Income Taxes Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAXESOur income tax expense for the three and nine months ended September 30, 2021 and September 30, 2020 totaled $3.0 million and $8.9 million and $2.6 million and $5.3 million, respectively. Our effective tax rate (income tax expense as a percentage of income before taxes) for the three and nine months ended September 30, 2021 and 2020 was 19.8% and 21.1% and 21.2% and 20.1% , respectively. A reconciliation between the statutory income tax rate and our effective income tax rate for the three and nine months ended September 30, 2021 and 2020 is as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
	Percent		Percent		Percent		Percent
Applicable statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
Increase (decrease) in rate resulting from:
Tax-exempt interest and dividends, net	(1.3)	%	(1.9)	%	(1.4)	%	(2.2)	%
State income taxes, net of Federal income tax benefit	2.08	%	1.9	%	2.12	%	1.6	%
Low-income housing and rehabilitation tax credits	(0.1)	%	(0.1)	%	(0.2)	%	(0.6)	%
Other, net	(1.9)	%	0.3	%	(0.4)	%	0.3	%
Effective income tax rate	19.8	%	21.2	%	21.1	%	20.1	%

The components of applicable income tax expense for the three and nine months ended September 30, 2021 and 2020 are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Dollars in thousands	2021		2020		2021		2020
Current
Federal	$	2,350	$	2,697	$	7,720	$	7,689
State	351		372		1,122		1,072
	2,701		3,069		8,842		8,761
Deferred
Federal	282		(416)		38		(3,025)
State	40		(59)		6		(434)
	322		(475)		44		(3,459)
Total	$	3,023	$	2,594	$	8,886	$	5,302