INCOME TAXES	9 Months Ended
Sep. 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 September 30, 2016 and 2015 based on the current estimate of the effective annual rate. The effective tax rate for the third quarter of 2016 was 26.0% versus 24.1% for the same period 2015. For the first nine months of 2016 and 2015, the effective tax rate was 23.5% versus 22.0% respectively. The increase in the third quarter effective tax rate was due to the increase 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

9 Months Ended

Sep. 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 September 30, 2016 and 2015 based on the current estimate of the effective annual rate. The effective tax rate for the third quarter of 2016 was 26.0% versus 24.1% for the same period 2015. For the first nine months of 2016 and 2015, the effective tax rate was 23.5% versus 22.0% respectively. The increase in the third quarter effective tax rate was due to the increase 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.