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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Provision for Income Taxes (Credit) | The provision for income taxes (credit) consists of the following:
|  |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Current expense |  | $ | 10,885 |  |  | $ | 10,794 |  |  | $ | 9,922 |
Deferred expense (benefit) |  |  | 1,353 |  |  |  | (524 | ) |  |  | (1,526 | )
Totals |  | $ | 12,238 |  |  | $ | 10,270 |  |  | $ | 8,396 |
Effective Tax Rates Differ from Federal Statutory Rate | Effective tax rates differ from federal statutory rate of 21% that were applied to income before income taxes due to the following:
|  |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Statutory tax |  | $ | 15,295 |  |  | $ | 13,026 |  |  | $ | 10,557 |
Effect of nontaxable interest |  |  | (2,591 | ) |  |  | (2,274 | ) |  |  | (1,896 | )
Bank owned life insurance, net |  |  | (380 | ) |  |  | (273 | ) |  |  | (167 | )
Tax credits |  |  | (194 | ) |  |  | (200 | ) |  |  | 23 |
Effect of nontaxable insurance premiums |  |  | (318 | ) |  |  | (322 | ) |  |  | (198 | )
Stock compensation |  |  | (63 | ) |  |  | (9 | ) |  |  | 12 |
Other |  |  | 489 |  |  |  | 322 |  |  |  | 65 |
Actual tax |  | $ | 12,238 |  |  | $ | 10,270 |  |  | $ | 8,396 |
Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) are comprised of the following:
|  |  | 2022 |  |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 5,665 |  |  | $ | 6,171 |
Net unrealized loss on securities available for sale |  |  | 55,962 |  |  |  | 0 |
Deferred and accrued compensation |  |  | 1,748 |  |  |  | 1,993 |
Deferred loan fees and costs |  |  | 275 |  |  |  | 531 |
Nonaccrual loan interest income |  |  | 648 |  |  |  | 571 |
Restricted stock |  |  | 501 |  |  |  | 423 |
Lease liabilities |  |  | 1,841 |  |  |  | 1,382 |
Other |  |  | 0 |  |  |  | 158 |
Gross deferred tax assets |  | $ | 66,640 |  |  | $ | 11,229 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation and amortization |  | $ | (1,485 | ) |  | $ | (1,391 | )
Net unrealized gain on securities available for sale |  |  | 0 |  |  |  | (2,461 | )
Federal Home Loan Bank dividends |  |  | (904 | ) |  |  | (976 | )
Purchase accounting adjustments |  |  | (1,862 | ) |  |  | (1,729 | )
Mortgage servicing rights |  |  | (700 | ) |  |  | (715 | )
Prepaid expenses |  |  | (365 | ) |  |  | (367 | )
Lease right of use asset |  |  | (1,766 | ) |  |  | (1,336 | )
Other |  |  | (234 | ) |  |  | 0 |
Gross deferred tax liabilities |  |  | (7,316 | ) |  |  | (8,975 | )
Net deferred tax asset |  | $ | 59,324 |  |  | $ | 2,254 |

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