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Income Taxes (Tables) | 12 Months Ended
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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 |

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