Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes consists of the following:

	December 31,
	2020		2019		2018
Current	$	8,563	$	6,319	$	1,074
Deferred	(4,118)		(4,402)		978
Total	$	4,445	$	1,917	$	2,052

Schedule of Effective Income Tax Rate Reconciliation

Income tax provision is reconciled to the statutory rate applied to pre-tax income. The statutory rate was 21%, 21% and 21% at December 31, 2020, 2019 and 2018, respectively.  

	December 31,
	2020		2019		2018
Statutory rate times pre-tax income	$	7,119	$	5,703	$	5,030
(Subtract) add the tax effect of:
Income from tax-exempt securities and loans	(4,464)		(4,881)		(3,833)
State income tax, net of federal tax effect	1,765		1,285		1,164
Bank-owned life insurance	(200)		(198)		(200)
Tax credits	(178)		(181)		(180)
Other differences	403		189		71
Total income taxes	$	4,445	$	1,917	$	2,052

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax asset at December 31, 2020 and 2019 consists of the following: 

	December 31,
	2020		2019
Deferred tax assets (liabilities)
Allowance for loan losses	$	7,961	$	5,897
Net unrealized losses on available for sale securities and hedged items	5,800		5,021
Fair value adjustments	1,117		(1,011)
Depreciation	(107)		(257)
Deferred compensation and accrued payroll	1,533		1,358
Loan origination costs	(1,281)		(1,181)
Prepaid assets	(553)		(449)
Other	337		513
Total deferred tax assets, net	$	14,807	$	9,891