XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes
Note 7
-
 Income Taxes
Income tax expense was $10,663,000 for the second quarter of 2020 as compared to $8,594,000 for the same period in 2019. The Company’s effective tax rates on pretax income were 16.63% and 16.96% for the second quarters of 2020 and 2019, respectively. Income tax expense was $17,898,000 for the six months ended June 30, 2020 as compared to $15,959,000 for the same period in 2019. The Company’s effective tax rates on pretax income were 16.48% and 16.57% for the six months ended June
 
30,
 2020 and 2019, 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.