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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Provision for Federal 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 |
Reconciliation Between Statutory Income Tax and Effective Tax Rate | 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 | %
Schedule of Deferred Tax Assets and Liabilities | 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) |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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