CASH 2018 Annual Report

149 The tax effects of the Company's temporary differences that give rise to significant portions of its deferred tax assets and liabilities at September 30, 2018 and 2017 were: September 30, 2018 2017 (Dollars in Thousands) Deferred tax assets: Bad debts $ 3,224 $ 2,832 Deferred compensation 3,495 1,548 Stock based compensation 3,758 3,436 AMT Credit — 1,869 Intangibles — 5,235 Net unrealized losses on securities available for sale 10,663 — Valuation adjustments 6,991 — General business credits (1) 12,243 — Accrued expenses 3,144 1,188 Other assets 1,629 1,579 45,147 17,687 Deferred tax liabilities: Premises and equipment (347) (1,713) Intangibles (4,231) — Net unrealized gains on securities available for sale — (4,934) Deferred income (2,070) — Leased assets (17,985) — Other liabilities (1,777) (1,939) (26,410) (8,586) Net deferred tax assets $ 18,737 $ 9,101 (1) The general business credits are investment tax credits generated from qualified solar energy property placed in service during the year ended September 30, 2018 or in previous periods by Crestmark prior to acquisition. These credits expire on September 30, 2037.