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Federal Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

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:

			Three Months Ended   September 30												Nine Months Ended   September 30
			2020						2019						2020						2019
Income taxes at statutory rate			$	1,069					$	1,065					$	2,752					$	2,866
Effect of nontaxable income
Interest income on tax exempt municipal securities			(176)						(224)						(570)						(704)
Earnings on corporate owned life insurance policies			(40)						(39)						(301)						(118)
Other			(4)						(4)						(12)						(12)
Total effect of nontaxable income			(220)						(267)						(883)						(834)
Effect of nondeductible expenses			7						14						14						27
Effect of tax credits			(122)						(182)						(388)						(539)
Federal income tax expense			$	734					$	630					$	1,495					$	1,520

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- References

No definition available.

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- Definition

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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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