Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of components of the provision for income taxes

	Years Ended December 31,
	2020		2019
Current expense:
Federal	$	3,078	$	1,621
State		12		2
Total		3,090		1,623
Deferred expense:
Federal		(1,531)		(94)
Total provision for income taxes	$	1,559	$	1,529

Schedule of differences between the provision for income taxes and statutory federal income tax rate

	Years ended December 31,
	2020				2019
Provision at statutory rate	$	1,570	21	%	$	1,573	21	%
Tax exempt income		(79)	(1)	%		(84)	(1)	%
State income taxes, net of federal income tax benefit		12	0	%		12	0	%
Other, net		56	1	%		28	0	%
Effective income tax and rate	$	1,559	21	%	$	1,529	20	%

Schedule of tax effects of temporary differences of the deferred tax assets and deferred tax liabilities

	December 31,
	2020		2019
Deferred tax assets:
Allowance for loan losses	$	3,141	$	1,608
Deferred expenses		47		58
Deferred compensation		1,271		879
Unrecognized pension liability		1,272		1,038
Postretirement liability		954		932
Deferred loss on OREO		83		187
Deferred loan fees		158		—
Unrealized loss on securities		—		53
State tax NOLs		990		870
Other		324		201
Gross deferred tax assets		8,240		5,826
Deferred tax liabilities:
Prepaid expenses		(217)		(209)
Prepaid pension		(1,276)		(1,248)
Deferred loan fees		—		(207)
Depreciation and amortization		(375)		(104)
Unrealized gain on securities		(264)		—
Mortgage servicing rights		(645)		(601)
Gross deferred tax liabilities		(2,777)		(2,369)
Net deferred tax asset		5,463		3,457
Deferred tax valuation allowance		(1,760)		(1,202)
Deferred tax assets, net of allowance	$	3,703	$	2,255