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Income Tax
9 Months Ended
Sep. 30, 2016
Income Tax Disclosure [Abstract]  
Income Tax
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 and nine months ended September 30, 2016 and 2015:

Three Months Ended
September 30,

Nine Months Ended
September 30,
 
2016

2015

2016

2015
Reconciliation of Federal Statutory to Actual Tax Expense:
 

 

 

 
Federal statutory income tax at 35%
$
9,985


$
8,268


$
27,481


$
25,359

Tax-exempt interest income
(2,198
)

(1,949
)

(6,328
)

(5,116
)
Basis difference on sale of insurance subsidiary





 



2,252

Stock compensation
6


8


19


26

Earnings on life insurance
(216
)

(249
)

(1,186
)

(734
)
Tax credits
(165
)

(145
)

(423
)

(437
)
Other
57


624


196


(103
)
Actual Tax Expense
$
7,469


$
6,557


$
19,759


$
21,247













Effective Tax Rate
26.2
%

27.8
%

25.2
%

29.3
%