Federal Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Summary of federal income tax expense

The reconciliation of the provision for federal income taxes and the amount computed at the federal statutory tax rate of 21% of income before federal income tax expense is as follows for the:

	Three Months Ended   June 30				Six Months Ended   June 30
	2023		2022		2023		2022
Income taxes at statutory rate	$	1,165	$	1,339	$	2,510	$	2,529
Effect of nontaxable income
Interest income on tax exempt municipal securities	(136)		(144)		(284)		(278)
Earnings on corporate owned life insurance policies	(48)		(48)		(95)		(103)
Other	(5)		(4)		(12)		(8)
Total effect of nontaxable income	(189)		(196)		(391)		(389)
Effect of nondeductible expenses	10		6		19		17
Effect of tax credits	(68)		(68)		(136)		(141)
Federal income tax expense	$	918	$	1,081	$	2,002	$	2,016