INCOME TAXES	6 Months Ended
Jun. 30, 2016
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, 2016 and 2015 based on the current estimate of the effective annual rate. The effective tax rate for the second quarter of 2016 was 19.9% versus 22.7% for the same period 2015. For the first six months of 2016 and 2015, the effective tax rate was 21.4% versus 20.9% respectively. The decrease in the second quarter effective tax rate was due to the decrease in pre-tax earnings while tax exempt interest remained flat. The Company’s effective tax rate was lower than its blended statutory rate due to the Company’s investments in tax-exempt securities, tax-exempt loans, company-owned life insurance, and a subsidiary company domiciled in a state with no state or local income tax.

INCOME TAXES

6 Months Ended

Jun. 30, 2016

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, 2016 and 2015 based on the current estimate of the effective annual rate. The effective tax rate for the second quarter of 2016 was 19.9% versus 22.7% for the same period 2015. For the first six months of 2016 and 2015, the effective tax rate was 21.4% versus 20.9% respectively. The decrease in the second quarter effective tax rate was due to the decrease in pre-tax earnings while tax exempt interest remained flat. The Company’s effective tax rate was lower than its blended statutory rate due to the Company’s investments in tax-exempt securities, tax-exempt loans, company-owned life insurance, and a subsidiary company domiciled in a state with no state or local income tax.