Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Tax

Income taxes were as follows for the years ended December 31:

	2019		2018		2017
Current	$	4,713	$	2,444	$	5,414
State		307		45		—
Deferred		663		151		435
Change in corporate tax rate		—		—		511
Income taxes	$	5,683	$	2,640	$	6,360

Effective Tax Rates Differed from Statutory Federal Income Tax Rate

Effective tax rates differed from the statutory federal income tax rate of 21% in 2019 and 2018 and 35% in 2017 due to the following:

	2019			2018			2017
Income taxes computed at the statutory federal tax    rate	$	8,308		$	3,524		$	7,781
Add (subtract) tax effect of:
Nontaxable interest income, net of nondeductible    interest expense		(1,194	)		(834	)		(1,107	)
Low income housing tax credit		(903	)		(903	)		(686	)
Cash surrender value of BOLI		(211	)		(143	)		(201	)
Nondeductible merger costs		—			1,034			—
Change in corporate tax rate		—			—			511
Change in tax position BOLI		(353	)		—			—
Other		36			(38	)		62
Income tax expense	$	5,683		$	2,640		$	6,360

Summary of Deferred Tax Assets and Liabilities

Year-end deferred tax assets and liabilities were due to the following:

	2019			2018
Deferred tax assets
Allowance for loan losses	$	3,245		$	3,056
Deferred compensation		1,191			1,217
Pension costs		81			—
Intangible assets		394			475
Purchase accounting adjustments		226			566
Net operating loss carryforward		1,081			1,374
Other		220			364
Deferred tax asset		6,438			7,052
Deferred tax liabilities
Tax depreciation in excess of book depreciation		(808	)		(556	)
Discount accretion on securities		(18	)		(31	)
FHLB stock dividends		(969	)		(1,053	)
Unrealized gain on securities available for sale		(3,424	)		(624	)
Pension costs		—			(469	)
Prepaids		(326	)		(301	)
BOLI		—			(337	)
Other		(359	)		(271	)
Deferred tax liability		(5,904	)		(3,642	)
Net deferred tax asset	$	534		$	3,410