INCOME TAXES

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 9 - INCOME TAXES

Income tax expense was as follows for:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Income tax expense for the period	$	1,437		$	2,363		$	5,789		$	7,070
Effective tax rate		18.60	%		17.82	%		19.34	%		17.91	%

The effective tax rates differ from the statutory federal tax rate of 21% for the three and nine months ended September 30, 2022 largely due to tax exempt interest income earned on certain investment securities and loans. For the nine months ended September 30, 2023, effective tax rates were higher due to effects of higher interest expense on tax-exempt municipal securities.