Income Taxes Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAXES

Our income tax expense for the three ended March 31, 2022 and March 31, 2021 totaled $3.3 million and $2.9 million, respectively. Our effective tax rate (income tax expense as a percentage of income before taxes) for the three months ended March 31, 2022 and 2021 was 21.8% and 22.1% respectively. A reconciliation between the statutory income tax rate and our effective income tax rate for the three and nine months ended March 31, 2022 and 2021 is as follows:

	For the Three Months Ended March 31,
	2022		2021
	Percent		Percent
Applicable statutory rate	21.0	%	21.0	%
Increase (decrease) in rate resulting from:
Tax-exempt interest and dividends, net	(1.4)	%	(1.6)	%
State income taxes, net of Federal income tax benefit	1.9	%	2.2	%
Low-income housing and rehabilitation tax credits	(0.2)	%	(0.3)	%
Other, net	0.5	%	0.8	%
Effective income tax rate	21.8	%	22.1	%

The components of applicable income tax expense for the three months ended March 31, 2022 and 2021 are as follows:

	For the Three Months Ended March 31,
Dollars in thousands	2022		2021
Current
Federal	$	2,326	$	2,675
State	270		385
	2,596		3,060
Deferred
Federal	578		(111)
State	83		(16)
	661		(127)
Total	$	3,257	$	2,933