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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Note 10 – Income Taxes The components of income tax expense (benefit) for the years ended December 31 are as follows:
|  | (In Thousands) |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,536 |  |  | $ | 6,289 |  |  | $ | 4,005 |
State |  |  | 271 |  |  |  | 513 |  |  |  | 63 |
Total current |  |  | 7,807 |  |  |  | 6,802 |  |  |  | 4,068 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,746 | ) |  |  | (1,596 | ) |  |  | 227 |
State |  |  | (59 | ) |  |  | (95 | ) |  |  | 65 |
Total deferred |  |  | (1,805 | ) |  |  | (1,691 | ) |  |  | 292 |
Total Income Tax |  | $ | 6,002 |  |  | $ | 5,111 |  |  | $ | 4,360 |
The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:
|  | (In Thousands) |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Federal income tax at statutory rates |  | $ | 6,194 |  |  | $ | 5,294 |  |  | $ | 4,780 |
(Decrease) increase resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income tax, net of federal benefit |  |  | 167 |  |  |  | 330 |  |  |  | 101 |
Tax exempt interest |  |  | (116 | ) |  |  | (146 | ) |  |  | (170 | )
Section 831 deduction |  |  | (294 | ) |  |  | (266 | ) |  |  | (268 | )
Other |  |  | 51 |  |  |  | (101 | ) |  |  | (83 | )
Total Income Tax |  | $ | 6,002 |  |  | $ | 5,111 |  |  | $ | 4,360 |
Deferred tax assets and liabilities at December 31 are comprised of the following:
|  | (In Thousands) |
|  | 2021 |  |  | 2020 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 3,629 |  |  | $ | 3,128 |
Deferred compensation |  |  | 561 |  |  |  | 537 |
Net unrealized loss on available-for-sale securities |  |  | 846 |  |  |  | - |
Fair value adjustments |  |  | 1,913 |  |  |  | - |
Other |  |  | 277 |  |  |  | 142 |
Total deferred tax assets |  |  | 7,226 |  |  |  | 3,807 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Accreted discounts on bonds |  |  | 22 |  |  |  | 4 |
Depreciation |  |  | 772 |  |  |  | 878 |
FHLB stock dividends |  |  | 828 |  |  |  | 481 |
Intangible amortization |  |  | 1,282 |  |  |  | 1,144 |
Mortgage servicing rights |  |  | 778 |  |  |  | 725 |
Net unrealized gain on available-for-sale securities |  |  | - |  |  |  | 1,514 |
Prepaids |  |  | 471 |  |  |  | 525 |
Other |  |  | 173 |  |  |  | 5 |
Total deferred tax liabilities |  |  | 4,326 |  |  |  | 5,276 |
Net Deferred Tax Asset (Liability) |  | $ | 2,900 |  |  | $ | (1,469 | )
As part of the Perpetual acquisition, a net operating loss (NOL) carryforward was acquired that is subject to a Section 382 limitation. At the end of 2021, $377,807 of this NOL remained. This will carry forward indefinitely and is expected to be used in 2022. The Corporation has additional paid-in capital that is considered restricted resulting from the acquisition of Perpetual in 2021 of approximately $2,779,000. No deferred tax liability is required to be recorded for the Corporation’s tax bad debt reserves arising before December 31, 1987, unless it is apparent that the reserves will reverse in the near future. Unrecognized deferred taxes on these reserves would total $584,000. If the portion of retained earnings representing these reserves is used for any purpose other than to absorb bad debts, it will be added to future taxable income and the related tax will be recognized as expense.

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