INCOME TAXES

Income tax expense consists of the following:



Year ended December 31,	2016		2015		2014
Current:
Federal	$	40,336	$	26,741	$	34,941
State	5,918		4,472		4,928
Total current	46,254		31,213		39,869
Deferred:
Federal	2,851		11,047		4,870
State	518		1,402		475
Total deferred	3,369		12,449		5,345
Total income tax expense	$	49,623	$	43,662	$	45,214

Total income tax expense differs from the amount computed by applying the statutory federal income tax rate of 35% in 2016, 2015 and 2014 to income before income taxes as a result of the following:



Year ended December 31,	2016			2015			2014
Tax expense at the statutory tax rate	$	50,841		$	45,660		$	45,365
Increase (decrease) in tax resulting from:
Tax-exempt income	(4,374		)	(4,092		)	(4,255		)
State income tax, net of federal income tax benefit	4,301			3,791			3,541
Federal tax credits	(2,128		)	(2,249		)	(313		)
Other, net	983			552			876
Tax expense at effective tax rate	$	49,623		$	43,662		$	45,214

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,	2016			2015
Deferred tax assets:
Loans, principally due to allowance for loan losses	$	28,285		$	28,999
Lease costs	455			596
Loss contingencies	101			108
Loan discount	3,152			4,552
Investment securities, unrealized losses	6,602			—
Employee benefits	9,277			9,009
Other real estate owned write-downs and carrying costs	1,270			598
Deferred revenue on contract	912			1,087
Other	1,008			126
Deferred tax assets	51,062			45,075
Deferred tax liabilities:
Fixed assets, principally differences in bases and depreciation	(4,750		)	(5,140		)
Investment securities, unrealized gains	—			(445		)
Investment in joint venture partnership, principally due to differences in depreciation of partnership assets	(1,192		)	(1,301		)
Prepaid amounts	(1,523		)	(1,139		)
Government agency stock dividends	(2,287		)	(2,442		)
Goodwill and core deposit intangibles	(42,362		)	(39,886		)
Mortgage servicing rights	(5,467		)	(4,422		)
Other	(320		)	(65		)
Deferred tax liabilities	(57,901		)	(54,840		)
Net deferred tax assets (liabilities)	$	(6,839	)	$	(9,765	)

The Company had a current net income tax receivable of $5,761 at December 31, 2016 and a current net income tax payable of $6,275 at December 31, 2015, which were included in accounts payable and accrued expenses.