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Income taxes | 12 Months Ended
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Dec. 31, 2019
Income taxes |
Income taxes | 17. Income taxes: The current and deferred amounts of the provision for income taxes expense (benefit) for each of the years ended December 31, 2019, 2018 and 2017 are summarized as follows:
Year Ended December 31 |  | 2019 |  | 2018 |  | 2017 |
Current |  | $ | 2,761 |  | $ | 4,072 |  | $ | 6,515 |
Deferred |  |  | 394 |  |  | (681) |  |  | 1,665 |
Total |  | $ | 3,155 |  | $ | 3,391 |  | $ | 8,180 |
The components of the net deferred tax asset at December 31, 2019 and 2018 are summarized as follows:
December 31 |  | 2019 |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 4,762 |  | $ | 4,490 |
Lease liability |  |  | 1,301 |  |  |  |
Defined benefit plan |  |  | 815 |  |  | 1,516 |
Deferred compensation |  |  | 682 |  |  | 593 |
Deferred loan fees |  |  | 525 |  |  | 470 |
Investment securities available-for-sale |  |  |  |  |  | 683 |
Other |  |  | 137 |  |  | 116 |
Total |  |  | 8,222 |  |  | 7,868 |
Deferred tax liabilities: |  |  |  |  |  |  |
Lease right-of-use assets |  |  | 1,286 |  |  |  |
Premises and equipment, net |  |  | 1,350 |  |  | 985 |
Merger related accounting |  |  | 850 |  |  | 1,083 |
Deferred loan costs |  |  | 716 |  |  | 626 |
Investment securities available-for-sale |  |  | 416 |  |  |  |
Other |  |  | 242 |  |  | 93 |
Total |  |  | 4,860 |  |  | 2,787 |
Net deferred tax asset |  | $ | 3,362 |  | $ | 5,081 |
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 years ended December 31, 2019 and December 31, 2018 and 35.0 percent for December 31, 2017 is summarized as follows:
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Year Ended December 31 |  | Amount |  | % |  |  | Amount |  | % |  |  | Amount |  | % |
Federal income tax at statutory rate |  | $ | 6,067 |  | 21.00 | % |  | $ | 5,945 |  | 21.00 | % |  | $ | 9,323 |  | 35.00 | %
Effect of federal income tax rate changes (Note 1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,623 |  | 9.85 |
Tax exempt interest |  |  | (1,299) |  | (4.50) |  |  |  | (1,320) |  | (4.66) |  |  |  | (2,157) |  | (8.10) |
Bank owned life insurance income |  |  | (159) |  | (0.55) |  |  |  | (236) |  | (0.83) |  |  |  | (269) |  | (1.01) |
Residential housing program tax credits |  |  | (1,094) |  | (3.79) |  |  |  | (1,094) |  | (3.87) |  |  |  | (1,095) |  | (4.11) |
Other, net |  |  | (360) |  | (1.25) |  |  |  | 96 |  | 0.34 |  |  |  | (245) |  | (0.92) |
Total |  | $ | 3,155 |  | 10.91 | % |  | $ | 3,391 |  | 11.98 | % |  | $ | 8,180 |  | 30.71 | %

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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