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Income Taxes

9 Months Ended

Sep. 30, 2014

11.	INCOME TAXES

The provision for income taxes was $1.3 million and $1.2 million for the nine-month periods ended September 30, 2014 and 2013, respectively. The Company’s effective tax rate was 31.4% and 28.9% for the same periods. The effective tax rate is impacted by recurring permanent differences such as bank-owned life insurance and tax-exempt investment and loan income.

The Company had a net deferred tax asset of $8.9 million and $10.8 million as of September 30, 2014 and December 31, 2013, respectively. The reduction in the net deferred tax asset resulted primarily from changes in the fair value of securities available-for-sale, a decrease in the allowance for loan losses and sales of OREO previously written down.

- 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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