Income Taxes

9 Months Ended

Sep. 30, 2020

Income Taxes

Income Taxes

NOTE 13 Income Taxes

The components of income tax expense (benefit) for the three and nine months ended September 30, 2020 and 2019 are as follows:

	Three months ended September 30,
	2020				2019
			Percent of				Percent of
(dollars in thousands)	Amount		Pretax Income		Amount		Pretax Income
Taxes at statutory federal income tax rate	$	4,894	21.0	%	$	1,982	21.0	%
Tax effect of:
Tax exempt income		(134)	(0.6)	%		(107)	(1.1)	%
Other		888	3.8	%		457	4.8	%
Applicable income taxes	$	5,648	24.2	%	$	2,332	24.7	%

	Nine months ended September 30,
	2020				2019
			Percent of				Percent of
(dollars in thousands)	Amount		Pretax Income		Amount		Pretax Income
Taxes at statutory federal income tax rate	$	9,491	21.0	%	$	6,114	21.0	%
Tax effect of:
Tax exempt income		(382)	(0.8)	%		(329)	(1.1)	%
Other		1,589	3.5	%		1,440	4.9	%
Applicable income taxes	$	10,698	23.7	%	$	7,225	24.8	%

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