11.	INCOME TAXES

The provision for income taxes was $0.9 million and $1.3 million for the nine-month periods ended September 30, 2015 and 2014, respectively. The Company’s effective tax rate was 28.8% and 31.4% for the same periods. The effective tax rate is impacted by recurring permanent differences, such as those associated with bank-owned life insurance and tax-exempt investment and loan income.

The Company had a net deferred tax asset of $7.7 million and $7.9 million as of September 30, 2015 and December 31, 2014, respectively. The reduction in the net deferred tax asset resulted primarily from a decrease in the allowance for loan losses, partially offset by the impact of changes in the fair value of securities available-for-sale.