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Income Taxes (Tables)

12 Months Ended

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
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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
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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
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