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INCOME TAXES
9 Months Ended
Sep. 30, 2011
INCOME TAXES
 
11.
INCOME TAXES
 
The Company determines its periodic income tax provision (benefit) based upon the current period income and the annual estimated tax rate for the Company adjusted for any change to prior year estimates. The estimated tax rate is revised, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate.
 
 
For the third quarter of 2011, the income tax provision reflects an effective tax rate of 30.5 percent, compared to an effective tax rate of 31.3 percent for the comparable period in the prior year.  For the nine months ended September 30, 2011, the income tax provision reflects an effective tax rate of 23.7 percent, compared to an effective tax rate of 19.1 percent for the comparable period in the prior year.  The change in the effective rate was due primarily to the relationship of our annual estimated pretax income to permanent differences between book and taxable income including tax-exempt interest earned on municipal securities.