INCOME TAX

The following table summarizes the major components creating differences between income taxes at the federal statutory and the effective tax rate recorded in the consolidated statements of income for the three months ended March 31, 2016 and 2015:



	Three Months Ended March 31,
	2016			2015
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 35%	$	8,143		$	7,702
Tax-exempt interest income	(2,026		)	(1,429		)
Stock compensation	5			8
Earnings on life insurance	(517		)	(262		)
Tax credits	(129		)	(144		)
Other	98			(41		)
Actual Tax Expense	$	5,574		$	5,834

Effective Tax Rate	24.0		%	26.5		%