INCOME TAXES

6 Months Ended

Jun. 30, 2020

INCOME TAXES

INCOME TAXES

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 June 30,		Six Months Ended June 30,
(Dollars in thousands)	2020	2019	2020	2019
Income tax expense	$ 539	$ 3,077	$ 2,407	$ 5,676
Effective tax rate	19.95%	17.69%	19.87%	18.62%

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.