Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Provision for Income Taxes (Credit)

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

		2020			2019			2018
Current expense	$	9,922		$	7,626		$	6,123
Deferred expense (benefit)		(1,526	)		(311	)		(409	)
TOTALS	$	8,396		$	7,315		$	5,714

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:

		2020		2019			2018
Statutory tax	$	10,557		$	9,046		$	8,039
Effect of nontaxable interest		(1,896	)		(1,655	)		(1,439	)
Bank owned life insurance, net		(167	)		(171	)		(182	)
Tax credits		23			3			24
Effect of nontaxable insurance premiums		(198	)		(204	)		(188	)
Stock compensation		12			(100	)		(486	)
Other		65			396			(54	)
ACTUAL TAX	$	8,396		$	7,315		$	5,714

Deferred Tax Assets (Liabilities)

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

		2020			2019
Deferred tax assets:
Allowance for credit losses	$	4,650		$	3,032
Deferred and accrued compensation		1,413			1,194
Deferred loan fees and costs		507			584
Nonaccrual loan interest income		563			429
Other-than-temporary impairment		24			0
Restricted stock		521			456
Lease liabilities		1,043			669
Other		0			46
Gross deferred tax assets	$	8,721		$	6,410
Deferred tax liabilities:
Depreciation and amortization	$	(748	)	$	(577	)
Net unrealized gain on securities available for sale		(5,857	)		(2,612	)
Federal Home Loan Bank dividends		(684	)		(658	)
Purchase accounting adjustments		(1,313	)		(359	)
Mortgage servicing rights		(672	)		(363	)
Prepaid expenses		(274	)		(224	)
Lease right of use asset		(1,014	)		(655	)
Other		(107	)		0
Gross deferred tax liabilities		(10,669	)		(5,448	)
NET DEFERRED TAX ASSET (LIABILITY)	$	(1,948	)	$	962