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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:
202320222021
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:
202320222021
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)
Other292 329 312 
Total effect of nontaxable income(453)(455)(556)
Effect of nondeductible expenses86 45 46 
Effect of tax credits(602)(621)(617)
Unrecognized deferred tax benefit49 — 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:
20232022
Deferred tax assets
Allowance for credit losses$2,658 $1,848 
Deferred compensation1,388 1,648 
Employee benefit plans80 82 
Core deposit premium and acquisition expenses764 764 
Net unrealized losses on AFS securities6,627 9,296 
Net unrecognized actuarial losses on pension plan185 363 
Life insurance death benefit payable497 497 
Other821 789 
Total deferred tax assets13,020 15,287 
Deferred tax liabilities
Prepaid pension cost277 297 
Premises and equipment2,251 1,590 
Accretion on securities315 166 
Core deposit premium and acquisition expenses1,022 984 
Other1,236 1,075 
Total deferred tax liabilities5,101 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.