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Income Taxes
6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
Note 5. Income Taxes
(in thousands)
For the three months ended June 30, 2022 and 2021, the Company recorded a provision for income taxes totaling $497 and $362, respectively. The effective tax rate was 16.36% and 15.95% for the three months ending June 30, 2022 and 2021, respectively.
For the six months ended June 30, 2022 and 2021, the Company recorded a provision for income taxes totaling $887 and $775, respectively. The effective tax rate was 16.23% and 16.93% for the six months ending June 30, 2022 and 2021, respectively.
The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences primarily related to tax free municipal investments.