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Income Taxes
9 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

The tax provision for federal income taxes was $2.8 million for the third quarter of 2015 and $2.5 million for the third quarter of 2014. The effective tax rate was 36% for the quarter ended September 30, 2015 compared to 31% for the quarter ended September 30, 2014. The effective tax rate increased in the third quarter of 2015 relative to the same period in 2014 primarily due to merger-related expenses which are not entirely deductible for federal income tax purposes.

The tax provision for federal income taxes was $7.6 million for the first nine months of 2015, compared to $6.6 million for the same period in 2014. The effective tax rates were 34% and 30% for the first nine months ended September 30, 2015 and September 30, 2014, respectively. The effective tax rate increased in the first nine months of 2015 relative to the same period in 2014 primarily due to merger-related expenses incurred during the third quarter of 2015 and the accelerated full vesting of all outstanding employee stock options incurred in the second quarter of 2015, which were not entirely deductible for federal income tax purposes.