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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

Note 16: Income Taxes

 

The provision for income taxes includes these components:

 

    For The Year Ended
December 31,		  
($ in thousands)   2021     2020  
Taxes currently payable   $ 2,144     $ 5,939  
Deferred provision     2,302       (2,444 )
Income tax expense   $ 4,446     $ 3,495  

 

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:

 

    For The Year Ended
December 31,		  
($ in thousands)   2021     2020  
Computed at the statutory rate (21%)   $ 4,772     $ 3,872  
Increase (decrease) resulting from                
Tax exempt interest     (85 )     (91 )
BOLI income     (60 )     (65 )
Stock compensation    
-
       (39 )
Other     (181 )     (182 )
Actual tax expense   $ 4,446     $ 3,495  

 

The tax effects of temporary differences related to deferred taxes shown on the balance sheets are:

 

    For The Year Ended
December 31,		  
($ in thousands)   2021     2020  
Deferred tax assets                
Allowance for loan losses   $ 2,899     $ 2,641  
Net deferred loan fees    
-
       298  
Unrealized losses on available-for-sale securities     491      
-
  
Section 475 MTM    
-
       645  
Accrued bonus     281       375  
Other     703       714  
      4,374       4,673  
Deferred tax liabilities                
Depreciation     (1,242 )     (1,168 )
Mortgage servicing rights     (2,546 )     (1,668 )
Unrealized gains on available-for-sale securities    
-
       (587 )
Purchase accounting adjustments     (1,619 )     (1,628 )
Prepaids     (477 )     (465 )
Net deferred loan costs     (66 )    
-
  
Section 475 MTM     (491 )    
-
  
FHLB stock dividends     (288 )     (288 )
      (6,729 )     (5,804 )
                 
Net deferred tax liability   $ (2,355 )   $ (1,131 )