Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Summary of Components of Deferred and Other Tax Assets and Liabilities

The following table sets forth the significant components of our deferred and other tax assets and liabilities as of June 30, 2022 and December 31, 2021.

(Dollars in thousands)	June 30, 2022			December 31, 2021
Goodwill and other intangibles	$	(43,637	)	$	(43,894	)
Provision for loan losses		11,065			11,057
Net operating loss carryforwards (1)		4,661			12,167
Accrued expenses, compensation, and other assets		2,961			2,579
Unrealized gains on other investments		3,197			2,176
Total deferred tax liability		(21,753	)		(15,915	)
Valuation allowance		(2,295	)		(2,295	)
Deferred tax liability, net	$	(24,048	)	$	(18,210	)

(1)As of June 30, 2022, the Company and its subsidiaries had an estimated $22.5 million of net operating loss carryforwards, $1.7 million of which expires at various dates between December 31, 2026 and December 31, 2035, which had a net carrying value of $2.4 million as of June 30, 2022.

Summary of Components of Tax Provision

The components of our tax provision for the three and six months ended June 30, 2022 and 2021 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2022		2021		2022		2021
Current
Federal	$	984	$	795	$	1,488	$	795
State		447		100		769		270
Deferred
Federal		2,378		3,001		5,598		6,054
State		1,047		2,632		1,832		3,287
Net provision for income taxes	$	4,856	$	6,528	$	9,687	$	10,406

Summary of Reconciliation of Statutory Federal Income Tax Provision to Consolidated Actual Income Tax Provision

The following table presents a reconciliation of statutory federal income tax provision to consolidated actual income tax provision for the three and six months ended June 30, 2022 and 2021.

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands)	2022			2021			2022			2021
Statutory Federal income tax provision at 21%	$	4,130		$	3,805		$	7,529		$	6,524
State and local income taxes, net of federal income tax		808			743			1,473			1,275
Change in state income tax accruals		—			1,833			—			1,833
Change in effective state income tax rates and accrual		—			1,399			—			1,369
Income attributable to non-controlling interest		—			(47	)		—			(266	)
Non deductible expenses		362			(385	)		1,075			(213	)
Other		(444	)		(820	)		(390	)		(116	)
Total income tax provision	$	4,856		$	6,528		$	9,687		$	10,406