Income Tax (Tables)

12 Months Ended

Dec. 31, 2016

Reconciliation of Federal Statutory to Actual Tax Expense

The reconciliation between income tax expense expected at the U.S. federal statutory tax rate and the reported income tax expense is summarized in the following table for years ended December 31, 2016, 2015, 2014:



	2016			2015			2014
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal Statutory Income Tax at 35%	$	38,031		$	31,867		$	28,800
Tax-exempt Interest Income	(8,749		)	(7,083		)	(5,148		)
Basis Difference on Sale of Insurance Subsidiary				2,252
Stock Compensation	27			34			36
Earnings on Life Insurance	(1,486		)	(1,012		)	(1,271		)
Tax Credits	(564		)	(583		)	(911		)
Other	350			190			617
Income Tax Expense	$	27,609		$	25,665		$	22,123

Components of Income Tax Expense (Benefit)

Income tax expense consists of the following components for the years ended December 31, 2016, 2015, 2014:



	2016		2015		2014
Income Tax Expense for the Year Ended December 31:
Currently Payable:
Federal	$	18,998	$	21,221	$	7,075
State
Deferred:
Federal	8,233		3,952		14,538
State	378		492		510
Income Tax Expense	$	27,609	$	25,665	$	22,123

Deferred Tax Assets and Liabilities

Significant components of the net deferred tax assets (liabilities) resulting from temporary differences were as follows at December 31, 2016 and 2015:



	2016			2015
Deferred Tax Asset at December 31:
Assets:
Differences in Accounting for Loan Losses	$	26,315		$	25,867
Differences in Accounting for Loan Fees	1,918			762
Differences in Accounting for Loans and Securities	5,689			9,359
Deferred Compensation	3,471			5,100
Difference in Accounting for Pensions and Other Employee Benefits	83			2,247
Federal & State Income Tax Loss Carryforward and Credits	16,643			23,737
Other	4,210			9,310
Total Assets	58,329			76,382
Liabilities:
Differences in Depreciation Methods	8,216			7,742
State Income Tax	237			591
Net Unrealized Gain on Securities Available for Sale	557			6,636
Gain on FDIC Modified Whole Bank Transaction	1,126			1,405
Other	623			717
Total Liabilities	10,759			17,091
Net Deferred Tax Asset Before Valuation Allowance	47,570			59,291
Valuation allowance:
Beginning Balance	(15,736		)	(17,568		)
Decrease/(Increase) During the Year	5,921			1,832
Ending Balance	(9,815		)	(15,736		)
Net Deferred Tax Asset	$	37,755		$	43,555