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Income Taxes (Tables)
12 Months Ended
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