Federal and State Income Taxes

3 Months Ended

Mar. 31, 2015

(11) Federal and State Income Taxes

The reconciliations of income (loss) attributable to continuing operations at the U.S. federal statutory tax rate to income tax expense are as follows (in thousands):



	Three Months Ended March 31,
	2015			2014
Amount:
Federal statutory tax	$	39,717		$	40,768
Tax exempt revenue	(2,246		)	(1,991		)
Effect of state income taxes, net of federal benefit	2,615			2,870
Utilization of tax credits:
Low-income housing tax credit, net of amortization	(757		)	(991		)
Other tax credits	(521		)	(381		)
Bank-owned life insurance	(804		)	(768		)
Charitable contributions to BOKF Foundation	—			(427		)
Other, net	380			357
Total	$	38,384		$	39,437



	Three Months Ended March 31,
	2015		2014
Percent of pretax income:
Federal statutory tax	35.0	%	35.0	%
Tax exempt revenue	(2.0	)	(1.7	)
Effect of state income taxes, net of federal benefit	2.3		2.5
Utilization of tax credits:
Low-income housing tax credit, net of amortization	(0.7	)	(0.9	)
Other tax credits	(0.5	)	(0.3	)
Bank-owned life insurance	(0.7	)	(0.7	)
Charitable contributions to BOKF Foundation	—		(0.4	)
Other, net	0.4		0.4
Total	33.8	%	33.9	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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