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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Taxes [Abstract] |
Income Tax Expense | December 31, 2021 December 31, 2020 December 31, 2019Current federal$ 3,592 $ 9,720 $ 2,627Deferred federal (1) 773 (3,045) (187)Total$ 4,365 $ 6,675 $ 2,440 (1)Includes tax benefit of operating loss carryforwards of $34, $34, and $34 for the years ended December 31, 2021, 2020 and 2019, respectively.
Effective Tax Rates Differ From Federal Statutory Rate | December 31, 2021 December 31, 2020 December 31, 2019Federal Statutory rate times financial statement income$ 4,792 $ 7,619 $ 2,529Effect of: Stock compensation (50) (19) (18)Bank owned life insurance income (112) (30) (30)Gain on redemption of life insurance policies (80) - -Historic tax credits - (807) -Low income housing tax credits (154) (106) (59)Other (31) 18 18 $ 4,365 $ 6,675 $ 2,440Effective tax rate 19% 18% 20%
Deferred Tax Assets And Liabilities | 2021 2020Deferred tax assets: Allowance for loan and lease losses$ 3,336 $ 3,407Compensation related items 456 1,815Deferred loan fees 184 293Nonaccrual interest 60 57Net operating loss carry forward 364 398Operating lease liabilities 423 322Unrealized mark-to-market loss 39 - 4,862 6,292Deferred tax liabilities: FHLB stock dividend 226 226Depreciation 82 15Operating lease right-of-use assets 404 291Unrealized mark-to-market gain - 935Other 1 2Prepaid expenses 105 76 818 1,545Net deferred tax asset $ 4,044 $ 4,747

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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 + 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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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 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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