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Federal Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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:
| 2024 |  | 2023 |  | 2022
Federal tax expense | $ | 2,819 |  |  | $ | 2,657 |  |  | $ | 4,593 |
Deferred expense (benefit) | (310) |  |  | 1,008 |  |  | 13 |
Income tax expense | $ | 2,509 |  |  | $ | 3,665 |  |  | $ | 4,606 |
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 years ended December 31:
| 2024 |  | 2023 |  | 2022
Income taxes at statutory rate | $ | 3,444 |  |  | $ | 4,585 |  |  | $ | 5,637 |
Effect of nontaxable income |  |  |  |  |
Interest income on tax exempt municipal securities | (490) |  |  | (552) |  |  | (587) |
Earnings on corporate owned life insurance policies | (211) |  |  | (193) |  |  | (197) |
Other | 497 |  |  | 292 |  |  | 329 |
Total effect of nontaxable income | (204) |  |  | (453) |  |  | (455) |
Effect of nondeductible expenses | 93 |  |  | 86 |  |  | 45 |
Effect of tax credits | (824) |  |  | (602) |  |  | (621) |
Unrecognized deferred tax benefit | — |  |  | 49 |  |  | — |
Federal income tax expense | $ | 2,509 |  |  | $ | 3,665 |  |  | $ | 4,606 |
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:
| 2024 |  | 2023
Deferred tax assets |  |  |
Allowance for credit losses | $ | 2,715 |  |  | $ | 2,658 |
Deferred compensation | 1,148 |  |  | 1,388 |
Employee benefit plans | 112 |  |  | 80 |
Core deposit premium and acquisition expenses | 764 |  |  | 764 |
Net unrealized losses on AFS securities | 5,529 |  |  | 6,627 |
Net unrecognized actuarial losses on pension plan | 105 |  |  | 185 |
Life insurance death benefit payable | 497 |  |  | 497 |
Other | 813 |  |  | 821 |
Total deferred tax assets | 11,683 |  |  | 13,020 |
Deferred tax liabilities |  |  |
Prepaid pension cost | 294 |  |  | 277 |
Premises and equipment | 1,592 |  |  | 2,251 |
Accretion on securities | 482 |  |  | 315 |
Core deposit premium and acquisition expenses | 1,059 |  |  | 1,022 |
Other | 1,162 |  |  | 1,236 |
Total deferred tax liabilities | 4,589 |  |  | 5,101 |
Net deferred tax assets (liabilities) | $ | 7,094 |  |  | $ | 7,919 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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