| Schedule of income tax expense (benefit) |
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Year Ended December 31
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2016
|
|
2015
|
|
2014
|
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|
Income tax expense
|
|
|
|
|
|
|
|
|
|
|
|
Currently payable
|
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$
|
8,455
|
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$
|
4,726
|
|
$
|
4,578
|
|
|
Deferred
|
|
|
4,135
|
|
|
5,697
|
|
|
5,950
|
|
|
Change in valuation allowance
|
|
|
(453)
|
|
|
(190)
|
|
|
(2,749)
|
|
|
Total income tax expense
|
|
$
|
12,137
|
|
$
|
10,233
|
|
$
|
7,779
|
|
|
| Schedule of differences between effective tax rates and the federal statutory rate applied to income before income taxes |
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2016
|
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2015
|
|
|
2014
|
|
|
Federal statutory income tax rate
|
|
|
35
|
%
|
|
35
|
%
|
|
35
|
%
|
|
Federal statutory income tax
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$
|
17,661
|
|
$
|
16,021
|
|
$
|
12,871
|
|
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Tax exempt interest
|
|
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(4,799)
|
|
|
(4,676)
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|
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(4,425)
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|
|
Effect of state income taxes
|
|
|
75
|
|
|
169
|
|
|
3,199
|
|
|
Non-deductible expenses
|
|
|
436
|
|
|
193
|
|
|
338
|
|
|
Tax exempt income on life insurance
|
|
|
(530)
|
|
|
(537)
|
|
|
(454)
|
|
|
Tax credits
|
|
|
(397)
|
|
|
(501)
|
|
|
(369)
|
|
|
Change in valuation allowance
|
|
|
(453)
|
|
|
(190)
|
|
|
(2,749)
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|
|
Captive insurance premiums
|
|
|
(335)
|
|
|
(361)
|
|
|
(371)
|
|
|
Low income housing proportional amortization
|
|
|
419
|
|
|
363
|
|
|
—
|
|
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Other
|
|
|
60
|
|
|
(248)
|
|
|
(261)
|
|
|
Income tax expense
|
|
$
|
12,137
|
|
$
|
10,233
|
|
$
|
7,779
|
|
|
| Schedule of components of the net deferred tax asset (liability) |
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|
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December 31
|
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2016
|
|
2015
|
|
|
Assets
|
|
|
|
|
|
|
|
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Allowance for loan losses
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$
|
8,590
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$
|
8,474
|
|
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Net operating loss carryforward
|
|
|
3,876
|
|
|
3,543
|
|
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Credit carryforwards
|
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|
6,439
|
|
|
8,401
|
|
|
OREO write-downs
|
|
|
583
|
|
|
514
|
|
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Other
|
|
|
3,456
|
|
|
3,019
|
|
|
Total assets
|
|
|
22,944
|
|
|
23,951
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
(6,041)
|
|
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(6,864)
|
|
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Mortgage servicing rights
|
|
|
(2,717)
|
|
|
(2,209)
|
|
|
Unrealized gain on securities AFS
|
|
|
(1,658)
|
|
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(6,798)
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|
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Intangibles
|
|
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(434)
|
|
|
(2,981)
|
|
|
Deferred loan fees/costs
|
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|
(2,058)
|
|
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(1,901)
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|
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Other
|
|
|
(3,725)
|
|
|
(2,336)
|
|
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Total liabilities
|
|
|
(16,633)
|
|
|
(23,089)
|
|
|
Less: Valuation allowance
|
|
|
(2,934)
|
|
|
(3,091)
|
|
|
Net deferred tax asset/(liability)
|
|
$
|
3,377
|
|
$
|
(2,229)
|
|
|