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Income Taxes

3 Months Ended

Mar. 31, 2021

Income Taxes

NOTE 12 Income Taxes

The components of income tax expense (benefit) for the three months ended March 31, 2021 and 2020 are as follows:


		Three months ended March 31,
		2021						2020
					Percent of						Percent of
(dollars in thousands)		Amount			Pretax Income			Amount			Pretax Income
Taxes at statutory federal income tax rate		$	4,174		21.0	%		$	1,428		21.0	%
Tax effect of:
Tax exempt income			(153)		(0.8)	%			(121)		(1.8)	%
Other			641		3.2	%			130		1.9	%
Applicable income taxes		$	4,662		23.4	%		$	1,437		21.1	%

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

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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