Other Assets

9 Months Ended

Sep. 30, 2021

Other Assets [Abstract]

Other Assets

Note 7 – Other Assets

The Company had the following other assets at September 30, 2021 and December 31, 2020.

	September 30,		December 31,
(Dollars in thousands)	2021		2020
Accrued interest receivable	$	5,037	$	6,616
Deferred income taxes		5,307		4,442
Prepaid expenses		1,649		1,472
Cash surrender value on life insurance		41,949		31,018
Income taxes receivable		68		156
Other assets		4,732		3,075
Total	$	58,742	$	46,779

The following table provides information on significant components of the Company’s deferred tax assets and liabilities as of September 30, 2021 and December 31, 2020.

	September 30,		December 31,
(Dollars in thousands)	2021		2020
Deferred tax assets:
Allowance for credit losses	$	4,156	$	3,721
Write-downs of other real estate owned		12		12
Nonaccrual loan interest		281		367
Other		2,461		2,152
Total deferred tax assets		6,910		6,252
Less valuation allowance		(327)		(169)
Deferred tax assets, net of valuation allowance		6,583		6,083
Deferred tax liabilities:
Depreciation		176		177
Acquisition accounting adjustments		735		580
Deferred capital gain on branch sale		182		187
Unrealized gains on available-for-sale securities		78		567
Other		105		130
Total deferred tax liabilities		1,276		1,641
Net deferred tax assets	$	5,307	$	4,442