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Federal Income Taxes (Tables)

12 Months Ended

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

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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

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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