9. Income Taxes

Current and deferred income tax expense (benefit) provided for the years ended December 31 consisted of the following:

(in thousands)	2013			2012			2011
Current
Federal	$	11,497		$	12,252		$	10,168
State		4,357			4,281			3,734
Total Current		15,854			16,533			13,902
Deferred
Federal		(998	)		(2,041	)		(685	)
State		(635	)		(507	)		(575	)
Total Deferred		(1,633	)		(2,548	)		(1,260	)
Total Provision for Taxes	$	14,221		$	13,985		$	12,642

The total provision for income taxes differs from the federal statutory rate as follows:

	2013						2012						2011
(in thousands)	Amount			Rate			Amount			Rate			Amount			Rate
Tax Provision at Federal Statutory Rate	$	13,399			35.0	%	$	13,067			35.0	%	$	12,198			35.0	%
Interest on Obligations of States and Political Subdivisions exempt from Federal Taxation		(894	)		(2.3	%)		(917	)		(2.5	%)		(884	)		(2.5	%)
State and Local Income Taxes, Net of Federal Income Tax Benefit		2,419			6.3	%		2,453			6.6	%		2,053			5.9	%
Bank Owned Life Insurance		(702	)		(1.8	%)		(675	)		(1.8	%)		(663	)		(1.9	%)
Low-Income Housing Tax Credit		(129	)		(0.3	%)		-			-			-			-
Other, Net		128			0.3	%		57			0.2	%		(62	)		(0.2	%)
Total Provision for Taxes	$	14,221			37.1	%	$	13,985			37.5	%	$	12,642			36.3	%

The components of net deferred tax assets as of December 31 are as follows:

(in thousands)	2013			2012
Deferred Tax Assets
Allowance for Credit Losses	$	14,470		$	14,446
Accrued Liabilities		7,723			6,283
Deferred Compensation		8,859			7,015
State Franchise Tax		1,525			1,498
Capital Loss Carry Forward		-			210
Interest on Non-Accrual Loans		15			96
ORE Writedown and Holding Costs		1,713			1,852
Unrealized Loss on Securities Available-for-Sale		1,790			-
Low-Income Housing Investment		21			-
Total Deferred Tax Assets	$	36,116		$	31,400
Deferred Tax Liabilities
Premises and Equipment		(213	)		(415	)
Securities Accretion		(966	)		(996	)
Unrealized Gain on Securities Available-for-Sale		-			(5,078	)
Leasing Activities		(1,501	)		-
Other		(787	)		(763	)
Total Deferred Tax Liabilities		(3,467	)		(7,252	)
Net Deferred Tax Assets	$	32,649		$	24,148

The net deferred tax assets are reported in Interest Receivable and Other Assets on the Company's Consolidated Balance Sheet.

The Company and its subsidiaries file income tax returns in the U.S. federal and California jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2007.