NOTE 20: INCOME TAXES

The provision for income tax expense and effective tax rates for the periods shown below was as follows:


	Three Months Ended March 31,
(Dollars in thousands)	2020	2019
Income tax expense	$ 1,868	$ 2,599
Effective tax rate	19.85%	19.86%

The differences between the federal statutory rate of 21% and the effective tax rates presented in the table above were largely attributable to permanent differences primarily related to tax exempt interest income and bank‑owned life insurance related earnings.