INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The consolidated provision for income taxes was as follows as of December 31:

	2021			2020			2019
Current federal tax expense	$	8,893		$	10,542		$	6,097
Deferred federal tax benefit		(143	)		(4,647	)		(319	)
Total	$	8,750		$	5,895		$	5,778

Schedule of Effective Income Tax Rate Reconciliation

The provision for federal income taxes differs from that computed by applying federal statutory rates to income before federal income tax expense, as indicated in the following analysis as of December 31:

	2021			2020			2019
Federal statutory income tax at 21%	$	10,197		$	6,992		$	6,732
Tax exempt interest income		(1,043	)		(1,065	)		(1,027	)
Earnings of bank owned life insurance		(235	)		(182	)		(192	)
Nondeductible expenses		180			356			462
Other		(349	)		(206	)		(197	)
Total	$	8,750		$	5,895		$	5,778

Schedule of Deferred Tax Asset and Liabilities

The following table summarizes the components of our deferred tax assets and liabilities as of December 31, 2021 and 2020. Our net deferred tax assets are included in other assets in the accompanying consolidated balance sheets.

	2021			2020
Deferred tax assets:
Allowance for credit losses	$	6,391		$	7,060
Deferred compensation		1,043			920
Bonus accrual		499			422
Deferred loan fees, net		253			259
Accretion of acquisition allowance		72			112
Other real estate owned		—			2
Other		397			437
Total deferred tax assets		8,655			9,212
Deferred tax liabilities:
Unrealized gain on available for sale securities		(122	)		(3,717	)
Premises and equipment		(2,138	)		(2,721	)
Prepaid expenses		(306	)		(343	)
Intangibles		(266	)		(350	)
Other		(46	)		(42	)
Total deferred tax liabilities		(2,878	)		(7,173	)
Net deferred tax asset	$	5,777		$	2,039