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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):

		Year Ended December 31,
		2021				2020				2019
Currently payable		$	5,510			$	4,896			$	3,503
Deferred tax liability (asset)			689				367				317
Provision for income taxes		$	6,199			$	5,263			$	3,820

Deferred Tax Assets and Liabilities

The following temporary differences gave rise to the net deferred tax asset and liabilities at December 31, 2021 and 2020, respectively (in thousands):

Deferred tax assets:		2021				2020
Allowance for loan losses		$	4,712			$	5,135
Deferred compensation			491				520
Merger & acquisition costs			1				2
Allowance for losses on available-for-sale securities			4				15
Pension and other retirement obligation			360				599
Unrealized loss on interest rate swap			-				2
Interest on non-accrual loans			795				778
Incentive plan accruals			536				489
Other real estate owned			16				16
Low income housing tax credits			137				131
NOL carry forward			1,226				1,321
Right of use asset			686				482
Accrued vacation			168				187
Other			159				224
Total		$	9,291			$	9,901

Deferred tax liabilities:		2021				2020
Premises and equipment		$	(559	)		$	(612	)
Investment securities accretion			(90	)			(68	)
Loan fees and costs			(644	)			(333	)
Goodwill and core deposit intangibles			(2,309	)			(2,293	)
Mortgage servicing rights			(246	)			(215	)
Unrealized gains on available-for-sale securities			(81	)			(1,612	)
Unrealized gains on equity securities			(61	)			-
Unrealized gains on interest rate swap			(401	)			-
Right of use asset			(685	)			(480	)
Other			(133	)			(245	)
Total			(5,209	)			(5,858	)
Deferred tax (liability) asset, net		$	4,082			$	4,043

Reconciliation of Statutory Tax Rates to Effective Tax Rates

The total provision for income taxes is different from that computed at the statutory rates due to the following items (dollars in thousands):

		Year Ended December 31,
		2021				2020				2019
Provision at statutory rates on pre-tax income		$	7,413			$	6,377			$	4,895
Effect of tax-exempt income			(764	)			(936	)			(920	)
Low income housing tax credits			(141	)			(141	)			(141	)
Bank owned life insurance			(384	)			(146	)			(131	)
Nondeductible interest			44				44				52
Nondeductible merger and acquisition expenses			-				32				38
Other items			31				33				27
Provision for income taxes		$	6,199			$	5,263			$	3,820
Statutory tax rates			21	%			21	%			21	%
Effective tax rates			17.6	%			17.3	%			16.4	%

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Name Accounting Standards Codification
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-SubTopic 10
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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.

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-SubTopic 10
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