INCOME TAX

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023:

	Three Months Ended March 31,
	2024			2023
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21%	$	11,501		$	15,833
Tax-exempt interest income	(4,352)			(4,867)
Non-deductible FDIC premiums	139			60
Share-based compensation	30			(61)
Tax-exempt earnings and gains on life insurance	(334)			(270)
Tax credits	(304)			(92)
State Income Tax	34			700
Other	111			14
Actual Tax Expense	$	6,825		$	11,317
Effective Tax Rate	12.5		%	15.0		%