16. Income taxes:

The current and deferred amounts of the provision for income taxes expense (benefit) for each of the years ended December 31, 2018, 2017 and 2016 are summarized as follows:


Year Ended December 31	2018		2017		2016
Current	$	4,072	$	6,515	$	6,450
Deferred		(681)		1,665		(1,442)
Total	$	3,391	$	8,180	$	5,008

The components of the net deferred tax asset at December 31, 2018 and 2017 are summarized as follows:


December 31	2018		2017

Deferred tax assets:
Allowance for loan losses	$	4,490	$	3,981
Defined benefit plan		1,516		1,392
Deferred compensation		593		499
Deferred loan fees		470		264
Investment securities available-for-sale		683		260
Other		116		106
Total		7,868		6,502
Deferred tax liabilities:
Premises and equipment, net		985		815
Merger related accounting		1,083		1,243
Deferred loan costs		626		531
Investment securities available-for-sale
Other		93		7
Total		2,787		2,596
Net deferred tax asset	$	5,081	$	3,906

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 21.0 percent for the year ended December 31, 2018, and 35.0 percent for the years ended December 31, 2017 and 2016 is summarized as follows:


Year Ended December 31	2018		2017		2016

Federal income tax at statutory rate	$	5,945	$	9,323	$	8,607
Effect of federal income tax rate changes (Note 1)				2,623
Tax exempt interest		(1,320)		(2,157)		(2,264)
Life insurance investment income		(236)		(269)		(277)
Residential housing program tax credits		(1,094)		(1,095)		(1,128)
Other, net		96		(245)		70
Total	$	3,391	$	8,180	$	5,008