Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefits)
The (benefit) provision for income taxes are as follows:
Year Ended December 31,
2021 2020 2019
(dollars in thousands)
Current:
Federal $ 11,507  $ 833  $ 4,766 
State 5,314  1,104  2,505 
Current tax provision 16,821  1,937  7,271 
 
Deferred:
Federal (2,425) (3,602) (705)
State (401) (1,416) (407)
Deferred tax benefit (2,826) (5,018) (1,112)
 
Total income tax (benefit) provision, net $ 13,995  $ (3,081) $ 6,159 
Schedule of Effective Income Tax Rate Reconciliation
The provision for income taxes varies from the U.S. federal statutory rate. The following reconciliation shows the significant differences in the tax at statutory and effective rates:
Year Ended December 31,
2021 2020 2019
Federal income tax expense 21.0  % 21.0  % 21.0  %
State income tax expense, net of federal tax effect 5.6  5.7  6.9 
Permanent differences (0.6) (0.3) 0.1 
162(m) limitation (1.3) —  — 
PPP loan 1.8  —  — 
Energy efficient home credit (6.2) 5.6  (5.4)
Return to provision adjustment 0.4  (3.5) (1.2)
Rate change 0.1  (3.2) 0.2 
Change of valuation allowance 0.2  —  — 
Effective tax rate 21.0  % 25.3  % 21.6  %
Schedule of Deferred Tax Assets and Liabilities The tax effects of
significant temporary differences that give rise to the deferred tax assets, net of deferred tax liabilities, are as follows:
December 31,
2021 2020
(dollars in thousands)
Deferred tax assets
Accrued expenses $ 3,764  $ 15,208 
Lease liability 3,479  1,748 
Allowance, reserves, and other 1,118  225 
Net operating loss and credit carryforward 87  25 
Stock compensation 905  — 
UNICAP 1,677  — 
Goodwill and intangibles 606  — 
Basis difference in investments 108  — 
Deferred tax asset 11,744  17,206 
Less: Valuation allowance (128) — 
Deferred tax asset, net 11,616  17,206 
 
Deferred tax liabilities
Right-of-use asset (3,321) (1,635)
Basis difference in fixed assets and intangible assets (1,025) (1,457)
Basis difference in investments —  (866)
Deferred tax liability (4,346) (3,958)
 
Net deferred tax asset $ 7,270  $ 13,248