INCOME TAXES

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 9 - INCOME TAXES

Income tax expense was as follows for:

	Three Months Ended March 31,
	2020			2019
Income tax expense for the period	$	1,445		$	1,187
Effective tax rate		18.71	%		18.19	%

The effective tax rates differ from the statutory federal tax rate of 21% for the three months ended March 31, 2020 and 2019, largely due to tax exempt interest income earned on certain investment securities and loans and the nontaxable earnings on bank owned life insurance.