Entity information:
Income Taxes
At December 31, 2017 and 2016, the Company had $5.3 million and $1.8 million in total taxes receivable, respectively, included in "Other assets" in the Consolidated Balance Sheets.  The Company realized $3.5 million, $3.5 million, and $2.4 million in tax credits related to its investments in low income housing tax credit partnerships for 2017, 2016, and 2015 respectively. 
Components of the provision for income taxes are as follows: 
(In Thousands)
Current Tax Expense (Benefit)

Deferred Expense (Benefit)

Total Expense
2017:
 

 

 
Federal

$2,618



$3,658



$6,276

State
1,423


346


1,769

Amortization of investment in low income housing tax credit partnerships
2,276

 
—

 
2,276

Total

$6,317



$4,004



$10,321

2016:
 

 

 
Federal

$2,874



($281
)


$2,593

State
674


(83
)

591

Amortization of investment in low income housing tax credit partnerships
2,868

 
—

 
2,868

Total

$6,416



($364
)


$6,052

2015:
 

 

 
Federal

$4,752



$127



$4,879

State
1,200


21


1,221

Amortization of investment in low income housing tax credit partnerships
2,684

 
—

 
2,684

Total

$8,636



$148



$8,784



The actual expense for 2017, 2016, and 2015, differs from the “expected” tax expense (computed by applying the U.S. Federal Statutory Tax Rate of 35% for the year ended December 31, 2017, 2016, and 2015) as follows: 
(In  Thousands)
2017

2016

2015
Computed “expected” income tax expense

$8,330



$7,365



$9,491

State income taxes, net
1,225


384


794

Tax-exempt interest on investment securities
(597
)
 
(566
)
 
(507
)
Amortization of investment in low income housing tax credit partnerships
2,276

 
2,868

 
2,684

Low income housing credits
(3,468
)

(3,540
)

(2,446
)
Revaluation of deferred tax assets
2,678

 
—

 
—

Other
(123
)

(459
)

(1,232
)
Total

$10,321



$6,052



$8,784


    
The components of the net deferred tax asset are as follows:
(In  Thousands)
2017

2016

2015
Deferred Tax Asset:
 

 

 
     Allowance for loan losses

$5,922



$7,717



$7,082

     Loan fees, net of costs
825


1,823


1,896

     Other real estate owned
160


123


46

     Deferred compensation
1,218


2,112


2,005

     Net operating loss carryforwards
—

 
—

 
73

     Equity compensation
422

 
544

 
578

     Loan discount
171

 
326

 
476

     Fair market value adjustment on certificates of deposit
147

 
247

 
283

     Unrealized loss on available for sale investment securities, net
59


195


235

     Other
693


1,455


1,380

Total Deferred Tax Asset

$9,617



$14,542



$14,054

 
 
 
 
 
 
Deferred Tax Liability:
 

 

 
     Intangible amortization

($219
)


($2,804
)


($2,494
)
     Mortgage servicing rights
(2,156
)
 
(415
)
 
(415
)
     Depreciation and amortization
(404
)
 
31

 
(64
)
     FHLB stock repurchase and dividends
(179
)
 
(686
)
 
(686
)
     Other
(399
)

(404
)

(456
)
Total Deferred Tax Liability

($3,357
)


($4,278
)


($4,115
)
          Net Deferred Tax Asset

$6,260



$10,264



$9,939


A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized.  The primary source of recovery of the deferred tax asset will be future taxable income.  Management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax asset.  The deferred tax asset is included in "Other assets" in the Consolidated Balance Sheets.
As of December 31, 2017, the Company had no unrecognized tax benefits. There were no amounts related to interest and penalties recognized for the years ended December 31, 2017, 2016, and 2015.  The tax years subject to examination by federal and state taxing authorities are the years ending December 31, 2017, 2016, 2015, and 2014.