Income Taxes

9 Months Ended

Sep. 30, 2022

Income Taxes

Income Taxes

NOTE 14 Income Taxes

The components of income tax expense (benefit) for the three and nine months ended September 30, 2022 and 2021 were as follows:

	Three months ended September 30,
	2022				2021
			Percent of				Percent of
(dollars in thousands)	Amount		Pretax Income		Amount		Pretax Income
Taxes at statutory federal income tax rate	$	2,637	21.0	%	$	3,598	21.0	%
Tax effect of:
Tax exempt income		(133)	(1.1)	%		(134)	(0.8)	%
State income taxes, net of federal benefits		406	3.2	%		756	4.4	%
Nondeductible items and other		30	0.2	%		(156)	(0.9)	%
Applicable income taxes	$	2,940	23.3	%	$	4,064	23.7	%

	Nine months ended September 30,
	2022				2021
			Percent of				Percent of
(dollars in thousands)	Amount		Pretax Income		Amount		Pretax Income
Taxes at statutory federal income tax rate	$	7,906	21.0	%	$	10,993	21.0	%
Tax effect of:
Tax exempt income		(372)	(1.0)	%		(434)	(0.8)	%
State income taxes, net of federal benefits		1,515	4.0	%		2,407	4.6	%
Nondeductible items and other		(496)	(1.3)	%		(596)	(1.1)	%
Applicable income taxes	$	8,553	22.7	%	$	12,370	23.7	%

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