Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

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 March 31, 2024 and December 31, 2023.

(Dollars in thousands)	March 31, 2024			December 31, 2023
Goodwill and other intangibles	$	42,943		$	43,034
Provision for credit losses		(12,005	)		(13,032	)
Net operating loss carryforwards (1)		(3,803	)		(3,802	)
Accrued expenses, compensation, and other assets		(4,794	)		(6,976	)
Unrealized gains on other investments		(868	)		(1,877	)
Total deferred tax liability		21,473			17,347
Valuation allowance		3,373			3,860
Deferred tax liability, net	$	24,846		$	21,207

(1)As of March 31, 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 March 31, 2024.

Summary of Components of Tax Provision

The following table shows the components of the Company's tax provision for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Current
Federal	$	1,729	$	2,583
State		643		789
Deferred
Federal		3,116		2,246
State		870		764
Net provision for income taxes	$	6,358	$	6,382

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 months ended March 31, 2024 and 2023.

	Three Months Ended March 31,
(Dollars in thousands)	2024		2023
Statutory Federal income tax provision at 21%	$	3,758	$	4,884
State and local income taxes, net of federal income tax benefit		735		955
Non-deductible expenses		1,780		1,058
Other		85		(515	)
Total income tax provision	$	6,358	$	6,382