INCOME TAXES

Income tax expense consists of the following:



Year ended December 31,	2014		2013		2012
Current:
Federal	$	34,941	$	30,757	$	18,458
State	4,928		4,533		2,818
Total current	39,869		35,290		21,276
Deferred:
Federal	4,870		10,056		7,697
State	475		1,220		1,065
Total deferred	5,345		11,276		8,762
Total income tax expense	$	45,214	$	46,566	$	30,038

Total income tax expense differs from the amount computed by applying the statutory federal income tax rate of 35 percent in 2014, 2013 and 2012 to income before income taxes as a result of the following:



Year ended December 31,	2014			2013			2012
Tax expense at the statutory tax rate	$	45,365		$	46,446		$	30,892
Increase (decrease) in tax resulting from:
Tax-exempt income	(4,255		)	(3,620		)	(3,498		)
State income tax, net of federal income tax benefit	3,541			3,741			2,524
Other, net	563			(1		)	120
Tax expense at effective tax rate	$	45,214		$	46,566		$	30,038

The tax effects of temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax asset (liability) relate to the following:



December 31,	2014			2013
Deferred tax assets:
Loans, principally due to allowance for loan losses	$	28,506		$	30,903
Lease Costs	719			—
Loss Contingencies	1,785			—
Loan Discount	7,022			—
Investment securities, unrealized losses	2,728			9,473
Employee benefits	8,256			6,813
Other real estate owned write-downs and carrying costs	2,536			4,731
Deferred gain on sale of subsidiary	253			484
Deferred revenue on contract	481			545
Other	760			299
Deferred tax assets	53,046			53,248
Deferred tax liabilities:
Fixed assets, principally differences in bases and depreciation	(569		)	(4,227		)
Investment securities, unrealized gains	(1,351		)	—
Investment in joint venture partnership, principally due to differences in depreciation of partnership assets	(1,053		)	(700		)
Prepaid amounts	(1,385		)	(1,247		)
Government agency stock dividends	(2,407		)	(1,965		)
Goodwill and core deposit intangibles	(36,732		)	(28,167		)
Mortgage servicing rights	(4,144		)	(4,337		)
Other	(531		)	(451		)
Deferred tax liabilities	(48,172		)	(41,094		)
Net deferred tax assets	$	4,874		$	12,154

The Company had a current net income tax payable of $4,693 at December 31, 2014 and income tax receivable of $2,968 at December 31, 2013, which are included in accounts payable and accrued expenses.