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Income tax
9 Months Ended
Sep. 30, 2011
Income tax
NOTE 8. Income tax
 
   
2011
    
2010
  
Income Tax Expense for the Nine Months Ended September 30:
            
Currently Payable:
            
Federal
  
$
(855
)
  
$
(19,905
)
State
            
(378
)
Deferred:
                
Federal
    
7,211
      
16,531
  
State
            
378
  
Total Income Tax Expense
  
$
6,356
    
$
(3,374
)
                 
Reconciliation of Federal Statutory to Actual Tax Expense:
                
Federal Statutory income Tax at 35%
  
$
8,416
    
$
(173
)
Tax-exempt Interest Income
    
(2,793
)
    
(2,935
)
Non-deductible Interest Expense
    
649
      
212
  
Stock Compensation
    
56
      
119
  
Earnings on Life Insurance
    
(610
)
    
(551
)
Tax Credits
    
(55
)
    
(85
)
Other
    
693
      
39
  
Actual Tax Expense
  
$
6,356
    
$
(3,374
)