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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 18 – INCOME TAXES The provision for income taxes (credit) consists of the following:
|  |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |
Current expense |  | $ | 10,794 |  |  | $ | 9,922 |  |  | $ | 7,626 |
Deferred expense (benefit) |  |  | (524 | ) |  |  | (1,526 | ) |  |  | (311 | )
Totals |  | $ | 10,270 |  |  | $ | 8,396 |  |  | $ | 7,315 |
Effective tax rates differ from federal statutory rate of 21% that were applied to income before income taxes due to the following:
|  |  | 2021 |  |  | 2020 |  |  | 2019 |
Statutory tax |  | $ | 13,026 |  |  | $ | 10,557 |  |  | $ | 9,046 |
Effect of nontaxable interest |  |  | (2,274 | ) |  |  | (1,896 | ) |  |  | (1,655 | )
Bank owned life insurance, net |  |  | (273 | ) |  |  | (167 | ) |  |  | (171 | )
Tax credits |  |  | (200 | ) |  |  | 23 |  |  |  | 3 |
Effect of nontaxable insurance premiums |  |  | (322 | ) |  |  | (198 | ) |  |  | (204 | )
Stock compensation |  |  | (9 | ) |  |  | 12 |  |  |  | (100 | )
Other |  |  | 322 |  |  |  | 65 |  |  |  | 396 |
Actual tax |  | $ | 10,270 |  |  | $ | 8,396 |  |  | $ | 7,315 |
Deferred tax assets (liabilities) are comprised of the following:
|  |  | 2021 |  |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 6,171 |  |  | $ | 4,650 |
Deferred and accrued compensation |  |  | 1,993 |  |  |  | 1,413 |
Deferred loan fees and costs |  |  | 531 |  |  |  | 507 |
Nonaccrual loan interest income |  |  | 571 |  |  |  | 563 |
Other-than-temporary impairment |  |  | 0 |  |  |  | 24 |
Restricted stock |  |  | 423 |  |  |  | 521 |
Lease liabilities |  |  | 1,382 |  |  |  | 1,043 |
Other |  |  | 158 |  |  |  | 0 |
Gross deferred tax assets |  | $ | 11,229 |  |  | $ | 8,721 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and amortization |  | $ | (1,391 | ) |  | $ | (748 | )
Net unrealized gain on securities available for sale |  |  | (2,461 | ) |  |  | (5,857 | )
Federal Home Loan Bank dividends |  |  | (976 | ) |  |  | (684 | )
Purchase accounting adjustments |  |  | (1,729 | ) |  |  | (1,313 | )
Mortgage servicing rights |  |  | (715 | ) |  |  | (672 | )
Prepaid expenses |  |  | (367 | ) |  |  | (274 | )
Lease right of use asset |  |  | (1,336 | ) |  |  | (1,014 | )
Other |  |  | 0 |  |  |  | (107 | )
Gross deferred tax liabilities |  |  | (8,975 | ) |  |  | (10,669 | )
Net deferred tax asset (liability) |  | $ | 2,254 |  |  | $ | (1,948 | )
No valuation allowance for deferred tax assets was recorded at December 31, 2021 and 2020. At December 31, 2021 and December 31, 2020, the Company had no unrecognized tax benefits recorded. The Company does not expect the amount of unrecognized tax benefits to significantly change within the next twelve months. The Company is subject to U.S. federal income tax. The Company is no longer subject to examination by the federal taxing authority for years prior to 2018. The tax years 2018—2020 remain open to examination by the U.S. taxing authority.

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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=121826272&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=122134291&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=121826272&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=122134291&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=121826272&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 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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