Income Tax

3 Months Ended

Mar. 31, 2021

INCOME TAX

The following table summarizes the major components creating differences between income taxes at the federal statutory and the effective tax rate recorded in the consolidated statements of income for the three months ended March 31, 2021 and 2020:


	Three Months Ended March 31,
	2021			2020








Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$	12,268		$	7,928
Tax-exempt interest income	(3,706)			(3,022)

Share-based compensation	(59)			—
Tax-exempt earnings and gains on life insurance	(281)			(286)
Tax credits	(73)			(61)
CARES Act - NOL carryback rate differential	—			(1,178)
State Income Tax	702			86
Other	101			23
Actual Tax Expense	$	8,952		$	3,490

Effective Tax Rate	15.3		%	9.2		%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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