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Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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:

			2021						2020						2019
Currently payable			$	4,371					$	1,263					$	972
Deferred expense (benefit)			(523)						(276)						408
Income tax expense			$	3,848					$	987					$	1,380

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 21% of income before federal income tax expense is as follows for the year ended December 31:

			2021						2020						2019
Income taxes at statutory rate			$	4,903					$	2,493					$	3,025
Effect of nontaxable income
Interest income on tax exempt municipal securities			(643)						(802)						(990)
Earnings on corporate owned life insurance policies			(225)						(346)						(160)
Other			312						288						283
Total effect of nontaxable income			(556)						(860)						(867)
Effect of nondeductible expenses			46						68						108
Effect of tax credits			(617)						(830)						(984)
Unrecognized deferred tax benefit on joint venture investment			72						116						98
Federal income tax expense			$	3,848					$	987					$	1,380

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:

			2021						2020
Deferred tax assets
Allowance for loan losses			$	1,635					$	1,724
Deferred compensation			1,553						1,475
Employee benefit plans			98						59
Core deposit premium and acquisition expenses			759						751
Net unrecognized actuarial losses on pension plan			536						729
Net unrealized gains on derivative instruments			—						11
Life insurance death benefit payable			497						497
Other			867						890
Total deferred tax assets			5,945						6,136
Deferred tax liabilities
Prepaid pension cost			309						290
Premises and equipment			1,729						2,196
Accretion on securities			61						36
Core deposit premium and acquisition expenses			947						910
Net unrealized gains on available-for-sale securities			1,018						2,777
Other			834						956
Total deferred tax liabilities			4,898						7,165
Net deferred tax assets (liabilities)			$	1,047					$	(1,029)

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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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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
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