Deferred Income Taxes (Notes)

9 Months Ended

Sep. 30, 2021

Components of Deferred Tax Assets and Liabilities [Abstract]

Deferred Income Taxes [Text Block]

Income Taxes

Net deferred tax assets consisted of the following as of September 30, 2021 and December 31, 2020.  

	September 30, 2021		December 31, 2020
Deferred tax assets:
Allowance for loan losses	$	7,081	$	7,418
Net unrealized losses on securities available for sale	630		—
Net unrealized losses on interest rate swaps	2,741		6,010
Lease liabilities	1,671		1,919
Accrued expenses	388		352
Restricted stock unit compensation	654		763
State net operating loss carryforward	1,256		1,197
Other	125		37
	14,546		17,696
Deferred tax liabilities:
Right-of-use assets	1,616		1,863
Net deferred loan fees and costs	247		256
Net unrealized gains on securities available for sale	—		2,019
Premises and equipment	846		801
Other	293		271
	3,002		5,210
Net deferred tax assets before valuation allowance	11,544		12,486
Valuation allowance	(1,256)		(1,197)
Net deferred tax assets	$	10,288	$	11,289

The Company has recorded a valuation allowance against the tax effect of the state net operating loss carryforwards, as management believes it is more likely than not that these carryforwards will expire without being utilized. The state net operating loss carryforwards expire in 2021 and thereafter.