Income Tax (Tables)

12 Months Ended

Dec. 31, 2015

The reconciliation between the statutory and actual income tax expense (benefit) is summarized in the following table for the years indicated:



	2015			2014			2013
Income Tax Expense for the Year Ended December 31:
Currently Payable:
Federal	$	21,221		$	7,075		$	13,737
State
Deferred:
Federal	3,952			14,538			2,147
State	492			510
Total Income Tax Expense	$	25,665		$	22,123		$	15,884
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal Statutory Income Tax at 35%	$	31,867		$	28,800		$	21,145
Tax-exempt Interest Income	(7,083		)	(5,148		)	(3,923		)
Basis Difference on Sale of Insurance Subsidiary	2,252
Stock Compensation	34			36			50
Earnings on Life Insurance	(1,012		)	(1,271		)	(905		)
Tax Credits	(583		)	(911		)	(857		)
Other	190			617			374
Actual Tax Expense	$	25,665		$	22,123		$	15,884

The tax effects of temporary differences related to deferred taxes shown on the balance sheets were:



	2015			2014
Deferred Tax Asset at December 31:
Assets:
Differences in Accounting for Loan Losses	$	25,867		$	26,665
Differences in Accounting for Loan Fees	762			747
Differences in Accounting for Loans and Securities	9,359			9,910
Deferred Compensation	5,100			5,234
Difference in Accounting for Pensions and Other Employee Benefits	2,247			1,084
Federal & State Income Tax Loss Carryforward and Credits	23,737			23,977
Other	9,310			8,535
Total Assets	76,382			76,152
Liabilities:
Differences in Depreciation Methods	7,742			8,220
State Income Tax	591			591
Net Unrealized Gain on Securities Available for Sale	6,636			7,591
Gain on FDIC Modified Whole Bank Transaction	1,405			1,694
Other	717			1,096
Total Liabilities	17,091			19,192
Net Deferred Tax Asset Before Valuation Allowance	59,291			56,960
Valuation allowance:
Beginning Balance	(17,568		)	(17,171		)
Decrease/(Increase) During the Year	1,832			(397		)
Ending Balance	(15,736		)	(17,568		)
Net Deferred Tax Asset	$	43,555		$	39,392