INCOME TAXES

3 Months Ended

Mar. 31, 2022

INCOME TAXES

INCOME TAXES

NOTE 20: INCOME TAXES

The provision for income tax expense and effective tax rates for the periods indicated below were as follows:

	Three Months Ended March 31,
(Dollars in thousands)	2022	2021
Income tax expense	$ 2,277	$ 2,485
Effective tax rate	17.69%	19.87%

The differences between the federal statutory rate of 21%and the effective tax rates presented in the table above were largely attributable to permanent differences primarily related to tax exempt interest income, bank-owned life insurance related earnings and merger-related costs.