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Income Tax (Tables)
 6 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Summary of differences between income taxes at federal statutory tax rate and effective tax rate
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 and six months ended June 30, 2016 and 2015:

Three Months Ended
June 30,

Six Months Ended
June 30,
 
2016

2015

2016

2015
Reconciliation of Federal Statutory to Actual Tax Expense:
 

 

 

 
Federal statutory income tax at 35%
$
9,353


$
9,389


$
17,496


$
17,091

Tax-exempt interest income
(2,104
)

(1,738
)

(4,130
)

(3,167
)
Basis difference on sale of insurance subsidiary



2,252

 



2,252

Stock compensation
8


10


13


18

Earnings on life insurance
(453
)

(223
)

(970
)

(485
)
Tax credits
(129
)

(148
)

(258
)

(292
)
Other
41


(686
)

139


(727
)
Actual Tax Expense
$
6,716


$
8,856


$
12,290


$
14,690













Effective Tax Rate
25.1
%

33.0
%

24.6
%

30.1
%