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Income Taxes
3 Months Ended
Mar. 31, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

Note 16 Income Taxes

 

Income tax expense attributable to income before income taxes was $1.7 million for the three months ended March 31, 2018 compared to an income tax benefit of $(1.2) million for the three month ended March 31, 2017, calculated based on a full year forecast method, resulting in an effective income tax rate of 16.7% for the three months ended March 31, 2018 and an effective income tax benefit of (17.7)% for the three months ended March 31, 2017. The tax expense recorded for the three months ended March 31, 2018 and March 31, 2017 was lowered by a $0.4 million and $2.8 million discrete tax benefit from stock compensation activity during the respective periods. The quarterly tax rate differs from the federal statutory rate primarily due to tax benefits from stock compensation activity, interest income from tax-exempt lending, bank-owned life insurance income, and the relationship of these items to pre-tax income. See management’s discussion and analysis for further information.