Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 - Income Taxes

Income tax expense was $11,641,000 for the third quarter of 2021 as compared to $10,335,000 for the same period in 2020. The Company’s effective tax rates on pretax income were 16.50% and 16.35% for the third quarters of 2021 and 2020, respectively. Income tax expense was $33,770,000 for the nine-months ended September 30, 20211 as compared to $28,233,000 for the same period in 2020. The Company’s effective tax rates on pretax income were 16.39% and 16.43% for the nine-months ended September 30, 2021 and 2020, respectively. The effective tax rates differ from the statutory federal tax rate of 21% primarily due to tax exempt interest income earned on certain investment securities and loans, the deductibility of dividends paid to our employee stock ownership plan and excess tax benefits related to our directors’ deferred compensation plan.