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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax | Income taxes were as follows for the years ended December 31:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  | $ | 8,256 |  |  | $ | 6,973 |  |  | $ | 5,111 |
State |  |  | 68 |  |  |  | 152 |  |  |  | 587 |
Deferred |  |  | (675 | ) |  |  | 483 |  |  |  | 1,319 |
Income taxes |  | $ | 7,649 |  |  | $ | 7,608 |  |  | $ | 7,017 |
Effective Tax Rates Differed from Statutory Federal Income Tax Rate | Effective tax rates differed from the statutory federal income tax rate of 21% in 2023, 2022 and 2021 due to the following:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Income taxes computed at the statutory federal tax rate |  | $ | 10,629 |  |  | $ | 9,878 |  |  | $ | 9,988 |
Add (subtract) tax effect of: |  |  |  |  |  |  |  |  |
Nontaxable interest income, net of nondeductible interest expense |  |  | (1,938 | ) |  |  | (1,666 | ) |  |  | (1,315 | )
Low income housing tax credit |  |  | (620 | ) |  |  | (679 | ) |  |  | (1,402 | )
Cash surrender value of BOLI |  |  | (233 | ) |  |  | (207 | ) |  |  | (252 | )
Other |  |  | (189 | ) |  |  | 282 |  |  |  | (2 | )
Income tax expense |  | $ | 7,649 |  |  | $ | 7,608 |  |  | $ | 7,017 |
Summary of Deferred Tax Assets and Liabilities | Year-end deferred tax assets and liabilities were due to the following:
|  | 2023 |  |  | 2022 |
Deferred tax assets |  |  |  |  |  |
Lease liability |  | $ | 343 |  |  |  | — |
Allowance for credit losses |  |  | 7,711 |  |  |  | 6,106 |
Deferred compensation |  |  | 1,155 |  |  |  | 1,143 |
Unfunded commitment liability |  |  | 819 |  |  |  | — |
Pension costs |  |  | — |  |  |  | — |
Intangible assets |  |  | 103 |  |  |  | 154 |
Net operating loss carryforward |  |  | 6 |  |  |  | 699 |
Deferred loan fees |  |  | 576 |  |  |  | 347 |
Unrealized loss on securities available for sale |  |  | 11,633 |  |  |  | 14,218 |
Unrealized loss on securities purchased |  |  | 1,976 |  |  |  | 1,966 |
Other |  |  | 923 |  |  |  | 295 |
Deferred tax asset |  |  | 25,245 |  |  |  | 24,928 |
Deferred tax liabilities |  |  |  |  |  |
Tax depreciation in excess of book depreciation |  |  | (2,625 | ) |  |  | (2,124 | )
Discount accretion on securities |  |  | (502 | ) |  |  | (244 | )
FHLB stock dividends |  |  | (223 | ) |  |  | (822 | )
Purchase accounting adjustments |  |  | (1,841 | ) |  |  | (2,220 | )
Unrealized gain on securities available for sale |  |  | — |  |  |  | — |
Right of use asset |  |  | (343 | ) |  |  | — |
Prepaids |  |  | (314 | ) |  |  | (334 | )
Other |  |  | (1,040 | ) |  |  | (735 | )
Deferred tax liability |  |  | (6,888 | ) |  |  | (6,479 | )
Net deferred tax asset |  | $ | 18,357 |  |  | $ | 18,449 |

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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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