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NOTE 14 Income Taxes
The components of income tax expense (benefit) for the three and six months ended June 30, 2026 and 2025 were as follows:
| | | Three months ended June 30, | |
| | | 2026 | | | 2025 | |
| | | | | | | Percent of | | | | | | | Percent of | |
| (dollars in thousands) | | Amount | | | Pretax Income | | | Amount | | | Pretax Income | |
| Taxes at statutory federal income tax rate | | $ | 5,729 | | | | 21.0 | % | | $ | 5,535 | | | | 21.0 | % |
| Tax effect of: | | | | | | | | | | | | | | | | |
| Tax exempt income | | | (669 | ) | | | (2.5 | )% | | | (498 | ) | | | (1.9 | )% |
| State income taxes, net of federal benefits | | | 1,283 | | | | 4.7 | % | | | 1,392 | | | | 5.3 | % |
| Nondeductible items and other | | | 71 | | | | 0.3 | % | | | (325 | ) | | | (1.2 | )% |
| Applicable income taxes | | $ | 6,414 | | | | 23.5 | % | | $ | 6,104 | | | | 23.2 | % |
| | | Six months ended June 30, | |
| | | 2026 | | | 2025 | |
| | | | | | | Percent of | | | | | | | Percent of | |
| (dollars in thousands) | | Amount | | | Pretax Income | | | Amount | | | Pretax Income | |
| Taxes at statutory federal income tax rate | | $ | 12,081 | | | | 21.0 | % | | $ | 9,222 | | | | 21.0 | % |
| Tax effect of: | | | | | | | | | | | | | | | | |
| Tax exempt income | | | (1,194 | ) | | | (2.1 | )% | | | (955 | ) | | | (2.2 | )% |
| State income taxes, net of federal benefits | | | 2,594 | | | | 4.5 | % | | | 2,185 | | | | 5.0 | % |
| Nondeductible items and other | | | 212 | | | | 0.4 | % | | | (103 | ) | | | (0.2 | )% |
| Applicable income taxes | | $ | 13,693 | | | | 23.8 | % | | $ | 10,349 | | | | 23.6 | % |
It is the opinion of management that, as of June 30, 2026, the Company had no significant uncertain tax positions that would be subject to change upon examination.
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