16. Income taxes:

The current and deferred amounts of the provision for income taxes expense (benefit) for each of the years ended December 31, 2017, 2016 and 2015 are summarized as follows:


Year Ended December 31	2017		2016		2015
Current	$	6,515	$	6,450	$	5,362
Deferred		1,665		(1,442)		(841)
Total	$	8,180	$	5,008	$	4,521

The components of the net deferred tax asset at December 31, 2017 and 2016 are summarized as follows:


December 31	2017		2016

Deferred tax assets:
Allowance for loan losses	$	3,981	$	5,586
Defined benefit plan		1,392		2,431
Deferred compensation		499		705
Capital loss carry forward				211
Investment securities available-for-sale		260
Other		370		706
Total		6,502		9,639
Deferred tax liabilities:
Premises and equipment, net		815		981
Merger related accounting		1,243		2,165
Investment securities available-for-sale				197
Other		538		725
Total		2,596		4,068
Net deferred tax asset	$	3,906	$	5,571

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, 2017, 2016 and 2015 is summarized as follows:


Year Ended December 31	2017		2016		2015

Federal income tax at statutory rate	$	9,323	$	8,607	$	7,785
Effect of federal income tax rate changes (Note 1)		2,623
Tax exempt interest		(2,157)		(2,264)		(2,008)
Life insurance investment income		(269)		(277)		(268)
Residential housing program tax credits		(1,095)		(1,128)		(1,115)
Other, net		(245)		70		127
Total	$	8,180	$	5,008	$	4,521