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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of components of the provision for income taxes

Years Ended December 31, 

 

    

2022

    

2021

 

Current expense:

Federal

$

1,621

$

2,042

State

 

264

 

284

Total current expense

 

1,885

 

2,326

Deferred expense:

 

  

 

  

Federal

 

14

 

1,107

State

4

1,306

Change in valuation allowance

(4)

(1,306)

Total deferred expense

14

1,107

Total provision for income taxes

$

1,899

$

3,433

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

Years ended December 31, 

    

2022

    

2021

Provision at statutory rate

$

1,868

21.00

%  

$

3,148

21.00

%

Tax exempt income

 

(145)

 

(1.63)

%  

 

(125)

 

(0.83)

%

State income taxes, net of federal income tax benefit

 

209

 

2.35

%  

 

192

 

1.28

%

Other, net

 

(33)

 

(0.37)

%  

 

218

 

1.45

%

Effective income tax and rate

$

1,899

 

21.35

%  

$

3,433

 

22.90

%

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

December 31, 

    

2022

    

2021

Deferred tax assets:

  

Allowance for loan losses

$

2,145

$

2,041

Deferred expenses

 

28

 

39

Deferred compensation

1,493

1,538

Unrecognized pension liability

 

1,063

 

1,037

Postretirement liability

 

975

 

920

Unrealized loss on securities

 

7,494

 

727

Other

 

576

 

431

Gross deferred tax assets

 

13,774

 

6,733

Deferred tax liabilities:

 

  

 

  

Prepaid expenses

 

(467)

 

(262)

Prepaid pension

 

(1,304)

 

(1,275)

Deferred loan fees

 

(209)

 

(154)

Depreciation and amortization

 

(563)

 

(525)

Mortgage servicing rights

 

(650)

 

(711)

Gross deferred tax liabilities

 

(3,193)

 

(2,927)

Net deferred tax asset

 

10,581

 

3,806

Deferred tax valuation allowance

 

(450)

 

(454)

Deferred tax assets, net of allowance

$

10,131

$

3,352