16. Income taxes:

The current and deferred amounts of the provision for income taxes expense (benefit) for each of the years ended December 31, 2015, 2014 and 2013 are summarized as follows:


Year Ended December 31	2015		2014		2013
Current	$	5,362	$	4,313	$	1,628
Deferred		(841)		1,146		(1,143)
	$	4,521	$	5,459	$	485

The components of the net deferred tax asset at December 31, 2015 and 2014 are summarized as follows:


December 31	2015		2014

Deferred tax assets:
Allowance for loan losses	$	4,541	$	3,618
Defined benefit plan		2,752		2,648
Deferred compensation		595		529
Capital loss carry forward		244		244
Other		440		259
Total		8,572		7,298
Deferred tax liabilities:
Premises and equipment, net		771		912
Merger related accounting		2,379		2,131
Investment securities available-for-sale		1,607		2,202
Other		530		324
Total		5,287		5,569
Net deferred tax asset	$	3,285	$	1,729

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 years ended December 31, 2015 and 2014 and 34.0 percent for the year ended December 31, 2013 and is summarized as follows:


Year Ended December 31	2015		2014		2013

Federal income tax at statutory rate	$	7,785	$	8,088	$	2,110
Tax exempt interest		(2,008)		(1,938)		(1,428)
Bank owned life insurance income		(268)		(272)		(329)
Disallowed merger costs						266
Residential housing program tax credits		(1,115)		(439)
Other, net		127		20		(134)
Total	$	4,521	$	5,459	$	485