Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income tax is summarized as follows for the years ended December 31,:

	2021		2020		2019
Current	$	5,533	$	12,957	$	(175)
Deferred	3,145		(3,377)		1,611
Total income tax expense	$	8,678	$	9,580	$	1,436

Reconciliation of the Statutory U.S. Federal Income Tax Rate to Income Before Provision for Income Taxes

A reconciliation of the provision for income taxes, with the amount computed by applying the statutory U.S. federal income tax rates to income before provision for income taxes is as follows for the years ended December 31,:

	2021		2020		2019
Income tax provision computed at U.S. federal statutory rate	$	10,887	$	12,005	$	4,607
State tax expense, net of U.S. federal effect	1,836		1,536		928
Tax exempt interest	(4,562)		(4,381)		(2,912)
Net increase in cash surrender value of BOLI	(268)		(269)		(369)
Non-deductible professional fees	648		—		—
Carryback claim refund	—		—		(1,512)
Other	137		689		694
Income tax provision	$	8,678	$	9,580	$	1,436
Effective tax provision rate	16.7%		16.8%		6.5%

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows as of December 31,:

	2021		2020
Deferred tax assets:
Federal and state net operating loss	$	16,266	$	17,534
Allowance for loan losses	11,207		12,352
Deferred compensation	4,720		3,113
Share-based compensation	2,235		1,981
Deferred loan fees	2,059		—
Accrued expenses	1,039		2,126
State tax credits	48		388
Other real estate owned and foreclosed assets	40		44
Fair value adjustments on loans	35		528
Fair value adjustments on deposits	—		12
Other	2,120		2,934
Total deferred tax assets	39,769		41,012
Deferred tax liabilities:
Mortgage servicing rights	11,170		7,537
Fair value adjustments on intangible assets	1,731		1,929
Prepaid expenses	1,078		856
Fair value adjustments on debt	1,029		1,267
Premises and equipment	1,018		1,799
Unrealized gain on securities	541		2,956
FHLB stock	165		181
Loan commitments	—		712
Other	7		12
Total deferred tax liabilities	16,739		17,249
Total deferred tax assets, net	$	23,030	$	23,763