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Income Taxes | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following table presents the components of income tax expense from continuing operations for the periods indicated:
|  | Year Ended December 31,
($ in thousands) |  | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |  |
Federal |  | $ | 12,431 |  |  | $ | 12,213 |  |  | $ | 5,506 |
State |  | 6,451 |  |  | 6,242 |  |  | 2,948 |
Foreign |  | — |  |  | — |  |  | — |
Total current income tax expense |  | 18,882 |  |  | 18,455 |  |  | 8,454 |
Deferred: |  |  |  |  |  |
Federal |  | (2,469) |  |  | (5,250) |  |  | 2,489 |
State |  | (1,378) |  |  | (2,729) |  |  | 1,614 |
Foreign |  | — |  |  | — |  |  | — |
Total deferred income tax expense (benefit) |  | (3,847) |  |  | (7,979) |  |  | 4,103 |
Total |  | $ | 15,035 |  |  | $ | 10,476 |  |  | $ | 12,557 |
The following table presents a summary of income taxes paid, net of refunds received for the periods indicated:
|  | Year Ended December 31,
($ in thousands) |  | 2025 |  | 2024 |  | 2023
Federal |  | $ | 15,120 |  |  | $ | 3,800 |  |  | $ | 2,600 |
State and local |  |  |  |  |  |
California |  | 7,115 |  |  | 2,400 |  |  | 1,460 |
All other states |  | 820 |  |  | 166 |  |  | 224 |
Total state and local |  | 7,935 |  |  | 2,566 |  |  | 1,684 |
Foreign |  | — |  |  | — |  |  | — |
Total |  | $ | 23,055 |  |  | $ | 6,366 |  |  | $ | 4,284 |
The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable statutory Federal income tax rate for the periods indicated (as reported under ASU 2023-09, on a retrospective basis):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
($ in thousands) |  | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Federal statutory income tax |  | $ | 11,023 |  |  | 21.00 | % |  | $ | 7,621 |  |  | 21.00 | % |  | $ | 9,085 |  |  | 21.00 | %
Effect of: |  |  |  |  |  |  |  |  |  |  |  |
State and local income taxes, net of federal tax benefit (1) |  | 4,007 |  |  | 7.63 | % |  | 2,775 |  |  | 7.65 | % |  | 3,604 |  |  | 8.33 | %
Tax credits: |  |  |  |  |  |  |  |  |  |  |  |
Qualified affordable housing projects tax credit |  | (798) |  |  | (1.52) | % |  | (527) |  |  | (1.45) | % |  | (492) |  |  | (1.14) | %
Nontaxable or nondeductible items |  | (31) |  |  | (0.06) | % |  | (10) |  |  | (0.03) | % |  | 21 |  |  | 0.05 | %
Other reconciling items: |  |  |  |  |  |  |  |  |  |  |  |
Qualified affordable housing projects amortization |  | 1,027 |  |  | 1.96 | % |  | 572 |  |  | 1.58 | % |  | 451 |  |  | 1.04 | %
Other |  | (193) |  |  | (0.37) | % |  | 45 |  |  | 0.12 | % |  | (112) |  |  | (0.25) | %
Total |  | $ | 15,035 |  |  | 28.64 | % |  | $ | 10,476 |  |  | 28.87 | % |  | $ | 12,557 |  |  | 29.03 | %
(1)State taxes in California made up the majority (greater than 50%) of state and local income taxes, net of federal tax benefit for the years ended December 31, 2025, 2024 and 2023. The following table presents the components of the net deferred tax assets recognized in the accompanying consolidated balance sheets as of the dates indicated:
|  | December 31,
($ in thousands) |  | 2025 |  | 2024
Deferred tax assets: |  |  |  |
Allowance for credit losses on loans |  | $ | 9,685 |  |  | $ | 8,987 |
Allowance for credit losses on off-balance sheet credit exposures |  | 448 |  |  | 349 |
Share-based compensation |  | 174 |  |  | 204 |
Unrealized loss on investment securities |  | 2,044 |  |  | 3,930 |
Operating lease liabilities |  | 5,511 |  |  | 5,478 |
State tax benefit |  | 1,350 |  |  | 1,329 |
Other |  | 804 |  |  | 598 |
Total deferred tax assets |  | 20,016 |  |  | 20,875 |
Deferred tax liabilities: |  |  |  |
Depreciation on premises and equipment |  | 1,220 |  |  | 1,030 |
Market adjustment on loans per Section 475 of the Internal Revenue Code |  | 3,801 |  |  | 6,806 |
Deferred loan origination costs |  | 724 |  |  | 636 |
Operating lease assets |  | 4,978 |  |  | 5,063 |
Other |  | 83 |  |  | 91 |
Total deferred tax liabilities |  | 10,806 |  |  | 13,626 |
Deferred tax assets, net |  | $ | 9,210 |  |  | $ | 7,249 |
The Company had no valuation allowance for deferred tax assets as of December 31, 2025 and 2024. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the temporary differences become deductible, management believes it is more likely than not that the Company will realize the benefits of these deferred tax assets, and a valuation allowance was not necessary as of December 31, 2025 and 2024. The Company and the Bank are subject to U.S. federal and various state jurisdictions income tax examinations. As of December 31, 2025, the Company is no longer subject to examination by taxing authorities for tax years before 2022 for federal taxes and before 2021 for various state jurisdictions. The statute of limitations vary by state, and state taxes other than California have been immaterial to the Company’s financial results.

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