Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.20.2
Income Taxes
9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13. INCOME TAXES

The effective tax rates for the three months ended September 30, 2020 and 2019 were 20.4% and 20.5%, respectively.  The effective tax rates for the nine months ended September 30, 2020 and 2019 were 17.9% and 20.0%, respectively.  The effective tax rate for the nine months ended September 30, 2020 was favorably impacted by a discrete income tax benefit in the amount of $575 thousand driven by the Company’s decision to carry back certain net operating losses as allowed by the CARES Act, which was enacted on March 27, 2020. The Company does not anticipate any additional significant impact from other provisions of the CARES Act.