INCOME TAXES

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 9 - INCOME TAXES

Income tax expense was as follows for:

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Income tax expense for the period	$	2,529		$	2,472		$	4,352		$	4,707
Effective tax rate		20.89	%		18.67	%		19.60	%		17.96	%

The effective tax rates differ from the statutory federal tax rate of 21% for the three and six months ended June 30, 2022 largely due to tax exempt interest income earned on certain investment securities and loans. For the three and six months ended June 30, 2023, effective tax rates were higher due to tax provisions made for the extraordinary gain on sale of correspondent bank stock during the period.