XML 26 R15.htm IDEA: XBRL DOCUMENT v3.4.0.3
INCOME TAXES
3 Months Ended
Mar. 31, 2016
INCOME TAXES [Abstract]  
INCOME TAXES
(8)
INCOME TAXES

A summary of the provision for income tax expense is as follows.

  
Three Months Ended March 31,
 
  
2016
  
2015
 
  
(in thousands)
 
Federal:
      
Current
 
$
3,544
  
$
4,652
 
Deferred
  
1,439
   
259
 
Federal income tax expense
  
4,983
   
4,911
 
State:
        
Current
  
276
   
731
 
Deferred
  
536
   
69
 
State income tax expense
  
812
   
800
 
         
Total income taxes
 
$
5,795
  
$
5,711
 
 
The actual income tax expense differs from the "expected" income tax expense (computed by applying the combined applicable effective federal and state tax rates to income before income tax expense as follows:

  
Three Months Ended March 31,
 
  
2016
  
2015
 
  
(in thousands)
 
Computed expected tax expense provision, at federal rate
 
$
5,389
  
$
5,248
 
State tax, net of federal tax benefit
  
534
   
543
 
Other   
(128
)
  
(80
)
Total income taxes
 
$
5,795
  
$
5,711
 
 
The Company files a federal income tax return and various state and local tax returns. The Company’s consolidated federal and state income tax returns for 2012 - 2014 are open for review by the Internal Revenue Service (“IRS”) and other state taxing authorities.
 
As of March 31, 2016 and December 31, 2015, we have determined that there are no uncertain tax positions.