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Income Taxes

9 Months Ended

Sep. 30, 2014

Note 22 - Income Taxes

The provisions for income taxes applicable to income before taxes differ from amounts computed by applying the statutory Federal income tax rates to income before taxes. The effective tax rate and the statutory federal income tax rate are reconciled for the periods indicated as follows:


	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
Federal statutory income tax rate		35.0	%		35.0	%		35.0	%		35.0	%
State income taxes, net of federal tax benefit		7.1			6.7			7.0			6.7
Tax-exempt interest on municipal obligations		(0.3	)		(0.5	)		(0.4	)		(0.4	)
Increase in cash value of insurance policies		(1.2	)		(1.5	)		(1.3	)		(1.3	)
Nondeductible merger expenses		1.3			—			0.9			—
Other		0.3			0.3			0.4	%		0.4

Effective Tax Rate		42.2	%		40.0	%		41.6	%		40.4	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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