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INCOME TAXES
6 Months Ended
Jun. 30, 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 June 30, 2014 and 2013 based on the current estimate of the effective annual rate.  The effective tax rate for the second quarter of 2014 was 20.9% versus 19.0% for the same period 2013.  For the first six months of 2014 and 2013, the effective tax rate was 19.4% and 13.2% respectively.  The increase was due to the increase in pre-tax income in 2014 with tax exempt income remaining constant.