XML 68 R48.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income Tax | Income taxes were as follows for the years ended December 31:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current |  | $ | 6,973 |  |  | $ | 5,111 |  |  | $ | 6,947 |
State |  |  | 152 |  |  |  | 587 |  |  |  | 270 |
Deferred |  |  | 483 |  |  |  | 1,319 |  |  |  | (2,277 | )
Income taxes |  | $ | 7,608 |  |  | $ | 7,017 |  |  | $ | 4,940 |
Effective Tax Rates Differed from Statutory Federal Income Tax Rate | Effective tax rates differed from the statutory federal income tax rate of 21% in 2022, 2021 and 2020 due to the following:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Income taxes computed at the statutory federal tax rate |  | $ | 9,878 |  |  | $ | 9,988 |  |  | $ | 7,798 |
Add (subtract) tax effect of: |  |  |  |  |  |  |  |  |
Nontaxable interest income, net of nondeductible interest expense |  |  | (1,666 | ) |  |  | (1,315 | ) |  |  | (1,293 | )
Low income housing tax credit |  |  | (679 | ) |  |  | (1,402 | ) |  |  | (1,186 | )
Cash surrender value of BOLI |  |  | (207 | ) |  |  | (252 | ) |  |  | (205 | )
Other |  |  | 282 |  |  |  | (2 | ) |  |  | (174 | )
Income tax expense |  | $ | 7,608 |  |  | $ | 7,017 |  |  | $ | 4,940 |
Summary of Deferred Tax Assets and Liabilities | Year-end deferred tax assets and liabilities were due to the following:
|  | 2022 |  |  | 2021 |
Deferred tax assets |  |  |  |  |  |
Allowance for loan losses |  | $ | 6,106 |  |  | $ | 5,595 |
Deferred compensation |  |  | 1,143 |  |  |  | 1,213 |
Pension costs |  |  | — |  |  |  | 56 |
Intangible assets |  |  | 154 |  |  |  | 231 |
Net operating loss carryforward |  |  | 699 |  |  |  | — |
Deferred loan fees |  |  | 347 |  |  |  | 614 |
Unrealized gain on securities available for sale |  |  | 14,218 |  |  |  | — |
Unrealized gain on securities purchased |  |  | 1,966 |  |  |  | 258 |
Other |  |  | 295 |  |  |  | 455 |
Deferred tax asset |  |  | 24,928 |  |  |  | 8,422 |
Deferred tax liabilities |  |  |  |  |  |
Tax depreciation in excess of book depreciation |  |  | (2,124 | ) |  |  | (973 | )
Discount accretion on securities |  |  | (244 | ) |  |  | (86 | )
FHLB stock dividends |  |  | (822 | ) |  |  | (969 | )
Purchase accounting adjustments |  |  | (2,220 | ) |  |  | — |
Unrealized gain on securities available for sale |  |  | — |  |  |  | (3,806 | )
Prepaids |  |  | (334 | ) |  |  | (276 | )
Other |  |  | (735 | ) |  |  | (1,243 | )
Deferred tax liability |  |  | (6,479 | ) |  |  | (7,353 | )
Net deferred tax asset |  | $ | 18,449 |  |  | $ | 1,069 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration