Income Tax

6 Months Ended

Jun. 30, 2012

Income Tax

NOTE 8. Income Tax

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Income Tax Expense :
Currently Payable:
Federal	$	518		$	(450	)	$	1,336		$	(902	)
State
Deferred:
Federal		2,770			1,846			7,452			4,697
State
Total Income Tax Expense	$	3,288		$	1,396		$	8,788		$	3,795
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 35%	$	4,372		$	2,409		$	11,327		$	5,160
Tax-exempt interest income		(930	)		(961	)		(1,861	)		(1,877	)
Non-deductible interest expense					210						419
Stock compensation		26			13			42			37
Earnings on life insurance		(231	)		(200	)		(714	)		(402	)
Tax credits		(18	)		(13	)		(36	)		(26	)
Other		69			(62	)		30			484
Actual Tax Expense	$	3,288		$	1,396		$	8,788		$	3,795