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Income Taxes

6 Months Ended

Jun. 30, 2021

NOTE 12 Income Taxes

The components of income tax expense (benefit) for the three and six months ended June 30, 2021 and 2020 were as follows:


	Three months ended June 30,
	2021				2020
			Percent of				Percent of
(dollars in thousands)	Amount		Pretax Income		Amount		Pretax Income
Taxes at statutory federal income tax rate	$	3,221	21.0	%	$	3,168	21.0	%
Tax effect of:
Tax exempt income		(148)	(1.0)	%		(127)	(0.8)	%
Other		571	3.7	%		572	3.8	%
Applicable income taxes	$	3,644	23.7	%	$	3,613	24.0	%


	Six months ended June 30,
	2021				2020
			Percent of				Percent of
(dollars in thousands)	Amount		Pretax Income		Amount		Pretax Income
Taxes at statutory federal income tax rate	$	7,395	21.0	%	$	4,596	21.0	%
Tax effect of:
Tax exempt income		(301)	(0.9)	%		(247)	(1.1)	%
Other		1,212	3.4	%		701	3.2	%
Applicable income taxes	$	8,306	23.5	%	$	5,050	23.1	%

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

- 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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