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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following is a summary of income tax expense for the years ended December 31, 2020, December 31, 2019, and December 31, 2018:
| December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
Current – federal | $ | 8,290 |  |  | $ | 8,265 |  |  | $ | 7,520 |
Current – state | 729 |  |  | 499 |  |  | 66 |
Deferred – federal | (1,672) |  |  | (204) |  |  | (1,076) |
Income tax expense | $ | 7,347 |  |  | $ | 8,560 |  |  | $ | 6,510 |
The reconciliation of income tax attributable to pre-tax income at the federal statutory tax rates to income tax expense is as follows:
| December 31, 2020 |  | % |  | December 31, 2019 |  | % |  | December 31, 2018 |  | %
Tax at statutory rate | $ | 8,419 |  |  | 21.0 |  |  | $ | 10,214 |  |  | 21.0 |  |  | $ | 8,448 |  |  | 21.0 |
Tax exempt income, net | (1,223) |  |  | (3.1) |  |  | (1,382) |  |  | (2.8) |  |  | (1,403) |  |  | (3.5) |
Bank owned life insurance | (367) |  |  | (0.9) |  |  | (276) |  |  | (0.6) |  |  | (296) |  |  | (0.7) |
Effect of state tax | 576 |  |  | 1.4 |  |  | 394 |  |  | 0.8 |  |  | 52 |  |  | 0.1 |
Other | (58) |  |  | (0.1) |  |  | (390) |  |  | (0.8) |  |  | (291) |  |  | (0.7) |
Income tax expense | $ | 7,347 |  |  | 18.3 |  |  | $ | 8,560 |  |  | 17.6 |  |  | $ | 6,510 |  |  | 16.2 |
The following table sets forth deferred taxes as of December 31, 2020 and December 31, 2019 based on the U.S. statutory federal income tax rate of 21%.
| December 31, 2020 |  | December 31, 2019
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 6,751 |  |  | $ | 4,014 |
Fair value adjustments – business combination | 1,685 |  |  | 854 |
Deferred compensation | 2,787 |  |  | 2,405 |
Net operating loss carryover | 346 |  |  | 0 |
Post-retirement benefits | 722 |  |  | 754 |
Unrealized loss on interest rate swap | 161 |  |  | 102 |
Nonaccrual loan interest | 478 |  |  | 557 |
Accrued expenses | 681 |  |  | 1,210 |
Deferred fees and costs | 1,613 |  |  | 472 |
Operating lease liability | 4,214 |  |  | 4,216 |
Other | 300 |  |  | 381 |
| 19,738 |  |  | 14,965 |
Deferred tax liabilities: |  |  |
Unrealized gain on securities available for sale | 4,077 |  |  | 1,913 |
Premises and equipment | 2,997 |  |  | 2,089 |
Unrealized gain on trading securities | 294 |  |  | 340 |
Intangibles – section 197 | 2,399 |  |  | 2,305 |
Mortgage servicing rights | 321 |  |  | 330 |
Operating lease asset | 4,079 |  |  | 4,136 |
Other | 293 |  |  | 259 |
| 14,460 |  |  | 11,372 |
Net deferred tax asset | $ | 5,278 |  |  | $ | 3,593 |
At December 31, 2020 and December 31, 2019, the Corporation had no unrecognized tax benefits. The Corporation does not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months. The Corporation recognizes interest and/or penalties related to income tax matters as part of income tax expense. At December 31, 2020, 2019 and 2018, there were no amounts accrued for interest and/or penalties and no amounts recorded as expense for the years ending December 31, 2020, 2019, and 2018. The Corporation and its subsidiaries are subject to U.S. federal income tax, as well as various filing various state returns. The Corporation is no longer subject to examination by the taxing authorities for years prior to 2016. Tax years 2017 through 2020 are open to examination.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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