INCOME TAX

The following table summarizes the major components creating differences between income taxes at the federal statutory and the effective tax rate recorded in the consolidated statements of income for the three months ended March 31, 2018 and 2017:



	Three Months Ended March 31,
	2018			2017
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal statutory income tax at 21% for 2018 and 35% for 2017	$	9,091		$	10,627
Tax-exempt interest income	(2,015		)	(2,549		)
Share-based compensation	(441		)	(755		)
Tax-exempt earnings and gains on life insurance	(247		)	(314		)
Tax credits	39			(106		)
Other	184			265
Actual Tax Expense	$	6,611		$	7,168

Effective Tax Rate	15.3		%	23.6		%