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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Current and Deferred Components of Income Tax Expense

The current and deferred components of income tax expense (benefit) were as follows:

For the years ended December 31,			2020						2019						2018
Federal income tax
Current			$	4,923,000					$	3,978,000					$	4,407,000
Deferred			(262,000)						336,000						(492,000)
			4,661,000						4,314,000						3,915,000
State franchise tax			460,000						421,000						391,000
			$	5,121,000					$	4,735,000					$	4,306,000

Actual Tax Expense from Expected Tax Expense

The actual tax expense differs from the expected tax expense (computed by applying the applicable U.S. Federal corporate income tax rate to income before income taxes) as follows:

For the years ended December 31,			2020						2019						2018
Expected tax expense			$	6,773,000					$	6,355,000					$	5,847,000
Non-taxable income			(1,808,000)						(1,749,000)						(1,699,000)
State franchise tax, net of federal tax benefit			348,000						332,000						309,000
Equity compensation			(43,000)						(45,000)						(55,000)
Tax credits, net of amortization			(144,000)						(85,000)						(85,000)
Other			(5,000)						(73,000)						(11,000)
			$	5,121,000					$	4,735,000					$	4,306,000

Components of Deferred Tax Assets and Liabilities

Items that give rise to the deferred income tax assets and liabilities and the tax effect of each at December 31, 2020 and 2019 are as follows:

			2020						2019
Allowance for loan losses			$	3,413,000					$	2,444,000
OREO			9,000						—
Accrued pension and post-retirement			948,000						926,000
Unrealized loss on derivative instruments			1,865,000						345,000
Unrealized loss on securities transferred from available for sale to held to maturity			35,000						48,000
Restricted stock grants			270,000						203,000
Core deposit intangible			24,000						21,000
Investment in flow through entities			82,000						55,000
Other assets			87,000						—
Total deferred tax asset			6,733,000						4,042,000
Net deferred loan costs			(1,894,000)						(1,669,000)
Depreciation			(2,013,000)						(1,434,000)
Unrealized gain on securities available for sale			(1,332,000)						(972,000)
Goodwill			(161,000)						(120,000)
Mortgage servicing rights			(411,000)						(325,000)
Unrealized gain on derivative instruments			(554,000)						(371,000)
Prepaid expense			(195,000)						(205,000)
Total deferred tax liability			(6,560,000)						(5,096,000)
Net deferred tax asset (liability)			$	173,000					$	(1,054,000)

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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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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
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