Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Income Tax Expense

	December 31, 2022		December 31, 2021		December 31, 2020
Current federal	$	4,213	$	3,592	$	9,720
Deferred federal (1)		215		773		(3,045)
Total	$	4,428	$	4,365	$	6,675

⁽¹⁾Includes tax benefit of operating loss carryforwards of $34, $34, and $34 for the years ended December 31, 2022, 2021 and 2020, respectively.

Effective Tax Rates Differ From Federal Statutory Rate

	December 31, 2022		December 31, 2021		December 31, 2020
Federal Statutory rate times financial statement income	$	4,744	$	4,792	$	7,619
Effect of:
Stock compensation		(50)		(50)		(19)
Bank owned life insurance income		(126)		(112)		(30)
Gain on redemption of life insurance policies		-		(80)		-
Historic tax credits		-		-		(807)
Low income housing tax credits		(111)		(154)		(106)
Other		(29)		(31)		18
	$	4,428	$	4,365	$	6,675
Effective tax rate		20%		19%		18%

Deferred Tax Assets And Liabilities

	2022		2021
Deferred tax assets:
Allowance for loan and lease losses	$	3,458	$	3,336
Compensation related items		573		456
Deferred loan fees		-		184
Nonaccrual interest		9		60
Net operating loss carry forward		330		364
Operating lease liabilities		302		423
Unrealized mark-to-market loss		541		39
		5,213		4,862
Deferred tax liabilities:
FHLB stock dividend		226		226
Depreciation		268		82
Operating lease right-of-use assets		285		404
Deferred loan costs		34		-
Other		-		1
Prepaid expenses		70		105
		883		818
Net deferred tax asset	$	4,330	$	4,044