15. Income taxes:

The current and deferred amounts of the provision for income taxes expense (benefit) for each of the years ended December 31, 2016, 2015 and 2014 are summarized as follows:


Year Ended December 31	2016		2015		2014
Current	$	6,450	$	5,362	$	4,313
Deferred		(1,442)		(841)		1,146
	$	5,008	$	4,521	$	5,459

The components of the net deferred tax asset at December 31, 2016 and 2015 are summarized as follows:


December 31	2016		2015

Deferred tax assets:
Allowance for loan losses	$	5,586	$	4,541
Defined benefit plan		2,431		2,752
Deferred compensation		705		595
Capital loss carry forward		211		244
Other		706		440
Total		9,639		8,572
Deferred tax liabilities:
Premises and equipment, net		981		771
Merger related accounting		2,165		2,379
Investment securities available-for-sale		197		1,607
Other		725		530
Total		4,068		5,287
Net deferred tax asset	$	5,571	$	3,285

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, 2016, 2015 and 2014 is summarized as follows:


Year Ended December 31	2016		2015		2014

Federal income tax at statutory rate	$	8,607	$	7,785	$	8,088
Tax exempt interest		(2,264)		(2,008)		(1,938)
Bank owned life insurance income		(277)		(268)		(272)
Residential housing program tax credits		(1,128)		(1,115)		(439)
Other, net		70		127		20
Total	$	5,008	$	4,521	$	5,459