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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes |
The provision for income taxes consists of the following: |  | 2020 |  | 2019 |  | 2018
Current Federal |  | $ | 14,186 |  |  | $ | 8,263 |  |  | $ | 6,699 |
Current State |  | 2,265 |  |  | 1,004 |  |  | 412 |
Deferred Federal |  | (2,765) |  |  | 3,545 |  |  | 2,226 |
Deferred State |  | (852) |  |  | (795) |  |  | 191 |
Total |  | $ | 12,834 |  |  | $ | 12,017 |  |  | $ | 9,528 |
Schedule of Effective Income Tax Rate Reconciliation | Effective tax rates differ from the federal statutory rate of 21% for 2020, 2019 and 2018 applied to income before income taxes due to the following:
|  | 2020 |  | 2019 |  | 2018
Statutory Rate Times Pre-tax Income |  | $ | 15,759 |  |  | $ | 14,960 |  |  | $ | 11,772 |
Add (Subtract) the Tax Effect of: |  |  |  |  |  |
Income from Tax-exempt Loans and Investments |  | (2,681) |  |  | (2,246) |  |  | (2,129) |
State Income Tax, Net of Federal Tax Effect |  | 1,116 |  |  | 165 |  |  | 476 |
General Business Tax Credits |  | (1,085) |  |  | (1,039) |  |  | (914) |
Company Owned Life Insurance |  | (484) |  |  | (421) |  |  | (260) |
Other Differences |  | 209 |  |  | 598 |  |  | 583 |
Total Income Taxes |  | $ | 12,834 |  |  | $ | 12,017 |  |  | $ | 9,528 |
Schedule of Net Deferred Tax Liability | The net deferred tax liability at December 31 consists of the following:
|  | 2020 |  | 2019
Deferred Tax Assets: |  |  |  |
Allowance for Credit Losses |  | $ | 10,568 |  |  | $ | 3,466 |
Lease Liability (Operating Leases) |  | 2,055 |  |  | 2,198 |
Unrealized Loss on Securities |  | — |  |  | — |
Deferred Compensation and Employee Benefits |  | 823 |  |  | 787 |
Other-than-temporary Impairment |  | 246 |  |  | 240 |
Accrued Expenses |  | 1,200 |  |  | 1,209 |
Business Combination Fair Value Adjustments |  | 777 |  |  | 3,475 |
Pension and Postretirement Plans |  | 200 |  |  | 200 |
Other Real Estate Owned |  | 25 |  |  | 48 |
Non-Accrual Loan Interest Income |  | 678 |  |  | 554 |
Net Operating Loss Carryforward |  | 1,010 |  |  | 786 |
Other |  | 1,000 |  |  | 1,044 |
Total Deferred Tax Assets |  | 18,582 |  |  | 14,007 |
Deferred Tax Liabilities: |  |  |  |
Depreciation |  | (2,331) |  |  | (2,498) |
Leasing Activities, Net |  | (10,638) |  |  | (10,816) |
Unrealized Gain on Securities |  | (9,734) |  |  | (4,302) |
FHLB Stock Dividends |  | (206) |  |  | (245) |
Prepaid Expenses |  | (641) |  |  | (629) |
Intangibles |  | (1,670) |  |  | (2,032) |
Deferred Loan Fees |  | (730) |  |  | (589) |
Mortgage Servicing Rights |  | (9) |  |  | (75) |
Right of Use Asset (Operating Leases) |  | (2,028) |  |  | (2,180) |
Other |  | (230) |  |  | (685) |
Total Deferred Tax Liabilities |  | (28,217) |  |  | (24,051) |
Valuation Allowance |  | — |  |  | — |
Net Deferred Tax Liability |  | $ | (9,635) |  |  | $ | (10,044) |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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