Income Taxes Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAXES

Our income tax expense for the three months ended March 31, 2021 and March 31, 2020 totaled $2.9 million and $1.2 million, respectively. Our effective tax rate (income tax expense as a percentage of income before taxes) for the three months ended March 31, 2021 and 2020 was 22.1% and 20.9%, respectively. A reconciliation between the statutory income tax rate and our effective income tax rate for the three months ended March 31, 2021 and 2020 is as follows:

	For the Three Months Ended March 31,
	2021		2020
	Percent		Percent
Applicable statutory rate	21.0	%	21.0	%
Increase (decrease) in rate resulting from:
Tax-exempt interest and dividends, net	(1.6)	%	(2.5)	%
State income taxes, net of Federal income tax benefit	2.2	%	2.1	%
Low-income housing and rehabilitation tax credits	(0.3)	%	(0.8)	%
Other, net	0.8	%	1.1	%
Effective income tax rate	22.1	%	20.9	%

The components of applicable income tax expense for the three months ended March 31, 2021 and 2020 are as follows:

	For the Three Months Ended March 31,
Dollars in thousands	2021		2020
Current
Federal	$	2,675	$	1,269
State	385		188
	3,060		1,457
Deferred
Federal	(111)		(232)
State	(16)		(35)
	(127)		(267)
Total	$	2,933	$	1,190