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	%