NET MORTGAGE BANKING INCOME

6 Months Ended

Jun. 30, 2015

NET MORTGAGE BANKING INCOME [Abstract]

NET MORTGAGE BANKING INCOME

13.   INCOME TAXES

During the three months ended June 30, 2015 and 2014, the Company's consolidated effective tax rates were 40.9% and 41.9%, respectively. During the six months ended June 30, 2015 and 2014, the Company's consolidated effective tax rates were 40.6% and 41.8%, respectively. A combination of additional tax strategies and recent tax law changes lowered the effective tax rate in 2015 compared to 2014. There were no significant unusual income tax items during the three-month or six-month periods ended either June 30, 2015 or 2014.

14. NET MORTGAGE BANKING INCOME

Net mortgage banking income presented in the condensed consolidated statements of income was comprised of the following items:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Gain on the sale of loans	$	-	$	-	$	-	$	27
Credit to the liability for First Loss Position		-		-		-		1,040
Mortgage banking fees recognized		41		82		113		15
Net mortgage banking income	$	41	$	82	$	113	$	1,082