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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 | 2023 | 2022
Current tax(benefit) provision |  |  |
Federal | $ | (214) |  | $ | 3,234 |  | $ | 10,670 |
State | (60) |  | 2,823 |  | 6,687 |
Total current tax (benefit) provision | (274) |  | 6,057 |  | 17,357 |
Deferred tax (benefit) provision |  |  |
Federal | (3,520) |  | 319 |  | (441) |
State | (1,632) |  | (235) |  | 7 |
Total deferred tax (benefit) provision | (5,152) |  | 84 |  | (434) |
Total income tax (benefit) provision | $ | (5,426) |  | $ | 6,141 |  | $ | 16,923 |
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) | 2024 | 2023
Deferred tax assets: |  |
Net unrealized losses on securities available-for-sale | $ | 12,624 |  | $ | 22,241 |
Allowance for credit losses on loans and unfunded loan commitments | 9,327 |  | 7,775 |
Operating and finance lease liabilities | 6,404 |  | 6,860 |
Deferred compensation and salary continuation plans | 3,137 |  | 3,289 |
Net operating loss carryforwards | 4,353 |  | 1,136 |
Accrued but unpaid expenses | 1,644 |  | 1,709 |
Stock-based compensation | 643 |  | 632 |
Interest received on non-accrual loans | 639 |  | 44 |
Fair value adjustment on acquired loans | 396 |  | 695 |
Depreciation and disposals on premises and equipment | 81 |  | 179 |
State franchise tax | — |  | 593 |
Other | 269 |  | 30 |
Total gross deferred tax assets | 39,517 |  | 45,183 |
Deferred tax liabilities: |  |
Operating and finance lease right-of-use assets | (5,669) |  | (6,092) |
Deferred loan origination costs and fees | (1,685) |  | (1,435) |
Core deposit intangible assets | (825) |  | (1,113) |
Purchase accounting adjustments | (488) |  | (1,248) |
Other | (245) |  | (226) |
Total gross deferred tax liabilities | (8,912) |  | (10,114) |
Net deferred tax assets | $ | 30,605 |  | $ | 35,069 |
Schedule of Effective Income Tax Rate Reconciliation | The effective tax rate for 2024, 2023 and 2022 differs from the current federal statutory income tax rate as follows:
| 2024 | 2023 | 2022
Federal statutory income tax rate | 21.0 | % | 21.0 | % | 21.0 | %
Increase (decrease) due to: |  |  |
California franchise tax, net of federal tax benefit | 9.7 | % | 7.9 | % | 8.3 | %
Tax exempt interest on municipal securities and loans | 4.9 | % | (3.1) | % | (1.9) | %
Tax exempt earnings on bank owned life insurance | 2.6 | % | (1.5) | % | (0.4) | %
Non-deductible acquisition related expenses | — | % | — | % | — | %
Non-deductible executive compensation | — | % | — | % | — | %
Other | 1.0 | % | (0.7) | % | (0.4) | %
Effective Tax Rate | 39.2 | % | 23.6 | % | 26.6 | %

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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/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 + Details
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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/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 + Details
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