Deferred Income Taxes (Notes)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019.  

	March 31, 2020			December 31, 2019
Deferred tax assets:
Allowance for loan losses	$	4,583		$	4,309
Net unrealized losses on interest rate swaps	6,670			1,441
Lease liabilities	2,188			2,275
Accrued expenses	179			297
Restricted stock unit compensation	417			832
State net operating loss carryforward	1,139			1,114
Capital loss carryforward	3			3
Other	48			53
	15,227			10,324
Deferred tax liabilities:
Right-of-use assets	2,131			2,218
Net deferred loan fees and costs	218			218
Net unrealized gains on securities available for sale	401			352
Premises and equipment	829			839
Other	230			219
	3,809			3,846
Net deferred tax assets before valuation allowance	11,418			6,478
Valuation allowance	(1,142		)	(1,117		)
Net deferred tax assets	$	10,276		$	5,361

The Company has recorded a valuation allowance against the tax effect of capital loss and 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 2020 and thereafter. The capital loss carryforward expires in 2022.