9. Income Taxes

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

(in thousands)	2015		2014			2013
Current
Federal	$	11,979	$	7,941		$	11,497
State		4,446		4,345			4,357
Total Current		16,425		12,286			15,854
Deferred
Federal		383		3,116			(998	)
State		116		(308	)		(635	)
Total Deferred		499		2,808			(1,633	)
Total Provision for Taxes	$	16,924	$	15,094		$	14,221

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

	2015						2014						2013
(in thousands)	Amount			Rate			Amount			Rate			Amount			Rate
Tax Provision at Federal Statutory Rate	$	15,510			35.0	%	$	14,174			35.0	%	$	13,399			35.0	%
Interest on Obligations of States and Political Subdivisions exempt from Federal Taxation		(711	)		(1.6	%)		(805	)		(2.0	%)		(894	)		(2.3	%)
State and Local Income Taxes, Net of Federal Income Tax Benefit		2,966			6.7	%		2,624			6.5	%		2,419			6.3	%
Bank Owned Life Insurance		(712	)		(1.6	%)		(696	)		(1.7	%)		(702	)		(1.8	%)
Low-Income Housing Tax Credit		(291	)		(0.7	%)		(126	)		(0.3	%)		(129	)		(0.3	%)
Other, Net		162			0.4	%		(77	)		(0.2	%)		128			0.3	%
Total Provision for Taxes	$	16,924			38.2	%	$	15,094			37.3	%	$	14,221			37.1	%

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

(in thousands)	2015			2014
Deferred Tax Assets
Allowance for Credit Losses	$	17,529		$	14,944
Accrued Liabilities		8,614			8,184
Deferred Compensation		11,586			10,006
State Franchise Tax		1,549			1,521
Interest on Non-Accrual Loans		46			2
ORE Writedown and Holding Costs		1,547			1,724
Low-Income Housing Investment		73			58
Total Deferred Tax Assets	$	40,944		$	36,439
Deferred Tax Liabilities
Premises and Equipment		(869	)		(286	)
Securities Accretion		(310	)		(298	)
Unrealized Gain on Securities Available-for-Sale		(432	)		(1,838	)
Leasing Activities		(11,469	)		(7,018	)
Other		(744	)		(786	)
Total Deferred Tax Liabilities		(13,824	)		(10,226	)
Net Deferred Tax Assets	$	27,120		$	26,213

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 2011.