XML 48 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2014
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense
The components of income tax expense for the three and nine months ended September 30, 2014 and 2013 are summarized as follows:
 
Three months ended September 30,
 
Nine months ended September 30,
(Dollars in thousands)
2014
 
2013
 
2014
 
2013
Current year provision:
 
 
 
 
 
 
 
Federal
$
0

 
$
0

 
$
0

 
$
60

State
24

 
(281
)
 
24

 
(281
)
Deferred tax expense
1,534

 
532

 
2,372

 
1,320

Valuation allowance on deferred taxes
(1,534
)
 
(532
)
 
(2,372
)
 
(1,320
)
Net income tax expense
$
24

 
$
(281
)
 
$
24

 
$
(221
)
Components of Net Deferred Tax Asset
The components of the net deferred tax asset, included in other assets, are as follows:
 
(Dollars in thousands)
September 30,
2014
 
December 31,
2013
Deferred tax assets:
 
 
 
Allowance for loan losses
$
6,358

 
$
7,776

Deferred compensation
517

 
510

Retirement plans and salary continuation
1,667

 
1,585

Stock compensation
214

 
191

Off balance sheet reserves
177

 
204

Nonaccrual loan interest
178

 
341

Net unrealized losses on securities available for sale
0

 
2,592

Goodwill
161

 
184

Low income housing credit carryforward
1,348

 
1,022

Alternative minimum tax credit carryforward
706

 
664

Charitable contribution carryforward
320

 
333

Net operating loss carryforward
6,850

 
8,169

Other
232

 
178

Total deferred tax assets
18,728

 
23,749

Valuation allowance
(16,592
)
 
(18,964
)
 
2,136

 
4,785

Deferred tax liabilities:
 
 
 
Depreciation
986

 
1,116

Net unrealized gains on securities available for sale
27

 
0

Purchase accounting adjustments
439

 
495

Other
711

 
582

Total deferred tax liabilities
2,163

 
2,193

Net deferred tax asset (liability)
$
(27
)
 
$
2,592