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Income Taxes | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 14 - INCOME TAXES 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 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 |
NOTE 14 - INCOME TAXES (Continued) 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 |
No valuation allowance was established at December 31, 2022 and 2021, 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 files income tax returns in the U.S. Federal and various state jurisdictions. The Company records interest and penalties, if any, in other interest 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 2018 h ave been closed for purposes of examination by the Internal Revenue Service. At December 21, 2022, the Company had $3.3 million in net operating losses subject to 382 limitations. No valuation allowance is recorded as these are expected to be fully utilized and have no expiration.

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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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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