Note 8 – Other Assets

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


(Dollars in thousands)	2020		2019
Accrued interest receivable	$	3,670	$	3,455
Deferred income taxes		2,396		2,754
Prepaid expenses		1,687		1,157
Cash surrender value on life insurance		30,027		29,770
Income taxes receivable		—		175
Other assets		2,487		3,261
Total	$	40,267	$	40,572

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


(Dollars in thousands)	2020		2019
Deferred tax assets:
Allowance for credit losses	$	2,815	$	2,850
Write-downs of other real estate owned		2		9
Nonaccrual loan interest		396		353
Unrealized losses on available-for-sale securities transferred to held to maturity		1		4
Other		923		735
Total deferred tax assets		4,137		3,951
Less valuation allowance		(77)		(63)
Deferred tax assets net of valuation allowance		4,060		3,888
Deferred tax liabilities:
Depreciation		187		198
Acquisition accounting adjustments		573		508
Deferred capital gain on branch sale		192		194
Unrealized gains on available-for-sale securities		542		74
Other		170		160
Total deferred tax liabilities		1,664		1,134
Net deferred tax assets	$	2,396	$	2,754