Income Taxes	3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 10—Income Taxes Income tax (benefit) expense for the three months ended March 31, 2020 was ($33.2) million compared to $17.1 million for the same period in 2019. The effective tax rate was 7.7% for the three months ended March 31, 2020 compared to 22.7% for the same period in 2019. The effective tax rate for the three months ended March 31, 2020 was driven by the non-tax-deductible portion of the goodwill impairment charge (Note 5). The effective tax rate is primarily affected by the amount of pre-tax income, and to a lesser extent, tax-exempt interest income, and the increase in cash surrender value of bank-owned life insurance. The effective tax rate is also affected by discrete items that may occur in any given period but are not consistent from period-to-period, which may impact the comparability of the effective tax rate between periods. At March 31, 2020, we had a net deferred tax asset of $40.3 million, compared to a net deferred tax liability of $25.0 million at December 31, 2019. The increase in the net deferred asset was primarily due to the tax effect of the CECL transition (Notes 1 and 4), reduction of deferred tax liabilities related to tax deductible goodwill, and the termination of the interest rate collar (Note 6).

Income Taxes

3 Months Ended

Mar. 31, 2020

Note 10—Income Taxes

Income tax (benefit) expense for the three months ended March 31, 2020 was ($33.2) million compared to $17.1 million for the same period in 2019. The effective tax rate was 7.7% for the three months ended March 31, 2020 compared to 22.7% for the same period in 2019. The effective tax rate for the three months ended March 31, 2020 was driven by the non-tax-deductible portion of the goodwill impairment charge (Note 5).

The effective tax rate is primarily affected by the amount of pre-tax income, and to a lesser extent, tax-exempt interest income, and the increase in cash surrender value of bank-owned life insurance. The effective tax rate is also affected by discrete items that may occur in any given period but are not consistent from period-to-period, which may impact the comparability of the effective tax rate between periods.

At March 31, 2020, we had a net deferred tax asset of $40.3 million, compared to a net deferred tax liability of
$25.0 million at December 31, 2019. The increase in the net deferred asset was primarily due to the tax effect of the CECL transition (Notes 1 and 4), reduction of deferred tax liabilities related to tax deductible goodwill, and the termination of the interest rate collar (Note 6).