Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Income Tax Expense

	December 31, 2020		December 31, 2019
Current federal	$	9,720	$	2,627
Deferred federal (1)		(3,045)		(187)
Total	$	6,675	$	2,440

⁽¹⁾ Includes tax benefit of operating loss carryforwards of $34 and $34 for the years ended December 31, 2020 and 2019, respectively.

Effective Tax Rates Differ From Federal Statutory Rate

	December 31, 2020		December 31, 2019
Federal statutory rate times financial statement income	$	7,619	$	2,529
Effect of:
Stock compensation		(19)		(18)
Bank owned life insurance income		(30)		(30)
Historic tax credits		(807)		-
Low income housing tax credits		(106)		(59)
Other		18		18
	$	6,675	$	2,440
Effective tax rate		18%		20%

Deferred Tax Assets And Liabilities

	2020		2019
Deferred tax assets:
Allowance for loan and lease losses	$	3,407	$	1,170
Compensation related issues		1,815		433
Deferred loan fees		293		-
Nonaccrual interest		57		55
Net operating loss carry forward		398		432
Operating lease liabilities		322		412
		6,292		2,502
Deferred tax liabilities:
FHLB stock dividend		226		226
Deferred loan costs		-		7
Depreciation		15		73
Operating lease right-of-use assets		291		374
Unrealized mark-to-market gain		935		32
Other		2		4
Prepaid expenses		76		65
		1,545		781
Net deferred tax asset	$	4,747	$	1,721