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Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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:

			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

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:

			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

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 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

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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.

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-Name Accounting Standards Codification
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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.

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