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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Income Taxes | Note K - Income Taxes The provision for income taxes consists of the following components:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current tax expense |  | $ | 2,036 |  |  | $ | 1,446 |  |  | $ | 2,389 |
Deferred tax (benefit) expense |  |  | 12 |  |  |  | 367 |  |  |  | (134 | )
Total income taxes |  | $ | 2,048 |  |  | $ | 1,813 |  |  | $ | 2,255 |
The source of deferred tax assets and deferred tax liabilities at December 31:
|  | 2020 |  |  | 2019 |
Items giving rise to deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,557 |  |  | $ | 1,364 |
Deferred compensation |  |  | 1,822 |  |  |  | 1,700 |
Deferred loan fees/costs |  |  | 136 |  |  |  | 110 |
Other real estate owned |  |  | 1 |  |  |  | 4 |
Accrued bonus |  |  | 212 |  |  |  | 204 |
Purchase accounting adjustments |  |  | 18 |  |  |  | 24 |
Net operating loss |  |  | 99 |  |  |  | 115 |
Lease liability |  |  | 235 |  |  |  | 274 |
Other |  |  | 339 |  |  |  | 346 |
Items giving rise to deferred tax liabilities: |  |  |  |  |  |  |  |
Mortgage servicing rights |  |  | (100 | ) |  |  | (77 | )
FHLB stock dividends |  |  | (676 | ) |  |  | (676 | )
Unrealized gain on securities available for sale |  |  | (647 | ) |  |  | (140 | )
Prepaid expenses |  |  | (202 | ) |  |  | (182 | )
Depreciation and amortization |  |  | (894 | ) |  |  | (579 | )
Right-of-use asset |  |  | (235 | ) |  |  | (274 | )
Other |  |  | ---- |  |  |  | ---- |
Net deferred tax asset |  | $ | 1,665 |  |  | $ | 2,213 |
The Company determined that it was not required to establish a valuation allowance for deferred tax assets since management believes that the deferred tax assets are likely to be realized through the future reversals of existing taxable temporary differences, deductions against forecasted income and tax planning strategies. At December 31, 2020, the Company’s deferred tax asset related to Section 382 net operating loss carryforwards was $471, which will expire in 2026. The difference between the financial statement tax provision and amounts computed by applying the statutory federal income tax rate of 21% to income before taxes is as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Statutory tax |  | $ | 2,584 |  |  | $ | 2,461 |  |  | $ | 2,982 |
Effect of nontaxable interest |  |  | (348 | ) |  |  | (336 | ) |  |  | (352 | )
Effect of nontaxable insurance premiums |  |  | (210 | ) |  |  | (212 | ) |  |  | (218 | )
Income from bank owned insurance, net |  |  | (161 | ) |  |  | (141 | ) |  |  | (142 | )
Effect of postretirement benefits |  |  | 124 |  |  |  | 54 |  |  |  | 20 |
Effect of state income tax |  |  | 125 |  |  |  | 100 |  |  |  | 33 |
Tax credits |  |  | (102 | ) |  |  | (145 | ) |  |  | (217 | )
Other items |  |  | 36 |  |  |  | 32 |  |  |  | 149 |
Total income taxes |  | $ | 2,048 |  |  | $ | 1,813 |  |  | $ | 2,255 |
At December 31, 2020 and December 31, 2019, the Company had no unrecognized tax benefits. The Company does not expect the amount of unrecognized tax benefits to significantly change within the next twelve months. The Company did not recognize any interest and/or penalties related to income tax matters for the periods presented. The Company is subject to U.S. federal income tax as well as West Virginia state income tax. The Company is no longer subject to federal or state examination for years prior to 2017. The tax years 2017-2019 remain open to federal and state examinations.

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- 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 http://asc.fasb.org/extlink&oid=84230637&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 http://asc.fasb.org/extlink&oid=116825942&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 http://asc.fasb.org/extlink&oid=84230637&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 http://asc.fasb.org/extlink&oid=116825942&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 http://asc.fasb.org/extlink&oid=84230637&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 http://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 http://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 http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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