NOTE 5 - INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2021

Notes Tables

Reconciliation of the expected federal income tax expense

	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2021				2020				2021				2020
			% of				% of				% of				% of
			Pretax				Pretax				Pretax				Pretax
	Amount		Income		Amount		Income		Amount		Income		Amount		Income
	(dollars in thousands)
Computed "expected" tax expense	$	8,293	21.0	%	$	4,486	21.0	%	$	18,512	21.0	%	$	10,712	21.0	%
Tax exempt income, net		(2,032)	(5.1)			(1,350)	(6.3)			(5,553)	(6.3)			(3,822)	(7.5)
Bank-owned life insurance		(93)	(0.2)			(101)	(0.5)			(287)	(0.3)			(271)	(0.5)
State income taxes, net of federal benefit, current year		1,799	4.6			1,003	4.7			4,070	4.6			2,456	4.8
Tax credits		(57)	(0.1)			(116)	(0.5)			(171)	(0.2)			(348)	(0.7)
Excess tax benefit on stock options exercised and restricted stock awards vested		(107)	(0.3)			14	0.1			(311)	(0.4)			(248)	(0.5)
Other		126	0.2			80	0.4			(2)	—			219	0.5
Federal and state income tax expense	$	7,929	20.1	%	$	4,016	18.9	%	$	16,258	18.4	%	$	8,698	17.1	%