Entity information:
10.
Income Taxes

Current and deferred income tax expense (benefit) provided for the years ended December 31 consisted of the following:

(in thousands)
 
2017
  
2016
  
2015
 
Current
         
Federal
 
$
9,460
  
$
13,101
  
$
11,979
 
State
  
4,046
   
4,832
   
4,446
 
Total Current
  
13,056
   
17,933
   
16,425
 
Deferred
            
Federal
  
11,154
   
(1,607
)
  
383
 
State
  
1,451
   
(229
)
  
116
 
Total Deferred
  
12,605
   
(1,836
)
  
499
 
Total Provision for Taxes
 
$
26,111
  
$
16,097
  
$
16,924
 

The total provision for income taxes differs from the federal statutory rate as follows:

  
2017
  
2016
  
2015
    
(in thousands)
 
Amount
  
Rate
  
Amount
  
Rate
  
Amount
  
Rate
 
Tax Provision at Federal Statutory Rate
 
$
19,068
   
35.0
%
 
$
16,037
   
35.0
%
 
$
15,510
   
35.0
%
Interest on Obligations of States and Political
                        
Subdivisions exempt from Federal Taxation
  
(617
)
  
(1.1
%)
  
(675
)
  
(1.5
%)
  
(711
)
  
(1.6
%)
State and Local Income Taxes, Net of Federal Income Tax Benefit
  
3,573
   
6.5
%
  
2,992
   
6.5
%
  
2,966
   
6.7
%
Bank Owned Life Insurance
  
(696
)
  
(1.3
%)
  
(731
)
  
(1.6
%)
  
(712
)
  
(1.6
%)
Low-Income Housing Tax Credit
  
(1,546
)
  
(2.8
%)
  
(1,201
)
  
(2.6
%)
  
(291
)
  
(0.7
%)
Bargain Purchase Gain
  
-
   
0.0
%
  
(641
)
  
(1.4
%)
  
-
   
0.0
%
Deferred Tax Asset Remeasurement
  
6,256
   
11.5
%
  
-
   
0.0
%
  
-
   
0.0
%
Other, Net
  
73
   
0.1
%
  
316
   
0.7
%
  
162
   
0.4
%
Total Provision for Taxes
 
$
26,111
   
47.9
%
 
$
16,097
   
35.1
%
 
$
16,924
   
38.2
%

The components of net deferred tax assets as of December 31 are as follows: The net deferred tax assets are reported in Interest Receivable and Other Assets on the Company's Consolidated Balance Sheet.

(in thousands)
 
2017
  
2016
 
Deferred Tax Assets
      
Allowance for Credit Losses
 
$
14,962
  
$
20,260
 
Accrued Liabilities
  
7,421
   
9,807
 
Deferred Compensation
  
8,996
   
14,166
 
State Franchise Tax
  
850
   
1,680
 
Acquired Net Operating Loss
  
756
   
1,135
 
Fair Value Adjustment on Loans Acquired
  
242
   
429
 
Fair Value Adjustment on ORE Acquired
  
108
   
299
 
Unrealized Loss on Securities Available-for-Sale
  
373
   
58
 
Low-Income Housing Investment
  
470
   
366
 
Other
  
17
   
233
 
Total Deferred Tax Assets
 
$
34,195
  
$
48,433
 
Deferred Tax Liabilities
        
Premises and Equipment
  
(1,361
)
  
(1,707
)
Securities Accretion
  
(164
)
  
(341
)
Leasing Activities
  
(12,389
)
  
(14,868
)
Core Deposit Intangible Asset
  
(247
)
  
(398
)
Prepaid
  
(964
)
  
(314
)
Other
  
(944
)
  
(494
)
Total Deferred Tax Liabilities
  
(16,069
)
  
(18,122
)
Net Deferred Tax Assets
 
$
18,126
  
$
30,311
 

The Tax Cuts and Jobs Act, which lowers the Company’s previous 35% federal corporate tax rate to 21%, was signed into law by President Trump on December 22, 2017. In accordance with the ASC Topic 740, Income Taxes, companies must recognize the effect of tax law changes in the period of enactment. As a result, the Company is required to re-measure its deferred tax assets (DTA) and deferred tax liabilities (DTL) at the new tax rate of 21%. This onetime re-measurement resulted in a $6.3 million increase in the Company’s income tax provision. Based upon the level of historical taxable income and projections for future taxable income over the periods during which the deferred tax assets are expected to be deductible, Management believes it is more likely than not we will realize the benefit of the remaining deferred tax assets. The net deferred tax assets are reported in Interest Receivable and Other Assets on the Company’s Consolidated Balance Sheet.

The Company and its subsidiaries file income tax returns in the U.S. federal and California jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by the tax authorities for the years before 2013.