Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company’s effective tax rate was 30.0% and 26.1% for the three and nine months ended September 30, 2023, respectively. The Company’s effective tax rate was 26.1% and 26.5% for the three and nine months ended September 30, 2022, respectively.

Net deferred tax assets totaled $16.5 million and $18.0 million at September 30, 2023 and December 31, 2022, respectively. The Company did not record a valuation allowance for deferred tax assets at September 30, 2023 or December 31, 2022.

The components of income tax expense were as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2023		2022			2023		2022
	(dollars in thousands)
Current income tax expense
Federal	$	1,747	$	4,058		$	4,779	$	9,021
State		723		1,863			1,934		3,847
Total current income tax expense	$	2,470	$	5,921		$	6,713	$	12,868
Deferred income tax expense (benefit)
Federal	$	231	$	(529	)	$	1,768	$	1,435
State		107		(240	)		736		668
Total deferred income tax expense (benefit)		338		(769	)		2,504		2,103
Total income tax expense	$	2,808	$	5,152		$	9,217	$	14,971