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Other Assets

9 Months Ended

Sep. 30, 2020

Note 8 – Other Assets

The Company had the following other assets at September 30, 2020 and December 31, 2019.


	September 30,		December 31,
(Dollars in thousands)	2020		2019
Accrued interest receivable	$	7,385	$	3,455
Deferred income taxes		4,041		2,754
Prepaid expenses		1,692		1,157
Cash surrender value on life insurance		30,690		29,782
Income taxes receivable		398		175
Other assets		2,923		3,249
Total	$	47,129	$	40,572

The following table provides information on significant components of the Company’s deferred tax assets and liabilities as of September 30, 2020 and December 31, 2019.


	September 30,		December 31,
(Dollars in thousands)	2020		2019
Deferred tax assets:
Allowance for credit losses	$	3,453	$	2,850
Write-downs of other real estate owned		2		9
Nonaccrual loan interest		411		353
Unrealized losses on available-for-sale securities transferred to held to maturity		—		4
Other		2,162		735
Total deferred tax assets		6,028		3,951
Less valuation allowance		(120)		(63)
Deferred tax assets net of valuation allowance		5,908		3,888
Deferred tax liabilities:
Depreciation		163		198
Acquisition accounting adjustments		669		508
Deferred capital gain on branch sale		188		194
Unrealized gains on available-for-sale securities		708		74
Other		139		160
Total deferred tax liabilities		1,867		1,134
Net deferred tax assets	$	4,041	$	2,754