Income Taxes

The provision for income taxes consists of the following:



	December 31,
	2019			2018		2017
Current	$	6,319		$	1,074	$	10,998
Deferred	(4,402		)	978		(5,142		)
Net deferred tax asset revaluation	—			—		1,846
Total	$	1,917		$	2,052	$	7,702

The Tax Cuts and Jobs Act of 2017 ("Tax Act") was enacted on December 22, 2017. Among other changes, the Tax Act reduced the federal corporate tax rate from 35% to 21%. Deferred tax assets and liabilities, as of December 31, 2017, were revalued based on the rate expected to reverse in the future, which was 21%.

Income tax provision is reconciled to the statutory rate applied to pre-tax income. The statutory rate was 21%, 21% and 35% at December 31, 2019, 2018 and 2017, respectively.



	December 31,
	2019			2018			2017
Statutory rate times pre-tax income	$	5,703		$	5,030		$	8,025
(Subtract) add the tax effect of:
Income from tax-exempt securities and loans	(4,881		)	(3,833		)	(2,512		)
State income tax, net of federal tax effect	1,285			1,164			693
Bank-owned life insurance	(198		)	(200		)	(318		)
Net deferred tax asset revaluation	—			—			1,846
Tax credits	(181		)	(180		)	—
Other differences	189			71			(32		)
Total income taxes	$	1,917		$	2,052		$	7,702

The net deferred tax asset at December 31, 2019 and 2018 consists of the following:



	December 31,
	2019			2018
Deferred tax assets (liabilities)
Allowance for loan losses	$	5,897		$	4,832
Unrealized loss on available-for-sale securities	5,021			6,137
Fair value adjustments	(1,011		)	(5,016		)
Depreciation	(257		)	(398		)
Deferred compensation and accrued payroll	1,358			1,043
Loan origination costs	(1,181		)	(1,081		)
Prepaid assets	(449		)	(406		)
Net operating loss	—			455
Tax credits	—			231
Other	513			808
Total deferred tax assets, net	$	9,891		$	6,605