INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

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

	2023		2022			2021
Current federal tax expense	$	6,784	$	9,991		$	8,893
Deferred federal tax expense (benefit)		346		(1,157	)		(143	)
Total	$	7,130	$	8,834		$	8,750

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:

	2023			2022			2021
Federal statutory income tax at 21%	$	7,799		$	10,344		$	10,197
Tax exempt interest income		(944	)		(1,076	)		(1,043	)
Earnings of bank owned life insurance		(198	)		(177	)		(235	)
Nondeductible expenses		669			277			180
Other		(196	)		(534	)		(349	)
Total	$	7,130		$	8,834		$	8,750

Schedule of Deferred Tax Asset and Liabilities

The following table summarizes the components of our deferred tax assets and liabilities as of December 31, 2023 and 2022. Our net deferred tax assets are included in other assets in the accompanying consolidated balance sheets.

	2023			2022
Deferred tax assets:
Allowance for credit losses	$	6,493		$	6,714
Deferred compensation		1,271			1,132
Unrealized loss on available for sale securities		4,029			4,040
Bonus accrual		385			526
Deferred loan fees, net		163			330
Accretion of acquisition allowance		37			54
Other		297			360
Total deferred tax assets		12,675			13,156
Deferred tax liabilities:
Premises and equipment		(1,187	)		(1,494	)
Prepaid expenses		(375	)		(281	)
Intangibles		(196	)		(230	)
Other		(178	)		(55	)
Total deferred tax liabilities		(1,936	)		(2,060	)
Net deferred tax asset	$	10,739		$	11,096