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INCOME TAXES

9 Months Ended

Sep. 30, 2020

The expense for income taxes and the effective tax rate included in the consolidated statements of income are shown in the table below for the periods presented (dollars in thousands).


	Three months ended September 30,						Nine months ended September 30,
	2020			2019			2020			2019
Income tax expense	$	1,089		$	1,107		$	2,254		$	3,275
Effective tax rate	19.6		%	19.2		%	19.4		%	19.5		%

For both the three and nine month periods ended September 30, 2020 and 2019, the effective tax rate differs from the statutory tax rate of 21% primarily due to tax exempt interest income earned on certain investment securities and bank owned life insurance.

- 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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