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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) Effective income tax rates were 16.3% for 2021 and 16.6% for 2020

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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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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