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Income Taxes
9 Months Ended
Sep. 30, 2014
Income Taxes [Abstract]  
Income Taxes

NOTE 7. Income Taxes

 

Our effective income tax rate for the three months ended September 30, 2014 and 2013 was 29.8% and 31.4%, respectively. Our effective income tax rate for the nine months ended September 30, 2014 and 2013 was 28.5% and 31.1%, respectively. The estimated annual effective income tax rates used in calculating the income tax expense for the reporting periods ended September 30, 2014 and 2013 were impacted by the level of permanent differences, including tax-advantaged income, and by Low Income Housing and other tax credits, resulting in effective income tax rates below statutory rates for the interim reporting periods. The change in the estimated annual effective income tax rates used to calculate income tax expense was influenced by the amount of tax-advantaged income relative to total income for the third quarter of 2014, as compared to the amount of tax-advantaged income relative to total income for the third quarter of 2013. Additionally, adjustments for income tax expense/(benefit) from discrete items recorded for the three months ended September 30, 2014 and 2013 impacted the effective income tax rate by (0.7%) and 0.3%, respectively. Adjustments for income tax expense/(benefit) from discrete items recorded for the nine months ended September 30, 2014 and 2013 impacted the effective income tax rates by (2.0%) and 0.0%, respectively.