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Income Taxes

3 Months Ended

Mar. 31, 2015

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 March 31,
	2015			2014
Federal statutory income tax rate		35.0	%		35.0	%
State income taxes, net of federal tax benefit		6.9			6.9
Tax-exempt interest on municipal obligations		(0.4	)		(0.4	)
Increase in cash value of insurance policies		(1.7	)		(1.1	)
Other		0.8			0.2

Effective Tax Rate		40.6	%		40.6	%

- 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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