Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

The following is a summary of income tax expense for the years ended December 31, 2021, 2020, and 2019: 

	December 31, 2021		December 31, 2020		December 31, 2019
Current – federal	$	13,494	$	8,681	$	8,265
Current – state	1,268		729		499
Deferred – federal	(1,025)		(1,672)		(204)
Deferred – state	(666)		(391)		0
Income tax expense	$	13,071	$	7,347	$	8,560

Reconciliation of Income Tax Attributable to Pre-Tax Income at Federal Statutory Tax Rates to Income Tax Expense

The reconciliation of income tax attributable to pre-tax income at the federal statutory tax rates to income tax expense is as follows: 

	December 31, 2021		%	December 31, 2020		%	December 31, 2019		%
Tax at statutory rate	$	14,863	21.0	$	8,419	21.0	$	10,214	21.0
Tax exempt income, net	(1,231)		(1.7)	(1,223)		(3.1)	(1,382)		(2.8)
Bank owned life insurance	(554)		(0.8)	(367)		(0.9)	(276)		(0.6)
Effect of state tax	476		0.7	576		1.4	394		0.8
Other	(483)		(0.7)	(58)		(0.1)	(390)		(0.8)
Income tax expense	$	13,071	18.5	$	7,347	18.3	$	8,560	17.6

Components of Net Deferred Tax Asset

The following table sets forth deferred taxes as of December 31, 2021 and 2020:

	December 31, 2021		December 31, 2020
Deferred tax assets:
Allowance for credit losses	$	7,606	$	6,751
Fair value adjustments – business combination	1,240		1,685
Deferred compensation	3,344		2,787
Net operating loss carryover	327		346
Post-retirement benefits	696		722
Unrealized loss on interest rate swap	81		161
Nonaccrual loan interest	509		478
Accrued expenses	1,718		681
Deferred fees and costs	1,259		1,613
Unrealized loss on securities available for sale	188		0
Operating lease liability	4,845		4,214
Other	383		300
	22,196		19,738
Deferred tax liabilities:
Unrealized gain on securities available for sale	0		4,077
Premises and equipment	3,093		2,997
Unrealized gain on equity securities	292		294
Intangibles – section 197	2,494		2,399
Mortgage servicing rights	366		321
Operating lease asset	4,649		4,079
Other	220		293
	11,114		14,460
Net deferred tax asset	$	11,082	$	5,278