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Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of the consolidated provision for federal income taxes

Components of the consolidated provision for federal income taxes are as follows for the years ended December 31:

	2018				2017				2016
Currently payable	$	1,088			$	180			$	2,630
Deferred expense (benefit)	275				2,836				(282		)
Income tax expense	$	1,363			$	3,016			$	2,348

Summary of federal income tax expense

The reconciliation of the provision for federal income taxes and the amount computed at the federal statutory tax rate of income before federal income tax expense is as follows for the year ended December 31:

	2018				2017				2016
Income taxes at statutory rate (21% in 2018 and 34% in 2017 and 2016)	$	3,231			$	5,526			$	5,490
Effect of nontaxable income
Interest income on tax exempt municipal securities	(1,106		)		(1,889		)		(1,938		)
Earnings on corporate owned life insurance policies	(148		)		(247		)		(419		)
Deferred tax adjustment resulting from the statutory rate reduction pursuant to the Tax Act	—				319				—
Other	231				34				(154		)
Total effect of nontaxable income	(1,023		)		(1,783		)		(2,511		)
Effect of nondeductible expenses	113				149				143
Effect of tax credits	(958		)		(876		)		(774		)
Federal income tax expense	$	1,363			$	3,016			$	2,348

Summary of deferred tax assets and liabilities

Significant components of our deferred tax assets and liabilities, measured at the 21% statutory rate, included in other assets in the accompanying consolidated balance sheets, are as follows as of December 31:

	2018				2017
Deferred tax assets
Allowance for loan losses	$	1,304			$	1,076
Deferred directors’ fees	1,667				1,758
Employee benefit plans	81				70
Core deposit premium and acquisition expenses	752				733
Net unrecognized actuarial losses on pension plan	729				857
Net unrealized losses on available-for-sale securities	1,211				—
Life insurance death benefit payable	497				497
Alternative minimum tax	710				1,463
Other	716				607
Total deferred tax assets	7,667				7,061
Deferred tax liabilities
Prepaid pension cost	383				455
Premises and equipment	1,548				1,728
Accretion on securities	41				40
Core deposit premium and acquisition expenses	946				909
Net unrealized gains on available-for-sale securities	—				204
Net unrealized gains on derivative instruments	68				61
Other	1,696				1,684
Total deferred tax liabilities	4,682				5,081
Net deferred tax assets	$	2,985			$	1,980

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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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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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