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Federal Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for the years ended December 31 are as follows:
|  | (In Thousands) |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,005 |  |  | $ | 2,755 |  |  | $ | 5,162 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 227 |  |  |  | 472 |  |  |  | 29 |
Federal - impact of enacted changes in tax law |  |  | - |  |  |  | - |  |  |  | (8 | )
|  | $ | 4,232 |  |  | $ | 3,227 |  |  | $ | 5,183 |
Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:
|  | (In Thousands) |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Income tax at statutory rates |  | $ | 4,753 |  |  | $ | 3,758 |  |  | $ | 6,045 |
Decrease resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt interest |  |  | (170 | ) |  |  | (220 | ) |  |  | (413 | )
Adjustment of deferred taxes for enacted changes in tax law |  |  | - |  |  |  | - |  |  |  | (8 | )
Section 831 deduction |  |  | (268 | ) |  |  | (236 | ) |  |  | (318 | )
Change in other |  |  | (83 | ) |  |  | (75 | ) |  |  | (123 | )
|  | $ | 4,232 |  |  | $ | 3,227 |  |  | $ | 5,183 |
Components of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at December 31 are comprised of the following:
|  | (In Thousands) |
|  | 2019 |  |  | 2018 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,612 |  |  | $ | 1,444 |
Other |  |  | 540 |  |  |  | 505 |
Net unrealized loss on available-for-sale securities |  |  | 292 |  |  |  | 802 |
Total deferred tax assets |  |  | 2,444 |  |  |  | 2,751 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Accreted discounts on bonds |  |  | 43 |  |  |  | 29 |
FHLB stock dividends |  |  | 491 |  |  |  | 462 |
Mortgage servicing rights |  |  | 586 |  |  |  | 508 |
Other |  |  | 2,678 |  |  |  | 1,751 |
Total deferred tax liabilities |  |  | 3,798 |  |  |  | 2,750 |
Net Deferred Tax Asset (Liability) |  | $ | (1,354 | ) |  | $ | 1 |

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- 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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- 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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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