NET MORTGAGE BANKING INCOME

9 Months Ended

Sep. 30, 2015

NET MORTGAGE BANKING INCOME [Abstract]

NET MORTGAGE BANKING INCOME

13.   INCOME TAXES

During the three months ended September 30, 2015 and 2014, the Company's consolidated effective tax rates were 41.3% and 39.8%, respectively. During the nine months ended September 30, 2015 and 2014, the Company's consolidated effective tax rates were 40.8% and 41.1%, respectively. A combination of additional tax strategies and recent tax law changes lowered the effective tax rate during the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014. There were no significant unusual income tax items recognized during the three-month or nine-month periods ended either September 30, 2015 or 2014.

14.   MORTGAGE BANKING INCOME

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

	Three Months Ended September 30,				Nine Months Ended September 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		71		154		86
Net mortgage banking income	$	41	$	71	$	154	$	1,153