Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Summary of allocation of federal and state income taxes

The following table presents the allocation of federal and state income taxes between current and deferred portions as of December 31, 2019, 2018 and 2017:

	2019		2018		2017
Current Tax Provision	$	7,670	$	6,522	$	10,206
Deferred Tax Benefit		(747)		(1,298)		(2,062)
Change in Deferred Taxes Due to Enacted Changes in Tax Law		—		—		2,005
Total Income Tax Provision	$	6,923	$	5,224	$	10,149

Statutory federal income tax rate and the effective tax rates

The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows as of December 31, 2019, 2018 and 2017:

	2019				2018				2017
	Amount		Percent		Amount		Percent		Amount		Percent
Amount of Statutory Rate	$	8,048	21.0	%	$	6,750	21.0	%	$	9,463	35.0	%
State Income Taxes (Net of Federal Income Tax Benefit)		2,711	7.1			2,755	8.6			1,757	6.5
Interest on Investment Securities and Loans Exempt From Federal Income Tax		(734)	(1.9)			(719)	(2.2)			(1,170)	(4.3)
Tax Credits		(2,781)	(7.3)			(3,207)	(10.0)			(1,621)	(6.0)
Deferred Tax Asset Revaluation		—	—			—	—			2,005	7.4
Other Differences		(321)	(0.8)			(355)	(1.1)			(285)	(1.1)
Totals	$	6,923	18.1	%	$	5,224	16.3	%	$	10,149	37.5	%

Summary of components of the net deferred tax asset

The following table presents the components of the net deferred tax asset included in other assets, as of December 31, 2019 and 2018:

	2019		2018
Depreciation	$	(231)	$	(249)
Allowance for Loan Losses		6,342		5,757
Unrealized (Gain) Loss on Securities Available for Sale		(1,399)		491
Unrealized (Gain) Loss on Cash Flow Hedge		130		(74)
Prepaid Expenses		(50)		(496)
Deferred Compensation		742		651
Deferred Loan Fees		599		—
Other		(230)		762
Totals	$	5,903	$	6,842