Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014



The provision for income taxes consists of the following:	2014		2013		2012

Current Federal	$	9,179	$	9,103	$	9,649
Current State	393		648		568
Deferred Federal	1,928		1,090		260
Deferred State	569		623		192
Total	$	12,069	$	11,464	$	10,669

Income tax expense is reconciled to the 35% statutory rate applied to the pre-tax income for the years presented in the table below:



	2014			2013			2012

Statutory Rate Times Pre-tax Income	$	14,145		$	12,907		$	12,153
Add (Subtract) the Tax Effect of:
Income from Tax-exempt Loans and Investments	(1,697		)	(1,157		)	(1,007		)
State Income Tax, Net of Federal Tax Effect	625			826			494
General Business Tax Credits	(562		)	(556		)	(547		)
Company Owned Life Insurance	(289		)	(338		)	(341		)
Gain on United Commerce Bancorp Stock	—			(120		)	—
Other Differences	(153		)	(98		)	(83		)
Total Income Taxes	$	12,069		$	11,464		$	10,669

The net deferred tax asset (liability) at December 31 consists of the following:



	2014			2013
Deferred Tax Assets:
Allowance for Loan Losses	$	5,028		$	4,871
Unrealized Loss on Securities	—			2,809
Deferred Compensation and Employee Benefits	1,041			1,136
Other-than-temporary Impairment	378			388
Accrued Expenses	600			601
Business Combination Fair Value Adjustments	197			847
Pension and Postretirement Plans	45			35
Other Real Estate Owned	214			288
Non-Accrual Loan Interest Income	228			269
Net Operating Loss Carryforward	24			224
Other	209			313
Total Deferred Tax Assets	7,964			11,781
Deferred Tax Liabilities:
Depreciation	(1,269		)	(1,465		)
Leasing Activities, Net	(9,773		)	(7,797		)
Unrealized Gain on Securities	(1,654		)	—
FHLB Stock Dividends	(251		)	(343		)
Prepaid Expenses	(434		)	(492		)
Intangibles	(508		)	(804		)
Deferred Loan Fees	(515		)	(460		)
General Business Tax Credits	(49		)	(23		)
Other	(407		)	(330		)
Total Deferred Tax Liabilities	(14,860		)	(11,714		)
Valuation Allowance	—			—
Net Deferred Tax Asset (Liability)	$	(6,896	)	$	67