Income Taxes (Tables)

6 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

Summary of net operating loss carryforwards

The utilization of certain carryforwards and carrybacks is subject to limitations under U.S. federal income tax laws.  Based upon the Company's federal income tax returns through 2011 (filed or to be filed and/or subject to IRS audit adjustments), excluding all effects of the inclusion of Carteret/Carteret FSB from December 4, 1992 forward, as further discussed herein, the Company has federal NOL carryforwards available to reduce future federal taxable income, which expire if unused in the tax years as indicated below.  The amounts are as follows:

Tax Year Originating		Tax Year Expiring		June 30, 2012
	1997		2012	$	1,100,000
	1998		2018		5,400,000
	1999		2019		4,000,000
	2000		2020		2,600,000
	2001		2021		4,000,000
	2002		2022		3,200,000
	2003		2023		1,800,000
	2004		2024		700,000
	2006		2026		2,800,000
	2007		2027		12,700,000
	2008		2028		4,600,000
	2009		2029		2,400,000
	2010		2030		1,900,000
	2011		2031		1,900,000
				$	49,100,000

AMT credit carryforwards

The Company has AMT credit carryforwards ("AMT Credits") which are not subject to expiration.  The amounts are as follows:

		June 30, 2012
AMT Credits	$	21,000,000

Net deferred tax asset

The Company has calculated a net deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows:

	June 30, 2012			December 31, 2011
Net deferred tax asset	$	39,000,000		$	38,000,000
Valuation allowance		(39,000,000	)		(38,000,000	)
Net deferred tax asset recognized	$	-		$	-