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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax

Income taxes were as follows for the years ended December 31:

		2020				2019				2018
Current		$	6,947			$	4,713			$	2,444
State			270				307				45
Deferred			( 2,277	)			663				151
Income taxes		$	4,940			$	5,683			$	2,640

Effective Tax Rates Differed from Statutory Federal Income Tax Rate

Effective tax rates differed from the statutory federal income tax rate of 21% in 2020, 2019 and 2018 due to the following:

		2020				2019				2018
Income taxes computed at the statutory federal tax    rate		$	7,798			$	8,308			$	3,524
Add (subtract) tax effect of:
Nontaxable interest income, net of nondeductible    interest expense			( 1,293	)			( 1,194	)			( 834	)
Low income housing tax credit			( 1,186	)			( 903	)			( 903	)
Cash surrender value of BOLI			( 205	)			( 211	)			( 143	)
Nondeductible merger costs			—				—				1,034
Change in tax position BOLI			—				( 353	)			—
Other			( 174	)			36				( 38	)
Income tax expense		$	4,940			$	5,683			$	2,640

Summary of Deferred Tax Assets and Liabilities

Year-end deferred tax assets and liabilities were due to the following:

		2020				2019
Deferred tax assets
Allowance for loan losses		$	5,256			$	3,245
Deferred compensation			1,201				1,191
Pension costs			304				81
Intangible assets			312				394
Purchase accounting adjustments			—				226
Net operating loss carryforward			509				1,081
Deferred loan fees			1,260				102
Other			745				118
Deferred tax asset			9,587				6,438
Deferred tax liabilities
Tax depreciation in excess of book depreciation			( 851	)			( 808	)
Discount accretion on securities			( 10	)			( 18	)
FHLB stock dividends			( 969	)			( 969	)
Unrealized gain on securities available for sale			( 5,606	)			( 3,424	)
Pension costs			—				—
Prepaids			( 325	)			( 326	)
BOLI			—				—
Other			( 979	)			( 359	)
Deferred tax liability			( 8,740	)			( 5,904	)
Net deferred tax asset		$	847			$	534

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 12
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