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Income Taxes (Tables)

12 Months Ended

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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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

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-Topic 740
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-Section 50
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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.

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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.

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