XML 58 R46.htm IDEA: XBRL DOCUMENT v3.20.4

Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of the consolidated provision for federal income taxes

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

			2020						2019						2018
Currently payable			$	1,263					$	972					$	1,088
Deferred expense (benefit)			(276)						408						275
Income tax expense			$	987					$	1,380					$	1,363

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:

			2020						2019						2018
Income taxes at statutory rate			$	2,493					$	3,025					$	3,231
Effect of nontaxable income
Interest income on tax exempt municipal securities			(802)						(990)						(1,106)
Earnings on corporate owned life insurance policies			(346)						(160)						(148)
Other			288						283						231
Total effect of nontaxable income			(860)						(867)						(1,023)
Effect of nondeductible expenses			68						108						113
Effect of tax credits			(830)						(984)						(958)
Unrecognized deferred tax benefit on joint venture investment			116						98						—
Federal income tax expense			$	987					$	1,380					$	1,363

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 on our consolidated balance sheets, are summarized as follows as of December 31:

			2020						2019
Deferred tax assets
Allowance for loan losses			$	1,724					$	1,255
Deferred compensation			1,475						1,615
Employee benefit plans			59						77
Core deposit premium and acquisition expenses			751						742
Net unrecognized actuarial losses on pension plan			729						717
Net unrealized gains on derivative instruments			11						—
Life insurance death benefit payable			497						497
Other			890						771
Total deferred tax assets			6,136						5,674
Deferred tax liabilities
Prepaid pension cost			290						327
Premises and equipment			2,196						1,859
Accretion on securities			36						37
Core deposit premium and acquisition expenses			910						872
Net unrealized gains on available-for-sale securities			2,777						1,247
Net unrealized gains on derivative instruments			—						14
Other			956						1,157
Total deferred tax liabilities			7,165						5,513
Net deferred tax assets (liabilities)			$	(1,029)					$	161

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration