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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Components of Provision for Income Taxes

The provision for income taxes consists of the following components:

		2022				2021
Current tax expense		$	2,306			$	2,414
Deferred tax (benefit) expense			288				(130	)
Total income taxes		$	2,594			$	2,284

Deferred Tax Assets and Liabilities

The source of deferred tax assets and deferred tax liabilities at December 31:

		2022				2021
Items giving rise to deferred tax assets:
Allowance for loan losses		$	1,146			$	1,410
Unrealized loss on securities available for sale			3,938				—
Deferred compensation			2,058				2,007
Deferred loan fees/costs			137				148
Accrued bonus			266				286
Purchase accounting adjustments			6				2
Net operating loss			66				82
Lease liability			355				324
Nonaccrual interest income			204				174
Other			294				275
Items giving rise to deferred tax liabilities:
Mortgage servicing rights			(99	)			(104	)
FHLB stock dividends			(676	)			(676	)
Unrealized gain on securities available for sale			—				(188	)
Prepaid expenses			(231	)			(205	)
Depreciation and amortization			(843	)			(783	)
Right-of-use asset			(355	)			(324	)
Net deferred tax asset		$	6,266			$	2,428

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:

		2022				2021
Statutory tax (21%)		$	3,346			$	2,943
Effect of nontaxable interest			(385	)			(378	)
Effect of nontaxable insurance premiums			(240	)			(220	)
Income from bank owned insurance, net			(168	)			(168	)
Effect of postretirement benefits			(112	)			26
Effect of nontaxable life insurance death proceeds			—				(10	)
Effect of state income tax			155				150
Tax credits			(37	)			(72	)
Other items			35				13
Total income taxes(1)		$	2,594			$	2,284

(1) Effective income tax rate was 16.3% for both 2022 and 2021

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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
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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