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INCOME TAXES
3 Months Ended
Mar. 31, 2014
INCOME TAXES  
INCOME TAXES

NOTE 10 — INCOME TAXES

 

In accordance with ASC 740-270-50-1, Accounting for Interim Reporting, the provision for income taxes was recorded at March 31, 2014 and 2013 based on the current estimate of the effective annual rate.  The effective tax rate for the first quarter of 2014 was 17.3% versus 0.2% for the same period 2013.  The increase was due to the increase in pre-tax income in the first quarter of 2014 offset by a similar amount of tax exempt interest income that was taken in the first quarter of 2013.