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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense | The following is a summary of income tax expense for the years ended December 31, 2019, 2018, and 2017:
| 2019 |  | 2018 |  | 2017
Current – federal | $ | 8,265 |  |  | $ | 7,520 |  |  | $ | 8,978 |
Current – state | 499 |  |  | 66 |  |  | 29 |
Deferred – federal | (204 | ) |  | (1,076 | ) |  | 376 |
Deferred tax adjustment related to reduction in U.S. federal statutory income tax rate | 0 |  |  | 0 |  |  | 3,009 |
Income tax expense | $ | 8,560 |  |  | $ | 6,510 |  |  | $ | 12,392 |
Reconciliation of Income Tax Attributable to Pre-Tax Income at Federal Statutory Tax Rates to Income Tax Expense | The reconciliation of income tax attributable to pre-tax income at the federal statutory tax rates to income tax expense is as follows:
| 2019 |  | % |  | 2018 |  | % |  | 2017 |  | %
Tax at statutory rate | $ | 10,214 |  |  | 21.0 |  |  | $ | 8,448 |  |  | 21.0 |  |  | $ | 12,688 |  |  | 35.0 |
Tax exempt income, net | (1,382 | ) |  | (2.8 | ) |  | (1,403 | ) |  | (3.5 | ) |  | (1,899 | ) |  | (5.2 | )
Deferred tax adjustment related to reduction in U.S. federal statutory income tax rate | 0 |  |  | 0.0 |  |  | 0 |  |  | 0.0 |  |  | 3,009 |  |  | 8.3 |
Bank owned life insurance | (276 | ) |  | (0.6 | ) |  | (296 | ) |  | (0.7 | ) |  | (581 | ) |  | (1.6 | )
Other | 4 |  |  | 0.0 |  |  | (239 | ) |  | (0.6 | ) |  | (825 | ) |  | (2.3 | )
Income tax expense | $ | 8,560 |  |  | 17.6 |  |  | $ | 6,510 |  |  | 16.2 |  |  | $ | 12,392 |  |  | 34.2 |
Components of Net Deferred Tax Asset | The following table sets forth deferred taxes as of December 31, 2019 and 2018 based on the enacted U.S. statutory federal income tax rate of 21%.
| 2019 |  | 2018
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 4,014 |  |  | $ | 3,088 |
Fair value adjustments – business combination | 854 |  |  | 966 |
Deferred compensation | 2,405 |  |  | 2,056 |
Post-retirement benefits | 754 |  |  | 836 |
Unrealized loss on interest rate swap | 102 |  |  | 42 |
Nonaccrual loan interest | 557 |  |  | 589 |
Accrued expenses | 1,210 |  |  | 1,254 |
Deferred fees and costs | 472 |  |  | 588 |
Unrealized loss on securities available for sale | 0 |  |  | 940 |
Operating lease liability | 4,216 |  |  | 0 |
Other | 381 |  |  | 366 |
| 14,965 |  |  | 10,725 |
Deferred tax liabilities: |  |  |
Unrealized gain on securities available for sale | 1,913 |  |  | 0 |
Premises and equipment | 2,089 |  |  | 1,459 |
Unrealized gain on trading securities | 340 |  |  | 63 |
Intangibles – section 197 | 2,305 |  |  | 2,414 |
Mortgage servicing rights | 330 |  |  | 314 |
Operating lease asset | 4,136 |  |  | 0 |
Other | 259 |  |  | 178 |
| 11,372 |  |  | 4,428 |
Net deferred tax asset | $ | 3,593 |  |  | $ | 6,297 |

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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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