Income Taxes

The components of the provision for income taxes for the years ended September 30, 2017, 2016 and 2015 were as follows (dollars in thousands):



	2017		2016		2015
Current:
Federal	$	6,656	$	4,618	$	3,996
State	35		—		—
Deferred	385		283		196
Provision for income taxes	$	7,076	$	4,901	$	4,192

At September 30, 2017 the Company had income taxes receivable of $559,000, which is included in other assets in the accompanying 2017 consolidated balance sheet. At September 30, 2016 the Company had income taxes payable of $197,000, which is included in other liabilities in the accompanying 2016 consolidated balance sheet.

The components of the Company’s deferred tax assets and liabilities at September 30, 2017 and 2016 were as follows (dollars in thousands):



	2017		2016
Deferred Tax Assets
Allowance for loan losses	$	3,380	$	3,508
Allowance for OREO losses	443		519
Unearned ESOP shares	148		224
CDI	103		151
OTTI credit impairment on investment securities	173		174
Accrued interest on loans	29		31
Net unrealized losses on investment securities	66		90
Deferred compensation and bonuses	94		90
Reserve for loan commitments	75		54
Other	39		34
Total deferred tax assets	4,550		4,875



Deferred Tax Liabilities
Goodwill	1,714		1,549
MSRs	639		539
Depreciation	480		403
FHLB stock dividends	137		419
Prepaid expenses	140		145
Other	35		6
Total deferred tax liabilities	3,145		3,061

Net deferred tax assets	$	1,405	$	1,814

The provision for income taxes for the years ended September 30, 2017, 2016 and 2015 differs from that computed at the federal statutory corporate tax rate as follows (dollars in thousands):



	2017			2016			2015
Expected federal income tax provision at statutory rate	$	7,435		$	5,160		$	4,268
BOLI income	(191		)	(189		)	(184		)
Dividends on ESOP	(102		)	(83		)	(58		)
Other - net	(66		)	13			166
Provision for income taxes	$	7,076		$	4,901		$	4,192

No valuation allowance for net deferred tax assets was recorded as of September 30, 2017 and 2016, as management believes that it is more likely than not that all of the net deferred tax assets will be realized based on management's expectations of future taxable income and/or because they were supported by recoverable taxes paid in prior years.