NOTE 13 Income Taxes

The components of income tax expense (benefit) for the three months ended March 31, 2020 and 2019 are as follows:


	Three months ended March 31,
	2020				2019
			Percent of				Percent of
(dollars in thousands)	Amount		Pretax Income		Amount		Pretax Income
Taxes at statutory federal income tax rate	$	1,428	21.0	%	$	1,777	21.0	%
Tax effect of:
Tax exempt interest income		(121)	(1.8)	%		(73)	(0.9)	%
Other		130	1.9	%		320	3.8	%
Applicable income taxes	$	1,437	21.1	%	$	2,024	23.9	%

It is the opinion of management that the Company has no significant uncertain tax positions that would be subject to change upon examination.