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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 13 - INCOME TAXES Income taxes were as follows for the years ended December 31:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current |  | $ | 5,111 |  |  | $ | 6,947 |  |  | $ | 4,713 |
State |  |  | 587 |  |  |  | 270 |  |  |  | 307 |
Deferred |  |  | 1,319 |  |  |  | (2,277 | ) |  |  | 663 |
Income taxes |  | $ | 7,017 |  |  | $ | 4,940 |  |  | $ | 5,683 |
Effective tax rates differed from the statutory federal income tax rate of 21% in 2021, 2020 and 2019 due to the following:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Income taxes computed at the statutory federal tax rate |  | $ | 9,988 |  |  | $ | 7,798 |  |  | $ | 8,308 |
Add (subtract) tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
Nontaxable interest income, net of nondeductible interest expense |  |  | (1,315 | ) |  |  | (1,293 | ) |  |  | (1,194 | )
Low income housing tax credit |  |  | (1,402 | ) |  |  | (1,186 | ) |  |  | (903 | )
Cash surrender value of BOLI |  |  | (252 | ) |  |  | (205 | ) |  |  | (211 | )
Change in tax position BOLI |  |  | — |  |  |  | — |  |  |  | (353 | )
Other |  |  | (2 | ) |  |  | (174 | ) |  |  | 36 |
Income tax expense |  | $ | 7,017 |  |  | $ | 4,940 |  |  | $ | 5,683 |
Year-end deferred tax assets and liabilities were due to the following:
|  | 2021 |  |  | 2020 |
Deferred tax assets |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 5,595 |  |  | $ | 5,256 |
Deferred compensation |  |  | 1,213 |  |  |  | 1,201 |
Pension costs |  |  | 56 |  |  |  | 304 |
Intangible assets |  |  | 231 |  |  |  | 312 |
Net operating loss carryforward |  |  | — |  |  |  | 509 |
Deferred loan fees |  |  | 614 |  |  |  | 1,260 |
Other |  |  | 713 |  |  |  | 745 |
Deferred tax asset |  |  | 8,422 |  |  |  | 9,587 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Tax depreciation in excess of book depreciation |  |  | (973 | ) |  |  | (851 | )
Discount accretion on securities |  |  | (86 | ) |  |  | (10 | )
FHLB stock dividends |  |  | (969 | ) |  |  | (969 | )
Unrealized gain on securities available for sale |  |  | (3,806 | ) |  |  | (5,606 | )
Prepaids |  |  | (276 | ) |  |  | (325 | )
Other |  |  | (1,243 | ) |  |  | (979 | )
Deferred tax liability |  |  | (7,353 | ) |  |  | (8,740 | )
Net deferred tax asset |  | $ | 1,069 |  |  | $ | 847 |
No valuation allowance was established at December 31, 2021 and 2020, due to the Company’s ability to carryforward net operating losses to taxes paid in future years and certain tax strategies, coupled with the anticipated future income as evidenced by the Company’s earning potential. The Company and its subsidiaries are subject to U.S. federal income tax. The Company is subject to tax in Ohio based upon its net worth and in Indiana based upon its net income. There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company’s federal tax returns for taxable years through 201 7 have been closed for purposes of examination by the Internal Revenue Service.

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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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