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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Summary of Income Tax Expense The following table summarizes income tax expense for the years ended December 31, 2021, 2020 and 2019.
202120202019
Current expense$7,072 $6,602 $934 
Deferred expense (benefit)942 (554)1,776 
Income tax expense$8,014 $6,048 $2,710 
Reconciliation of Effective Income Tax Rate to Statutory Federal Rate The following table reconciles the Company's effective income tax rate to its statutory federal rate for the years ended December 31, 2021, 2020 and 2019.
202120202019
Statutory federal tax rate21.0 %21.0 %21.0 %
Increase (decrease) resulting from:
State taxes, net of federal benefit1.1 1.0 (0.1)
Tax exempt interest income(1.7)(2.0)(4.2)
Income from life insurance(0.9)(1.1)(1.7)
Disallowed interest expense 0.1 0.3 
Low-income housing credits and related expense(0.2)(0.8)(1.3)
Merger related — 0.7 
Other0.3 0.4 (0.9)
Effective income tax rate19.6 %18.6 %13.8 %
Summary of Deferred Tax Assets and Liabilities The following table summarizes the Company's deferred tax assets and liabilities at December 31, 2021, and 2020.
20212020
Deferred tax assets:
Allowance for loan losses$4,655 $4,457 
Deferred compensation515 578 
Retirement and salary continuation plans2,633 2,536 
Share-based compensation681 735 
Off-balance sheet reserves353 345 
Nonaccrual loan interest220 395 
Deferred loan fees1,604 1,483 
Net unrealized losses on interest rate swaps 258 
Purchase accounting adjustments1,236 1,886 
Bonus accrual930 622 
ROU liability2,444 2,003 
Net operating loss carryforward2,218 2,472 
Other67 448 
Total deferred tax assets17,556 18,218 
Deferred tax liabilities:
Depreciation368 74 
Net unrealized gains on securities available for sale1,183 1,148 
Mortgage servicing rights887 614 
Purchase accounting adjustments915 1,206 
ROU Asset2,311 1,903 
Other244 340 
Total deferred tax liabilities5,908 5,285 
Net deferred tax asset, included in other assets$11,648 $12,933