9. Income Taxes

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

(in thousands)	2014			2013			2012
Current
Federal	$	7,941		$	11,497		$	12,252
State		4,345			4,357			4,281
Total Current		12,286			15,854			16,533
Deferred
Federal		3,116			(998	)		(2,041	)
State		(308	)		(635	)		(507	)
Total Deferred		2,808			(1,633	)		(2,548	)
Total Provision for Taxes	$	15,094		$	14,221		$	13,985

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

	2014						2013						2012
(in thousands)	Amount			Rate			Amount			Rate			Amount			Rate
Tax Provision at Federal Statutory Rate	$	14,174			35.0	%	$	13,399			35.0	%	$	13,067			35.0	%
Interest on Obligations of States and Political Subdivisions exempt from Federal Taxation		(805	)		(2.0	%)		(894	)		(2.3	%)		(917	)		(2.5	%)
State and Local Income Taxes, Net of Federal Income Tax Benefit		2,624			6.5	%		2,419			6.3	%		2,453			6.6	%
Bank Owned Life Insurance		(696	)		(1.7	%)		(702	)		(1.8	%)		(675	)		(1.8	%)
Low-Income Housing Tax Credit		(126	)		(0.3	%)		(129	)		(0.3	%)		-			-
Other, Net		(77	)		(0.2	%)		128			0.3	%		57			0.2	%
Total Provision for Taxes	$	15,094			37.3	%	$	14,221			37.1	%	$	13,985			37.5	%

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

(in thousands)	2014			2013
Deferred Tax Assets
Allowance for Credit Losses	$	14,944		$	14,470
Accrued Liabilities		8,184			7,723
Deferred Compensation		10,006			8,859
State Franchise Tax		1,521			1,525
Interest on Non-Accrual Loans		2			15
ORE Writedown and Holding Costs		1,724			1,713
Unrealized Loss on Securities Available-for-Sale		-			1,790
Low-Income Housing Investment		58			21
Total Deferred Tax Assets	$	36,439		$	36,116
Deferred Tax Liabilities
Premises and Equipment		(286	)		(213	)
Securities Accretion		(298	)		(966	)
Unrealized Gain on Securities Available-for-Sale		(1,838	)		-
Leasing Activities		(7,018	)		(1,501	)
Other		(786	)		(787	)
Total Deferred Tax Liabilities		(10,226	)		(3,467	)
Net Deferred Tax Assets	$	26,213		$	32,649

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 2008.