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Federal Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
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:
| 2019 |  | 2018 |  | 2017
Currently payable | $ | 972 |  |  | $ | 1,088 |  |  | $ | 180 |
Deferred expense | 408 |  |  | 275 |  |  | 2,836 |
Income tax expense | $ | 1,380 |  |  | $ | 1,363 |  |  | $ | 3,016 |
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:
| 2019 |  | 2018 |  | 2017
Income taxes at statutory rate | $ | 3,025 |  |  | $ | 3,231 |  |  | $ | 5,526 |
Effect of nontaxable income |  |  |  |  |
Interest income on tax exempt municipal securities | (990 | ) |  | (1,106 | ) |  | (1,889 | )
Earnings on corporate owned life insurance policies | (160 | ) |  | (148 | ) |  | (247 | )
Deferred tax adjustment resulting from the statutory rate reduction pursuant to the Tax Act | — |  |  | — |  |  | 319 |
Other | 283 |  |  | 231 |  |  | 34 |
Total effect of nontaxable income | (867 | ) |  | (1,023 | ) |  | (1,783 | )
Effect of nondeductible expenses | 108 |  |  | 113 |  |  | 149 |
Effect of tax credits | (984 | ) |  | (958 | ) |  | (876 | )
Unrecognized deferred tax benefit on joint venture investment | 98 |  |  | — |  |  | — |
Federal income tax expense | $ | 1,380 |  |  | $ | 1,363 |  |  | $ | 3,016 |
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 and other liabilities in the accompanying consolidated balance sheets, are as follows as of December 31:
| 2019 |  | 2018
Deferred tax assets |  |  |
Allowance for loan losses | $ | 1,255 |  |  | $ | 1,304 |
Deferred directors’ fees | 1,615 |  |  | 1,667 |
Employee benefit plans | 77 |  |  | 81 |
Core deposit premium and acquisition expenses | 742 |  |  | 752 |
Net unrecognized actuarial losses on pension plan | 717 |  |  | 729 |
Net unrealized losses on available-for-sale securities | — |  |  | 1,211 |
Life insurance death benefit payable | 497 |  |  | 497 |
Alternative minimum tax | — |  |  | 710 |
Other | 771 |  |  | 716 |
Total deferred tax assets | 5,674 |  |  | 7,667 |
Deferred tax liabilities |  |  |
Prepaid pension cost | 327 |  |  | 383 |
Premises and equipment | 1,859 |  |  | 1,548 |
Accretion on securities | 37 |  |  | 41 |
Core deposit premium and acquisition expenses | 872 |  |  | 946 |
Net unrealized gains on available-for-sale securities | 1,247 |  |  | — |
Net unrealized gains on derivative instruments | 14 |  |  | 68 |
Other | 1,157 |  |  | 1,696 |
Total deferred tax liabilities | 5,513 |  |  | 4,682 |
Net deferred tax assets (liabilities) | $ | 161 |  |  | $ | 2,985 |

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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 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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