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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Provision for Income Taxes (Credit) | The provision for income taxes (credit) consists of the following:
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Current expense |  | $ | 7,626 |  |  | $ | 6,123 |  |  | $ | 9,451 |
Deferred expense (benefit) |  |  | (311 | ) |  |  | (409 | ) |  |  | 999 |
TOTALS |  | $ | 7,315 |  |  | $ | 5,714 |  |  | $ | 10,450 |
Effective Tax Rates Differ from Federal Statutory Rate | Effective tax rates differ from federal statutory rate of 21% in 2019 and 2018 and 35% in 2017 that were applied to income before income taxes due to the following:
|  |  | 2019 |  |  | 2018 |  |  | 2017 |
Statutory tax |  | $ | 9,046 |  |  | $ | 8,039 |  |  | $ | 11,606 |
Effect of nontaxable interest |  |  | (1,655 | ) |  |  | (1,439 | ) |  |  | (2,054 | )
Bank owned life insurance, net |  |  | (171 | ) |  |  | (182 | ) |  |  | (291 | )
Tax credits |  |  | 3 |  |  |  | 24 |  |  |  | (371 | )
Effect of nontaxable insurance premiums |  |  | (204 | ) |  |  | (188 | ) |  |  | (348 | )
Stock compensation |  |  | (100 | ) |  |  | (486 | ) |  |  | 0 |
Impact of enactment of federal tax reform |  |  | 0 |  |  |  | 0 |  |  |  | 1,793 |
Nondeductible acquisition costs |  |  | 0 |  |  |  | 0 |  |  |  | 70 |
Other |  |  | 396 |  |  |  | (54 | ) |  |  | 45 |
ACTUAL TAX |  | $ | 7,315 |  |  | $ | 5,714 |  |  | $ | 10,450 |
Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) are comprised of the following:
|  |  | 2019 |  |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 3,032 |  |  | $ | 2,837 |
Net unrealized loss on securities available for sale |  |  | 0 |  |  |  | 1,040 |
Deferred and accrued compensation |  |  | 1,194 |  |  |  | 1,065 |
Deferred loan fees and costs |  |  | 584 |  |  |  | 580 |
Nonaccrual loan interest income |  |  | 429 |  |  |  | 432 |
Other-than-temporary impairment |  |  | 0 |  |  |  | 25 |
Restricted stock |  |  | 456 |  |  |  | 431 |
Lease liabilities |  |  | 669 |  |  |  | 0 |
Other |  |  | 46 |  |  |  | 94 |
Gross deferred tax assets |  | $ | 6,410 |  |  | $ | 6,504 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | (577 | ) |  | $ | (467 | )
Net unrealized gain on securities available for sale |  |  | (2,612 | ) |  |  | 0 |
Federal Home Loan Bank dividends |  |  | (658 | ) |  |  | (658 | )
Purchase accounting adjustments |  |  | (359 | ) |  |  | (552 | )
Mortgage servicing rights |  |  | (363 | ) |  |  | (308 | )
Prepaid expenses |  |  | (224 | ) |  |  | (204 | )
Lease right of use asset |  |  | (655 | ) |  |  | 0 |
Other |  |  | 0 |  |  |  | (12 | )
Gross deferred tax liabilities |  |  | (5,448 | ) |  |  | (2,201 | )
NET DEFERRED TAX ASSET |  | $ | 962 |  |  | $ | 4,303 |

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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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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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