Income Taxes

3 Months Ended

Mar. 31, 2022

Income Taxes

Income Taxes

NOTE 12 Income Taxes

The components of income tax expense (benefit) for the three months ended March 31, 2022 and 2021 were as follows:

	Three months ended March 31,
	2022				2021
			Percent of				Percent of
(dollars in thousands)	Amount		Pretax Income		Amount		Pretax Income
Taxes at statutory federal income tax rate	$	2,745	21.0	%	$	4,174	21.0	%
Tax effect of:
Tax exempt income		(117)	(0.9)	%		(153)	(0.8)	%
State income taxes, net of federal benefits		579	4.4			854	4.3
Nondeductible items and other		(319)	(2.4)			(213)	(1.1)
Applicable income taxes	$	2,888	22.1	%	$	4,662	23.4	%

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