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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the three and nine months ended September 30, 2023 and 2022 consists of the following:

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2023				2022				2023				2022
		(in thousands)
Federal:
Current		$	783			$	2,265			$	380			$	370
Deferred			312				(2,750	)			344				(4,047	)
			1,095				(485	)			724				(3,677	)
State and local:
Current			232				274				1,085				847
Deferred			1,818				(2,963	)			1,091				(5,487	)
			2,050				(2,689	)			2,176				(4,640	)
Valuation allowance			(1,417	)			2,354				(841	)			4,061
Provision (benefit) for income taxes		$	1,728			$	(820	)		$	2,059			$	(4,256	)

Schedule of Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the three and nine months ended September 30, 2023 and 2022, respectively, to income before income taxes as a result of the following:

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2023				2022				2023				2022
		(in thousands)
Income tax, at federal rate		$	906			$	(3,267	)		$	1,027			$	(5,259	)
State and local tax, net of federal taxes			1,619				(2,125	)			1,719				(3,666	)
Valuation allowance, net of the federal benefit			(1,417	)			2,354				(841	)			4,061
Other			620				2,218				154				608
		$	1,728			$	(820	)		$	2,059			$	(4,256	)

Schedule of Significant Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at September 30, 2023 and December 31, 2022 are presented below:

		September 30,				December 31,
		2023				2022
		(in thousands)
Deferred tax assets:
Allowance for loan losses		$	8,509			$	11,324
Interest on nonaccrual loans			730				317
Unrealized loss on available-for-sale securities			5,533				4,777
Amortization of intangible assets			16				32
Operating lease liabilities			10,386				11,304
Net operating losses			7,348				9,119
Charitable contribution carryforward			1,647				1,859
Compensation and benefits			1,087				562
Other			2,025				478
Total gross deferred tax assets			37,281				39,772
Deferred tax liabilities:
Depreciation of premises and equipment			996				1,049
Right of use assets			9,967				10,941
Deferred loan fees			215				671
Other			15				29
Total gross deferred tax liabilities			11,193				12,690
Valuation allowance			10,104				10,945
Net deferred tax assets		$	15,984			$	16,137

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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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.

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-Topic 740
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-Name Accounting Standards Codification
-Paragraph 2
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- 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.

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