XML 60 R47.htm IDEA: XBRL DOCUMENT
v3.23.3

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Difference Between Provision for Income Taxes and Amounts Computed by Applying Statutory Federal Income Tax Rate to Income Before Income Taxes | The following table presents the differences between the provision for income taxes at the federal statutory rate and the amounts computed as reported for the periods stated.
|  | For the years ended December 31, |
(Dollars in thousands) |  | 2022 (Restated) |  |  | 2021 |  |  | 2020 |
Income tax at federal statutory rate |  | $ | 4,750 |  |  |  | 21.0 | % |  | $ | 14,317 |  |  |  | 21.0 | % |  | $ | 4,725 |  |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal tax effect |  |  | 388 |  |  |  | 1.7 | % |  |  | 1,499 |  |  |  | 2.2 | % |  |  | 34 |  |  |  | 0.2 | %
Tax-exempt interest income |  |  | (121 | ) |  |  | (0.5 | %) |  |  | (105 | ) |  |  | (0.2 | %) |  |  | (20 | ) |  |  | (0.1 | %)
Income from life insurance |  |  | (283 | ) |  |  | (1.3 | %) |  |  | (196 | ) |  |  | (0.3 | %) |  |  | (82 | ) |  |  | (0.4 | %)
Merger-related expenses |  |  | — |  |  |  | — |  |  |  | 250 |  |  |  | 0.4 | % |  |  | 174 |  |  |  | 0.8 | %
Other permanent differences |  |  | 554 |  |  |  | 2.4 | % |  |  | (64 | ) |  |  | (0.1 | %) |  |  | (31 | ) |  |  | (0.1 | %)
Provision for income taxes |  | $ | 5,288 |  |  |  | 23.3 | % |  | $ | 15,701 |  |  |  | 23.0 | % |  | $ | 4,800 |  |  |  | 21.4 | %
Schedule of Significant Components of Provision for Income Taxes | The following table presents the significant components of the provision for income taxes as of the dates stated.
|  | For the years ended December 31, |
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (Restated) |  |  |  |  |  |  |
Current tax provision |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,762 |  |  | $ | 12,832 |  |  | $ | 6,437 |
State |  |  | 546 |  |  |  | 946 |  |  |  | 43 |
Total current tax provision |  |  | 5,308 |  |  |  | 13,778 |  |  |  | 6,480 |
Deferred tax provision (benefit) |  |  |  |  |  |  |  |  |
Federal |  |  | 185 |  |  |  | 971 |  |  |  | (1,680 | )
State |  |  | (205 | ) |  |  | 952 |  |  |  | — |
Total deferred tax (benefit) provision |  |  | (20 | ) |  |  | 1,923 |  |  |  | (1,680 | )
Provision for income taxes |  | $ | 5,288 |  |  | $ | 15,701 |  |  | $ | 4,800 |
Schedule of Significant Components of Deferred Taxes | The following table presents significant components of deferred tax assets and liabilities as of the dates stated.
|  | December 31, |
(Dollars in thousands) |  | 2022 |  |  | 2021 |
|  | (Restated) |  |  |  |
Deferred tax assets relating to: |  |  |  |  |  |
Allowance for loan losses |  | $ | 6,869 |  |  | $ | 2,470 |
Compensation differences |  |  | 1,340 |  |  |  | 1,221 |
Reserve for loan sale buy backs |  |  | 640 |  |  |  | 227 |
Acquisition accounting adjustments |  |  | 1,522 |  |  |  | 3,463 |
Loan origination costs |  |  | 160 |  |  |  | 67 |
Pass-through entities |  |  | 114 |  |  |  | 487 |
Unrealized losses on securities available for sale |  |  | 13,149 |  |  |  | 1,092 |
Other |  |  | 1,857 |  |  |  | 872 |
Total deferred tax assets |  |  | 25,651 |  |  |  | 9,899 |
Deferred tax liabilities relating to: |  |  |  |  |  |
Premises and equipment, net |  |  | (2,191 | ) |  |  | (2,885 | )
Core deposit and customer-based intangible assets |  |  | (1,179 | ) |  |  | (1,549 | )
Mortgage servicing rights |  |  | (6,478 | ) |  |  | (3,711 | )
Unrealized gains on other investments |  |  | (3,491 | ) |  |  | (1,536 | )
Other |  |  | (85 | ) |  |  | (68 | )
Total deferred tax liabilities |  |  | (13,424 | ) |  |  | (9,749 | )
Deferred tax asset, net |  | $ | 12,227 |  |  | $ | 150 |

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