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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

The following table presents the components of income taxes expense (benefit) for the years ended December 31, 2021, 2020 and 2019:

						Year Ended December 31,
($ in thousands)						2021						2020						2019
Current income tax expense:
Federal						$	9,243					$	4,837					$	3,162
State						4,885						2,596						1,983
Total current income tax expense						14,128						7,433						5,145
Deferred income tax (benefit) expense:
Federal						(1,614)						(1,516)						228
State						(698)						(810)						(54)
Total deferred income tax (benefit) expense						(2,312)						(2,326)						174
Total income tax expense						$	11,816					$	5,107					$	5,319

Summary of Effective Tax Rates Differ from Federal Statutory Rates

The following table presents a reconciliation of the applicable statutory U.S. federal income tax rate to the effective tax rate for the periods indicated:

						Year Ended December 31,
						2021						2020						2019
Federal statutory income tax rate						21.0		%				21.0		%				21.0		%
Increase (decrease) in tax rate resulting from:
Meals and entertainment						—		%				0.2		%				0.2		%
State income taxes, net of federal tax benefit						8.5		%				8.3		%				7.3		%
Stock option expense and related excess tax benefits						0.1		%				(0.7)		%				(1.9)		%
Company owned life insurance						(0.1)		%				(0.3)		%				(1.4)		%
Other, net						(0.4)		%				(0.5)		%				(1.0)		%
Effective tax rate						29.1		%				28.0		%				24.2		%

Summary of Net Deferred Tax Assets Included in Statement of Financial Position

The significant components of deferred tax assets and liabilities are reflected in the following table:

						December 31,
($ in thousands)						2021						2020
Deferred tax assets:
Organizational costs						$	22					$	25
Allowance for loan losses						4,827						4,717
Loans held for sale						2,919						695
Stock-based compensation						211						515
Accrued compensation						238						181
Lease liability						3,047						2,492
State taxes						1,059						586
Net unrealized loss on AFS debt securities						503						—
Nonaccrual loan interest income						62						7
Other						49						23
Total deferred tax assets						12,937						9,241
Deferred tax liabilities:
Loan origination costs						(1,477)						(1,110)
Depreciation						(379)						(487)
Right of use asset						(2,633)						(2,006)
Net unrealized gain on AFS debt securities						—						(352)
Other						(39)						(44)
Total deferred tax liabilities						(4,528)						(3,999)
Net deferred tax asset						$	8,409					$	5,242

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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