Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Provision for Income Taxes (Credit)

The provision for income taxes (credit) consists of the following:

		2022		2021			2020
Current expense	$	10,885	$	10,794		$	9,922
Deferred expense (benefit)		1,353		(524	)		(1,526	)
Totals	$	12,238	$	10,270		$	8,396

Effective Tax Rates Differ from Federal Statutory Rate

Effective tax rates differ from federal statutory rate of 21% that were applied to income before income taxes due to the following:

		2022			2021			2020
Statutory tax	$	15,295		$	13,026		$	10,557
Effect of nontaxable interest		(2,591	)		(2,274	)		(1,896	)
Bank owned life insurance, net		(380	)		(273	)		(167	)
Tax credits		(194	)		(200	)		23
Effect of nontaxable insurance premiums		(318	)		(322	)		(198	)
Stock compensation		(63	)		(9	)		12
Other		489			322			65
Actual tax	$	12,238		$	10,270		$	8,396

Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) are comprised of the following:

		2022			2021
Deferred tax assets:
Allowance for credit losses	$	5,665		$	6,171
Net unrealized loss on securities available for sale		55,962			0
Deferred and accrued compensation		1,748			1,993
Deferred loan fees and costs		275			531
Nonaccrual loan interest income		648			571
Restricted stock		501			423
Lease liabilities		1,841			1,382
Other		0			158
Gross deferred tax assets	$	66,640		$	11,229
Deferred tax liabilities:
Depreciation and amortization	$	(1,485	)	$	(1,391	)
Net unrealized gain on securities available for sale		0			(2,461	)
Federal Home Loan Bank dividends		(904	)		(976	)
Purchase accounting adjustments		(1,862	)		(1,729	)
Mortgage servicing rights		(700	)		(715	)
Prepaid expenses		(365	)		(367	)
Lease right of use asset		(1,766	)		(1,336	)
Other		(234	)		0
Gross deferred tax liabilities		(7,316	)		(8,975	)
Net deferred tax asset	$	59,324		$	2,254