INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows (in thousands):



	2015		2014
Deferred tax assets:
Allowance for loan losses	$	7,750	$	5,593
Alternative minimum tax credit	—		388
Other	1,118		1,914
Total deferred tax assets	8,868		7,895
Deferred tax liabilities:
Premises and equipment	3,634		4,336
Goodwill	1,446		1,035
FHLB stock dividends	70		65
Unrealized gains on securities	274		1,538
Other	1,272		1,798
Total deferred tax liabilities	6,696		8,772
Net deferred tax asset (liability)	$	2,172	$	(877	)

Components of Income Tax Expense

Components of income tax expense are as follows (in thousands):



	2015			2014			2013
Current	$	6,368		$	8,847		$	3,323
Deferred (benefit) expense	(1,785		)	(1,489		)	2,828
Total income tax expense	$	4,583		$	7,358		$	6,151

Income Tax Reconciliation

The provision for federal income taxes differs from the amount computed by applying the U.S. Federal income tax statutory rate of 35% on pre-tax income as follows (in thousands):



	December 31,
	2015			2014			2013
Taxes calculated at statutory rate	$	5,460		$	9,264		$	7,114
Increase (decrease) resulting from:
Tax-exempt interest, net	(766		)	(923		)	(1,095		)
Executive officer life insurance proceeds	—			(1,050		)	—
Other	(111		)	67			132
	$	4,583		$	7,358		$	6,151