XML 34 R21.htm IDEA: XBRL DOCUMENT
v3.22.4

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The provision for federal income taxes consists of (in thousands):
| 2022 |  | 2021 |  | 2020
Income taxes currently payable | $ | 5,162 |  |  | 4,317 |  |  | 3,951 |
Deferred income tax provision (benefit) | (344) |  |  | 294 |  |  | 134 |
Provision for income taxes | $ | 4,818 |  |  | 4,611 |  |  | 4,085 |
A reconciliation between the statutory income tax and the Company's effective tax rate follows:
| 2022 |  | 2021 |  | 2020
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) resulting from - |  |  |  |  |
Tax exempt interest | (0.6) | % |  | (0.7) | % |  | (0.9) | %
Tax exempt income on bank owned life insurance | (0.8) | % |  | (0.9) | % |  | (1.3) | %
Captive insurance premium income | (0.9) | % |  | (0.8) | % |  | (0.8) | %
Affordable housing tax credit limited partnerships | (0.8) | % |  | (0.6) | % |  | (0.4) | %
Tax benefit from certain provisions of the CARES Act | — | % |  | — | % |  | (0.8) | %
Other – net | — | % |  | — | % |  | 1.0 | %
Effective tax rate | 17.9 | % |  | 18.0 | % |  | 17.8 | %
Deferred tax assets and liabilities, included in the Consolidated Balance Sheets with other assets, net in 2022 and accrued interest and other liabilities in 2021, consist of the following at December 31 (in thousands):
| 2022 |  | 2021
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 1,186 |  |  | 1,156 |
Net unrealized losses on investment securities available-for-sale | 7,955 |  |  | 408 |
Fair value adjustment on loans acquired from mergers | 40 |  |  | 103 |
Deferred compensation | 602 |  |  | 630 |
Minimum pension liability | 7 |  |  | 73 |
Operating lease right-of-use assets | 1,338 |  |  | 1,359 |
Other | 165 |  |  | 96 |
| 11,293 |  |  | 3,825 |
Deferred tax liabilities: |  |  |
Depreciation of premises and equipment | (1,174) |  |  | (1,595) |
Amortization of intangibles | (1,643) |  |  | (1,518) |
Prepaid expenses | (316) |  |  | (323) |
FHLB stock dividends | (183) |  |  | (216) |
Operating lease liabilities | (1,338) |  |  | (1,359) |
| (4,654) |  |  | (5,011) |
Net deferred tax assets (liabilities) | $ | 6,639 |  |  | (1,186) |
As of December 31, 2022 and 2021 there were no unrecognized tax benefits and the Company does not anticipate the total amount of unrecognized tax benefits will significantly change within the next twelve months. There were no amounts recognized for interest and penalties in the Consolidated Statements of Income for the three-year period ended December 31, 2022. The Company is no longer subject to examination by federal tax authorities for years before 2019.

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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration