Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Current and Deferred Income Tax Expense (Benefit)

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

Total Provision for Income Taxes Reconciliation with Federal Statutory Rate

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	%

Components of Net Deferred Tax Assets

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