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Income Taxes
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
9.
INCOME TAXES

The provision for income taxes was $1.4 million and $0.8 million for the nine months ended September 30, 2022 and 2021, respectively. The Company’s effective tax rate was 23.7% and 21.9%, respectively, for the same periods. The effective tax rate is impacted by recurring permanent differences, such as those associated with bank-owned life insurance and tax-exempt investment and loan income.

The Company had a net deferred tax asset of $5.1 million and $2.5 million as of September 30, 2022 and December 31, 2021, respectively. The net deferred tax asset, which is included on the balance sheet in other assets, is impacted by changes in the fair value of securities available-for-sale and cash flow hedges, changes in net operating loss carryforwards and other book-to-tax temporary differences.