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Income Tax (Tables)
 3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of differences between income taxes at federal statutory tax rate and effective tax rate
The following table summarizes the major components creating differences between income taxes at the federal statutory and the effective tax rate recorded in the consolidated statements of income for the three months ended March 31, 2020 and 2019:

Three Months Ended
March 31,
 
2020

2019
Reconciliation of Federal Statutory to Actual Tax Expense:
 

 
Federal statutory income tax at 21%
$
7,928


$
9,609

Tax-exempt interest income
(3,022
)

(2,267
)
Share-based compensation
—


(350
)
Tax-exempt earnings and gains on life insurance
(286
)

(207
)
Tax credits
(61
)

(78
)
CARES Act - NOL carryback rate differential
(1,178
)

—

Other
109


234

Actual Tax Expense
$
3,490


$
6,941







Effective Tax Rate
9.2
%

15.2
%