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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  |  | 2023 |
Income tax at federal statutory rate |  | $ | (3,466 | ) |  |  | 21.0 | % |  | $ | (12,358 | ) |  |  | 21.0 | %
(Decrease) increase resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal tax effect |  |  | (398 | ) |  |  | 2.4 | % |  |  | 72 |  |  |  | (0.1 | %)
Tax-exempt interest income |  |  | (29 | ) |  |  | 0.2 | % |  |  | (50 | ) |  |  | 0.1 | %
Tax-exempt BOLI income |  |  | (180 | ) |  |  | 1.1 | % |  |  | (251 | ) |  |  | 0.4 | %
Taxable gain and nondeductible penalties due to BOLI surrender |  |  | 2,215 |  |  |  | (13.4 | %) |  |  | — |  |  |  | — |
Impairment of goodwill |  |  | — |  |  |  | — |  |  |  | 5,348 |  |  |  | (9.1 | %)
Equity compensation |  |  | 278 |  |  |  | (1.7 | %) |  |  | 156 |  |  |  | (0.3 | %)
Other permanent differences |  |  | 458 |  |  |  | (2.8 | %) |  |  | 12 |  |  |  | (— | %)
Total benefit for income taxes |  | $ | (1,122 | ) |  |  | 6.8 | % |  | $ | (7,071 | ) |  |  | 12.0 | %
Schedule of Significant Components of Provision for Income Taxes | The following table presents the significant components of the provision for income taxes for the periods stated.
|  | For the years ended December 31, |
(Dollars in thousands) |  | 2024 |  |  | 2023 |
Current tax provision (benefit) |  |  |  |  |  |
Federal |  | $ | 5,046 |  |  | $ | 165 |
State |  |  | 18 |  |  |  | (181 | )
Total current tax provision (benefit) |  |  | 5,064 |  |  |  | (16 | )
Deferred tax benefit |  |  |  |  |  |
Federal |  |  | (5,785 | ) |  |  | (7,048 | )
State |  |  | (401 | ) |  |  | (7 | )
Total deferred tax benefit |  |  | (6,186 | ) |  |  | (7,055 | )
Total benefit for income taxes |  | $ | (1,122 | ) |  | $ | (7,071 | )
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) |  | 2024 |  |  | 2023 |
Deferred tax assets relating to: |  |  |  |  |  |
Allowance for credit losses |  | $ | 5,138 |  |  | $ | 7,857 |
Compensation differences |  |  | 1,391 |  |  |  | 1,349 |
Reserves for unfunded loan commitments, sold loan buy backs, and MSR assets sale recourse obligations |  |  | 721 |  |  |  | 904 |
Purchase accounting adjustments |  |  | 772 |  |  |  | 862 |
Net operating loss |  |  | 10,375 |  |  |  | 5,161 |
Pass-through entities |  |  | — |  |  |  | 624 |
Unrealized losses on securities available for sale |  |  | 12,392 |  |  |  | 12,822 |
Other |  |  | 2,398 |  |  |  | 5,061 |
Total deferred tax assets |  |  | 33,187 |  |  |  | 34,640 |
Deferred tax liabilities relating to: |  |  |  |  |  |
Premises and equipment, net |  |  | (2,424 | ) |  |  | (2,102 | )
Core deposit and other intangible assets |  |  | (554 | ) |  |  | (807 | )
MSR assets |  |  | (86 | ) |  |  | (5,935 | )
Unrealized gains on other investments |  |  | (512 | ) |  |  | (2,224 | )
Pass-through entities |  |  | (463 | ) |  |  | — |
Other |  |  | (1,836 | ) |  |  | (2,016 | )
Total deferred tax liabilities |  |  | (5,875 | ) |  |  | (13,084 | )
Deferred tax asset, net |  | $ | 27,312 |  |  | $ | 21,556 |

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