For the Three Months Ended June 30,

For the Six Months Ended June 30,

2024

2023

2024

2023

% of

Pretax

Amount

Income

Amount

Income

Amount

Income

Amount

Income

(dollars in thousands)

Computed "expected" tax expense

$

6,650

21.0

%

$

6,802

21.0

%

$

12,509

21.0

%

$

13,090

21.0

%

Tax exempt income, net

(3,986)

(12.6)

(3,182)

(9.8)

(7,761)

(13.0)

(6,398)

(10.3)

Bank-owned life insurance

(622)

(2.0)

(176)

(0.5)

(804)

(1.3)

(324)

(0.5)

State income taxes, net of federal benefit, current year

1,088

3.4

1,239

3.8

2,102

3.5

2,428

3.9

Tax credits

35

0.1

(32)

(0.1)

(51)

(0.1)

(209)

(0.3)

Income from tax credit equity investments

(497)

(1.6)

(478)

(1.5)

(1,093)

(1.8)

(891)

(1.4)

Excess tax benefit on stock options exercised and restricted stock awards vested

(54)

(0.1)

(46)

(0.1)

(524)

(0.9)

(444)

(0.7)

Other

(60)

(0.1)

(160)

(0.6)

(652)

(1.1)

(503)

(0.9)

Federal and state income tax expense

$

2,554

8.1

%

$

3,967

12.2

%

$

3,726

6.3

%

$

6,749

10.8

%