INCOME TAX

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAX

INCOME TAX

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, 2023 and 2022:

	Three Months Ended March 31,
	2023			2022
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$	15,833		$	11,729
Tax-exempt interest income	(4,867)			(4,520)
Share-based compensation	(61)			(12)
Tax-exempt earnings and gains on life insurance	(270)			(354)
Tax credits	(92)			(87)
State Income Tax	700			495
Other	74			15
Actual Tax Expense	$	11,317		$	7,266
Effective Tax Rate	15.0		%	13.0		%