XML 27 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Federal Income Taxes
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Federal Income Taxes
Federal Income Taxes
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:

Three Months Ended 
 June 30
 
Six Months Ended 
 June 30
 
2020
 
2019
 
2020
 
2019
Income taxes at statutory rate
$
997

 
$
994

 
$
1,683

 
$
1,801

Effect of nontaxable income
 
 
 
 
 
 
 
Interest income on tax exempt municipal securities
(191
)
 
(236
)
 
(394
)
 
(480
)
Earnings on corporate owned life insurance policies
(113
)
 
(43
)
 
(261
)
 
(79
)
Other
(4
)
 
(4
)
 
(8
)
 
(8
)
Total effect of nontaxable income
(308
)
 
(283
)
 
(663
)
 
(567
)
Effect of nondeductible expenses
3

 
7

 
7

 
13

Effect of tax credits
(134
)
 
(177
)
 
(266
)
 
(357
)
Federal income tax expense
$
558

 
$
541

 
$
761

 
$
890