Income tax

3 Months Ended

Mar. 31, 2012

Income tax

NOTE 8. Income tax

	2012			2011
Income Tax Expense for the Three Months Ended March 31:
Currently payable:
Federal	$	818		$	(452	)
State
Deferred:
Federal		4,682			2,851
State
Total Income Tax Expense	$	5,500		$	2,399
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 35%	$	6,955		$	2,751
Tax-exempt interest income		(931	)		(916	)
Non-deductible interest expense					209
Stock compensation		16			24
Earnings on life insurance		(483	)		(202	)
Tax credits		(18	)		(13	)
Other		(39	)		546
Actual Tax Expense	$	5,500		$	2,399