Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Income Tax Expense Attributable to Income before Income Tax Expense

Income tax expense attributable to income before income tax expense for the years ended December 31, 2020 and 2019 is summarized as follows:

	2020			2019
Current	$	(61	)	$	943
Deferred		1,175			25
Total income tax expense	$	1,114		$	968

Reported Income Tax Expense

Reported income tax expense for the years ended December 31, 2020 and 2019 differed from the amounts computed by applying the U.S. Federal income tax rate of 21% for 2020 and 2019 to income before income tax expense as a result of the following:

	2020			2019
Computed at statutory Federal tax rate	$	877		$	1,126
Increase (reduction) in income tax expense
resulting from:
Tax-exempt interest		(68	)		(72	)
Disallowance of interest expense		3			3
Capitalized merger transaction expense		318			—
Other, net		(16	)		(89	)
Reported income tax expense	$	1,114		$	968

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are as follows:

	2020			2019
Deferred tax assets:
Loans, principally due to allowance for loan losses	$	608		$	678
Defined benefit plan valuation adjustments		1,329			862
Net unrealized losses on available-for-sale securities		—			—
Other		30			114
Total gross deferred tax assets		1,967			1,654
Deferred tax liabilities:
Bank premises and equipment, due to differences in depreciation		(470	)		(403	)
Accrued pension, due to actual pension contributions in excess of accrual for financial reporting purposes		(536	)		(146	)
Purchase accounting for merger		(566	)
Net unrealized gains on available-for-sale securities		(307	)		(67	)
Other		(115	)		(115	)
Total gross deferred tax liabilities		(1,994	)		(731	)
Net deferred tax asset (liability)	$	(27	)	$	923