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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 14 - INCOME TAXES 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 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 |
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 |
NOTE 14 - INCOME TAXES (Continued) At December 31, 2023, the Company had $30 in net operating losses subject to 382 limitations. No valuation allowance was established at December 31, 2023 and 2022, 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. 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 2019 h ave been closed for purposes of examination by the Internal Revenue Service.

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