Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table set forth the Company’s income tax expense and effective tax rates for the three months ended March 31, 2023 and 2022:

($ in thousands	2023			2022
Income tax expense	$	4,166		$	4,269
Effective tax rate	21.1		%	20.7		%

The effective tax rate will differ from the statutory rate of 21 percent due to permanent differences for disallowed expenses for tax and beneficial adjustments for tax-exempt income and dividends-received deduction.