Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes

Income Taxes

NOTE 15 Income Taxes

The components of income tax expense (benefit) for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three months ended June 30,
	2024				2023
			Percent of				Percent of
(dollars in thousands)	Amount		Pretax Income		Amount		Pretax Income
Taxes at statutory federal income tax rate	$	1,708	21.0	%	$	2,444	21.0	%
Tax effect of:
Tax exempt income		(239)	(2.9)	%		(156)	(1.3)	%
State income taxes, net of federal benefits		398	4.9	%		485	4.1	%
Nondeductible items and other		56	0.7	%		(238)	(2.0)	%
Applicable income taxes	$	1,923	23.7	%	$	2,535	21.8	%

	Six months ended June 30,
	2024				2023
			Percent of				Percent of
(dollars in thousands)	Amount		Pretax Income		Amount		Pretax Income
Taxes at statutory federal income tax rate	$	3,497	21.0	%	$	4,648	21.0	%
Tax effect of:
Tax exempt income		(468)	(2.8)	%		(300)	(1.4)	%
State income taxes, net of federal benefits		812	4.9	%		946	4.3	%
Nondeductible items and other		173	1.0	%		(453)	(2.0)	%
Applicable income taxes	$	4,014	24.1	%	$	4,841	21.9	%

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