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INCOME TAXES

9 Months Ended

Sep. 30, 2020

NOTE 9 - INCOME TAXES

Income tax expense was as follows for:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Income tax expense for the period	$	2,350		$	1,634		$	3,605		$	4,205
Effective tax rate		18.82	%		17.83	%		17.09	%		18.19	%

The effective tax rates differ from the statutory federal tax rate of 21% for the three and nine months ended September 30, 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, as well as lower net income in the second quarter of 2020, primarily due to a large ACL provision related to COVID-19.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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