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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The consolidated provision for income taxes was as follows as of December 31:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current federal tax expense |  | $ | 8,893 |  |  | $ | 10,542 |  |  | $ | 6,097 |
Deferred federal tax benefit |  |  | (143 | ) |  |  | (4,647 | ) |  |  | (319 | )
Total |  | $ | 8,750 |  |  | $ | 5,895 |  |  | $ | 5,778 |
Schedule of Effective Income Tax Rate Reconciliation | The provision for federal income taxes differs from that computed by applying federal statutory rates to income before federal income tax expense, as indicated in the following analysis as of December 31:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Federal statutory income tax at 21% |  | $ | 10,197 |  |  | $ | 6,992 |  |  | $ | 6,732 |
Tax exempt interest income |  |  | (1,043 | ) |  |  | (1,065 | ) |  |  | (1,027 | )
Earnings of bank owned life insurance |  |  | (235 | ) |  |  | (182 | ) |  |  | (192 | )
Nondeductible expenses |  |  | 180 |  |  |  | 356 |  |  |  | 462 |
Other |  |  | (349 | ) |  |  | (206 | ) |  |  | (197 | )
Total |  | $ | 8,750 |  |  | $ | 5,895 |  |  | $ | 5,778 |
Schedule of Deferred Tax Asset and Liabilities | The following table summarizes the components of our deferred tax assets and liabilities as of December 31, 2021 and 2020. Our net deferred tax assets are included in other assets in the accompanying consolidated balance sheets.
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 6,391 |  |  | $ | 7,060 |
Deferred compensation |  |  | 1,043 |  |  |  | 920 |
Bonus accrual |  |  | 499 |  |  |  | 422 |
Deferred loan fees, net |  |  | 253 |  |  |  | 259 |
Accretion of acquisition allowance |  |  | 72 |  |  |  | 112 |
Other real estate owned |  |  | — |  |  |  | 2 |
Other |  |  | 397 |  |  |  | 437 |
Total deferred tax assets |  |  | 8,655 |  |  |  | 9,212 |
Deferred tax liabilities: |  |  |  |  |  |
Unrealized gain on available for sale securities |  |  | (122 | ) |  |  | (3,717 | )
Premises and equipment |  |  | (2,138 | ) |  |  | (2,721 | )
Prepaid expenses |  |  | (306 | ) |  |  | (343 | )
Intangibles |  |  | (266 | ) |  |  | (350 | )
Other |  |  | (46 | ) |  |  | (42 | )
Total deferred tax liabilities |  |  | (2,878 | ) |  |  | (7,173 | )
Net deferred tax asset |  | $ | 5,777 |  |  | $ | 2,039 |

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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=121826272&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=121826272&loc=d3e32537-109319 + Details
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