XML 27 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes
6 Months Ended
Jun. 30, 2017
Income Tax Disclosure [Abstract]  
Income Taxes

Note 7 - Income Taxes

Income tax expense was $8,500,000 for the second quarter of 2017 as compared to $8,366,000 for the same period in 2016. The Company’s effective tax rates on pretax income were 23.13% and 23.78% for the second quarters of 2017 and 2016, respectively. Income tax expense was $16,105,000 for the six months ended June 30, 2017 as compared to $16,105,000 for the same period in 2016. The Company’s effective tax rates on pretax income were 22.70% and 23.47% for the six months ended June 2017 and 2016, respectively. The effective tax rates differ from the statutory federal tax rate of 35% primarily due to tax exempt interest income earned on certain investment securities and loans, the deductibility of dividends paid to our employee stock ownership plan and excess tax benefits related to our directors’ deferred compensation plan.