%
Non-deductible acquisition related expenses			—		%	—		%	0.6		%
Non-deductible executive compensation			—		%	—		%	0.4		%
Low income housing and qualified zone academy bond tax credits			(0.6)		%	(0.2)		%	(0.4)		%
Stock-based compensation and excess tax deficiencies (benefits)			0.2		%	—		%	(0.1)		%
Other			(0.3)		%	(0.2)		%	(0.4)		%
Effective Tax Rate			23.6		%	26.6		%	26.0		%

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

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

+ 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

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