Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019 consists of the following:

	For the Years Ended December 31,
	2021			2020			2019
	(in thousands)
Federal:
Current	$	6,107		$	2,065		$	878
Deferred		646			(839	)		(1,436	)
		6,753			1,226			(558	)
State and local:
Current		842			281			296
Deferred		1,733			(353	)		(3,002	)
		2,575			(72	)		(2,706	)
Changes in valuation allowance		(1,119	)		228			2,340
Provision (benefit) for income taxes	$	8,209		$	1,382		$	(924	)

Schedule of Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for 2021, 2020 and 2019 to income before income taxes as a result of the following:

	For the Years Ended December 31,
	2021			2020			2019
	(in thousands)
Income tax, at federal rate	$	7,195		$	1,099		$	(1,270	)
State and local tax, net of federal taxes		2,034			(57	)		(2,128	)
Valuation allowance, net of the federal benefit		(1,119	)		228			2,340
Other		99			112			134
Provision (benefit) for income taxes	$	8,209		$	1,382		$	(924	)

Schedule of Significant Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are presented below:

	At December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Allowance for losses on loans	$	5,254	$	4,846
Deferred loan fees		214		—
Interest on nonaccrual loans		102		792
Unrealized loss on available-for-sale securities		399		—
Amortization of intangible assets		50		70
Deferred rent payable		152		120
Depreciation of premises and equipment		—		79
Net operating losses		3,280		3,990
Charitable contribution carryforward		366		1,366
Compensation and benefits		456		326
Other		264		78
Total gross deferred tax assets		10,537		11,667
Deferred tax liabilities:
Depreciation of premises and equipment		1,301		—
Deferred loan fees		—		475
Unrealized loss on available-for-sale securities		—		25
Other		63		39
Total gross deferred tax liabilities		1,364		539
Valuation allowance		5,353		6,472
Net deferred tax assets	$	3,820	$	4,656

Schedule of Deferred Tax Expense (Benefit) Allocated Between Operations and Equity

The deferred tax expense (benefit) has been allocated between operations and equity as follows:

	For the Years Ended December 31,
	2021			2020			2019
	(in thousands)
Equity	$	(424	)	$	32		$	2,186
Operations		1,260			(964	)		(2,099	)
	$	836		$	(932	)	$	87