Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

The following is a summary of income tax expense for the years ended December 31, 2015, 2014, and 2013:

	2015		2014		2013
Current – federal	$	7,777	$	8,471	$	7,189
Current – state		139		110		128
Deferred - federal		376		733		(977	)
Income tax expense	$	8,292	$	9,314	$	6,340

Components of Net Deferred Tax Asset

The components of the net deferred tax asset as of December 31, 2015 and 2014 are as follows:

	2015		2014
Deferred tax assets:
Allowance for loan losses	$	4,799	$	5,076
Fair value adjustments – business combination		1,661		2,466
Deferred compensation		2,443		2,238
Impaired security valuation		497		479
Net operating loss carryover		1,137		1,646
Post-retirement benefits		1,562		1,423
Unrealized loss on interest rate swap		258		331
Nonaccrual loan interest		762		598
Accrued expenses		1,072		974
Deferred fees and costs		388		40
Other		442		351
		15,021		15,622
Deferred tax liabilities:
Unrealized gain on securities available for sale		1,900		1,474
Premises and equipment		1,737		1,528
Intangibles – section 197		4,558		4,900
Mortgage servicing rights		337		299
Other		19		124
		8,551		8,325
Net deferred tax asset	$	6,470	$	7,297

Reconciliation of Income Tax Attributable to Pre-Tax Income at Federal Statutory Tax Rates to Income Tax Expense

The reconciliation of income tax attributable to pre-tax income at the federal statutory tax rates to income tax expense is as follows:

	2015			%			2014			%			2013			%
Tax at statutory rate	$	10,671			35.0		$	11,336			35.0		$	8,057			35.0
Tax exempt income, net		(1,816	)		(6.0	)		(1,684	)		(5.2	)		(1,664	)		(7.2	)
Bank owned life insurance		(418	)		(1.4	)		(364	)		(1.1	)		(543	)		(2.4	)
Merger costs		30			0.1			0			0.0			233			1.0
Other		(175	)		(0.5	)		26			0.1			257			1.1
Income tax expense	$	8,292			27.2		$	9,314			28.8		$	6,340			27.5