v3.26.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2026
Income Taxes [Abstract]  
Effective Tax Rates Differ From Federal Statutory Rate

The following table summarizes the major components creating differences between income taxes at the federal statutory tax rate and the effective tax rate recorded in the Consolidated Statements of Income for the three months ended March 31, 2026 and 2025:

 

 

For the three months ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

 

 

(unaudited)

 

Statutory tax rate

 

 

21.0

%

 

 

21.0

%

Increase (decrease) resulting from:

 

 

 

 

 

 

Restricted stock

 

 

(1.9

%)

 

 

(0.7

%)

Tax exempt interest

 

 

(0.5

%)

 

 

(0.4

%)

Tax exempt earnings on bank owned life insurance

 

 

(0.9

%)

 

 

(0.8

%)

Dividends on equity securities

 

 

0.0

%

 

 

(0.2

%)

Tax credit investments

 

 

(3.1

%)

 

 

1.60

%

State income tax

 

 

0.0

%

 

 

0.0

%

Other, net

 

 

0.1

%

 

 

0.1

%

Effective tax rate

 

 

14.7

%

 

 

20.6

%