Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision for income taxes consists of the following:

	December 31,
	2021		2020		2019
Current	$	6,024	$	8,563	$	6,319
Deferred	2,434		(4,118)		(4,402)
Total	$	8,458	$	4,445	$	1,917

Income tax provision is reconciled to the statutory 21% rate applied to pre-tax income.

 

	December 31,
	2021		2020		2019
Statutory rate times pre-tax income	$	11,880	$	7,119	$	5,703
(Subtract) add the tax effect of:
Income from tax-exempt securities and loans	(4,217)		(4,464)		(4,881)
State income tax, net of federal tax effect	865		1,765		1,285
Bank-owned life insurance	(199)		(200)		(198)
Tax credits	(175)		(178)		(181)
Other differences	304		403		189
Total income taxes	$	8,458	$	4,445	$	1,917

The net deferred tax asset at December 31, 2021 and 2020 consists of the following: 

	December 31,
	2021		2020
Deferred tax assets (liabilities)
Allowance for loan losses	$	7,517	$	7,961
Net unrealized losses on available-for-sale securities and hedged items	4,835		5,800
Fair value adjustments	(618)		1,117
Depreciation	(100)		(107)
Deferred compensation and accrued payroll	1,577		1,533
Loan origination costs	(1,311)		(1,281)
Prepaid assets	(641)		(553)
Other	149		337
Total deferred tax assets, net	$	11,408	$	14,807