XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Federal Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Federal Income Taxes | Federal Income Taxes Components of the consolidated provision for federal income taxes are summarized as follows for the years ended December 31:
| 2023 |  | 2022 |  | 2021
Currently payable | $ | 2,657 |  |  | $ | 4,593 |  |  | $ | 4,371 |
Deferred expense (benefit) | 1,008 |  |  | 13 |  |  | (523) |
Income tax expense | $ | 3,665 |  |  | $ | 4,606 |  |  | $ | 3,848 |
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:
| 2023 |  | 2022 |  | 2021
Income taxes at statutory rate | $ | 4,585 |  |  | $ | 5,637 |  |  | $ | 4,903 |
Effect of nontaxable income |  |  |  |  |
Interest income on tax exempt municipal securities | (552) |  |  | (587) |  |  | (643) |
Earnings on corporate owned life insurance policies | (193) |  |  | (197) |  |  | (225) |
Other | 292 |  |  | 329 |  |  | 312 |
Total effect of nontaxable income | (453) |  |  | (455) |  |  | (556) |
Effect of nondeductible expenses | 86 |  |  | 45 |  |  | 46 |
Effect of tax credits | (602) |  |  | (621) |  |  | (617) |
Unrecognized deferred tax benefit | 49 |  |  | — |  |  | 72 |
Federal income tax expense | $ | 3,665 |  |  | $ | 4,606 |  |  | $ | 3,848 |
The unrecognized deferred tax benefit recorded during 2023 related to a low income housing tax credit investment. The unrecognized deferred tax benefit recorded during 2021 related to our joint venture investment in Corporate Settlement Solutions, LLC, which was sold during the fourth quarter of 2020. The sale of each investment resulted in a capital loss carryforward that is unlikely to be recognized in the foreseeable future. As such, we did not recognize a deferred tax asset as of December 31, 2023, 2022 and 2021 related to our low income housing tax credit investment or the investment in Corporate Settlement Solutions, LLC. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for federal income tax purposes. Significant components of our deferred tax assets and liabilities, measured at the 21% statutory rate, included in other assets on our consolidated balance sheets, are summarized as follows as of December 31:
| 2023 |  | 2022
Deferred tax assets |  |  |
Allowance for credit losses | $ | 2,658 |  |  | $ | 1,848 |
Deferred compensation | 1,388 |  |  | 1,648 |
Employee benefit plans | 80 |  |  | 82 |
Core deposit premium and acquisition expenses | 764 |  |  | 764 |
Net unrealized losses on AFS securities | 6,627 |  |  | 9,296 |
Net unrecognized actuarial losses on pension plan | 185 |  |  | 363 |
Life insurance death benefit payable | 497 |  |  | 497 |
Other | 821 |  |  | 789 |
Total deferred tax assets | 13,020 |  |  | 15,287 |
Deferred tax liabilities |  |  |
Prepaid pension cost | 277 |  |  | 297 |
Premises and equipment | 2,251 |  |  | 1,590 |
Accretion on securities | 315 |  |  | 166 |
Core deposit premium and acquisition expenses | 1,022 |  |  | 984 |
Other | 1,236 |  |  | 1,075 |
Total deferred tax liabilities | 5,101 |  |  | 4,112 |
Net deferred tax assets (liabilities) | $ | 7,919 |  |  | $ | 11,175 |
While we are subject to U.S. federal income tax, we are no longer subject to examination by taxing authorities for years before 2020. There are no material uncertain tax positions requiring recognition in our consolidated financial statements. We do not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months. We recognize interest and/or penalties related to income tax matters in income tax expense. We do not have any amounts accrued for interest and penalties at December 31, 2023 and 2022 and we are not aware of any claims for such amounts by federal income tax authorities.

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 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://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration