16. Income taxes:

The current and deferred amounts of the provision for income taxes expense (benefit) for each of the years ended December 31, 2014, 2013 and 2012 are summarized as follows:


Year Ended December 31	2014		2013			2012
Current	$	4,313	$	1,628		$	2,705
Deferred		1,146		(1,143	)		353

	$	5,459	$	485		$	3,058

The components of the net deferred tax asset at December 31, 2014 and 2013 are summarized as follows:


December 31	2014		2013
Deferred tax assets:
Allowance for loan losses	$	3,618	$	2,940
Defined benefit plan		2,648		1,359
Deferred compensation		529		10
Other-than-temporary impairment on securities				131
Merger related accounting				244
Capital loss carry forward		244		244
Other		259		170

Total		7,298		5,098

Deferred tax liabilities:
Premises and equipment, net		912		976
Merger related accounting		2,131
Investment securities available-for-sale		2,202		959
Other		324		83

Total		5,569		2,018

Net deferred tax asset	$	1,729	$	3,080

Management believes that future taxable income will be sufficient to utilize deferred tax assets. Core earnings of the Company have remained strong and will continue to support the recognition of the deferred tax asset based on future growth projections.

A reconciliation between the amount of the effective income tax expense and the income tax expense that would have been provided at the federal statutory rate of 35.0 percent for the year ended December 31, 2014 and 34.0 percent in each of the years ended December 31, 2013 and 2012 is summarized as follows:


Year Ended December 31	2014			2013			2012
Federal income tax at statutory rate	$	8,088		$	2,110		$	4,640
Tax exempt interest		(1,938	)		(1,428	)		(1,432	)
Bank owned life insurance income		(272	)		(329	)		(171	)
Disallowed merger costs					266
Residential housing program tax credits		(439	)
Other, net		20			(134	)		21

Total	$	5,459		$	485		$	3,058