XML 62 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
Income Taxes
3 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

Note 7 - Income Taxes

Income tax expense was $7,766,000 for the first quarter of 2015 as compared to $7,104,000 for the same period in 2014. The Company’s effective tax rates on pretax income were 24.45% and 24.13% for the first quarters of 2015 and 2014, 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 the settlement of a bank owned life insurance contract.