Income Taxes (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Balances of the Company's tax credit Investments and Related Unfunded Commitment | The following table presents the balances of the Company's tax credit investments and related unfunded commitments at June 30, 2025 and December 31, 2024:
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| Schedule of Other Information related to the Company's Tax Credit Investments | The following table presents other information related to the Company's tax credit investments at June 30, 2025 and December 31, 2024:
On June 27, 2025, California Senate Bill 132 ("SB 132") was passed and signed into law by Governor Newsom. Effective for taxable years beginning on or after January 1, 2025, SB 132 amends California Revenue and Tax Code ("CRTC") to require financial institutions to apportion income using the single sales factor formula. Prior to this change, businesses were required by CRTC Section 25128 (b) to use an evenly weighted three-factor apportionment formula contemplating a payroll factor, property and sales factor. The impact on the Company's tax expense as of June 30, 2025 is not material. The Company will continue to evaluate the impact of this bill on its deferred tax assets and liabilities. |
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