INCOME TAX

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$	13,728		$	15,445		$	44,589		$	36,176
Tax-exempt interest income	(4,469)			(4,974)			(13,792)			(14,371)
Share-based compensation	(108)			(79)			(172)			(146)
Tax-exempt earnings and gains on life insurance	(369)			(1,397)			(1,080)			(2,026)
Tax credits	(84)			(122)			(249)			(292)
State Income Tax	254			658			1,474			1,177
Other	53			262			251			420
Actual Tax Expense	$	9,005		$	9,793		$	31,021		$	20,938
Effective Tax Rate	13.8		%	13.3		%	14.6		%	12.2		%