XML 68 R36.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Taxes [Abstract] |
Components of Provision for Income Taxes | The provision for income taxes consists of the following components:
|  | 2021 |  |  | 2020 |
Current tax expense |  | $ | 2,414 |  |  | $ | 2,036 |
Deferred tax (benefit) expense |  |  | (130 | ) |  |  | 12 |
Total income taxes |  | $ | 2,284 |  |  | $ | 2,048 |
Deferred Tax Assets and Liabilities | The source of deferred tax assets and deferred tax liabilities at December 31:
|  | 2021 |  |  | 2020 |
Items giving rise to deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,410 |  |  | $ | 1,557 |
Deferred compensation |  |  | 2,007 |  |  |  | 1,822 |
Deferred loan fees/costs |  |  | 148 |  |  |  | 136 |
Other real estate owned |  |  | — |  |  |  | 1 |
Accrued bonus |  |  | 286 |  |  |  | 212 |
Purchase accounting adjustments |  |  | 2 |  |  |  | 18 |
Net operating loss |  |  | 82 |  |  |  | 99 |
Lease liability |  |  | 324 |  |  |  | 235 |
Nonaccrual interest income |  |  | 174 |  |  |  | — |
Other |  |  | 275 |  |  |  | 339 |
Items giving rise to deferred tax liabilities: |  |  |  |  |  |  |  |
Mortgage servicing rights |  |  | (104 | ) |  |  | (100 | )
FHLB stock dividends |  |  | (676 | ) |  |  | (676 | )
Unrealized gain on securities available for sale |  |  | (188 | ) |  |  | (647 | )
Prepaid expenses |  |  | (205 | ) |  |  | (202 | )
Depreciation and amortization |  |  | (783 | ) |  |  | (894 | )
Right-of-use asset |  |  | (324 | ) |  |  | (235 | )
Net deferred tax asset |  | $ | 2,428 |  |  | $ | 1,665 |
Reconciliation of Income Tax Provision | 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:
|  | 2021 |  |  | 2020 |
Statutory tax (21%) |  | $ | 2,943 |  |  | $ | 2,584 |
Effect of nontaxable interest |  |  | (378 | ) |  |  | (348 | )
Effect of nontaxable insurance premiums |  |  | (220 | ) |  |  | (210 | )
Income from bank owned insurance, net |  |  | (168 | ) |  |  | (161 | )
Effect of postretirement benefits |  |  | 26 |  |  |  | 124 |
Effect of nontaxable life insurance death proceeds |  |  | (10 | ) |  |  | — |
Effect of state income tax |  |  | 150 |  |  |  | 125 |
Tax credits |  |  | (72 | ) |  |  | (102 | )
Other items |  |  | 13 |  |  |  | 36 |
Total income taxes(1) |  | $ | 2,284 |  |  | $ | 2,048 |
(1) E ffective income tax rates were 16.3% for 2021 and 16.6% for 2020

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 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration