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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Components of Deferred and Other Tax Assets and Liabilities

The following table sets forth the significant components of the Company's deferred and other tax assets and liabilities as of June 30, 2024 and December 31, 2023.


(Dollars in thousands)	June 30, 2024			December 31, 2023
Goodwill and other intangibles	$	42,853		$	43,034
Provision for credit losses		(12,844	)		(13,032	)
Net operating loss carryforwards (1)		(3,804	)		(3,802	)
Accrued expenses, compensation, and other assets		(5,433	)		(6,976	)
Unrealized losses on other investments		(1,971	)		(1,877	)
Total deferred tax liability		18,801			17,347
Valuation allowance		3,593			3,860
Deferred tax liability, net	$	22,394		$	21,207

(1)

As of June 30, 2024, the Company had an estimated $11.1 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 $1.2 million as of June 30, 2024.

Summary of Components of Tax Provision

The following table shows the components of the Company's tax provision for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,					Six Months Ended June 30,
(Dollars in thousands)	2024			2023		2024		2023
Current
Federal	$	4,792		$	3,873	$	6,521	$	6,456
State		1,476			1,175		2,119		1,964
Deferred
Federal		(1,916	)		204		1,200		2,450
State		(570	)		220		300		984
Net provision for income taxes	$	3,782		$	5,472	$	10,140	$	11,854

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 reported for the three and six months ended June 30, 2024 and 2023.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Statutory Federal income tax provision at 21%	$	2,603	$	4,442	$	6,361	$	9,326
State and local income taxes, net of federal income tax benefit		509		869		1,244		1,824
Non-deductible expenses		374		19		2,154		1,076
Other		296		142		381		(372	)
Total income tax provision	$	3,782	$	5,472	$	10,140	$	11,854