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Federal Income Taxes

3 Months Ended

Mar. 31, 2021

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   March 31
															2021						2020
Income taxes at statutory rate															$	1,352					$	686
Effect of nontaxable income
Interest income on tax exempt municipal securities															(172)						(203)
Earnings on corporate owned life insurance policies															(70)						(148)
Other															(6)						(4)
Total effect of nontaxable income															(248)						(355)
Effect of nondeductible expenses															9						4
Effect of tax credits															(72)						(132)
Federal income tax expense															$	1,041					$	203

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- References

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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