NOTE Federal and State Income Taxes

3 Months Ended

Sep. 30, 2011

NOTE Federal and State Income Taxes [Abstract]

Income Tax Disclosure [Text Block]

NOTE 8 – FEDERAL AND STATE INCOME TAXES

The components of income tax expense (benefit) for the three-months and nine-months ended September 30, 2011 and 2010 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
	(dollars in thousands)
Current	$	101		$	156		$	550		$	344
Deferred	37			(3,201		)	(1,010		)	(6,166		)
Total tax expense (benefit)	$	138		$	(3,045	)	$	(460	)	$	(5,822	)
Discontinued operations	(577		)	44			(637		)	117
Total tax benefit	$	(439	)	$	(3,001	)	$	(1,097	)	$	(5,705	)
Effective tax rate	25.6		%	36.6		%	26.1		%	33.6		%

The Company makes its interim tax allocation by applying estimated fiscal year effective tax rates to estimated fiscal year ordinary income together with unusual or infrequently occurring activity for the year-to-date period.