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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2014

Income Taxes

Schedule of components of income tax expense (benefit)

		June 30, 2014			June 30, 2013
Current federal		$	(61)		$	-
Current state			(16)			-
Deferred federal			1,707			2,360
Deferred state			628			609
Change in valuation allowance			-			(2,969)
		$	2,258		$	-

Schedule of components of deferred tax assets and liabilities

		June 30, 2014			December 31, 2013
Allowance for loan losses		$	10,857		$	12,725
Deferred compensation			794			788
Amortization of core deposit			1,985			1,656
Goodwill amortization/impairment			14,434			15,252
Stock option expense			595			583
OREO write downs			8,330			10,041
Federal net operating loss (“NOL”) carryforward			29,483			28,023
State net operating loss (“NOL”) carryforward			12,210			11,847
Deferred tax credit			1,444			1,444
Other assets			844			1,166
Total deferred tax assets			80,976			83,525
Accumulated depreciation on premises and equipment			(904)			(1,035)
Accretion on securities			(9)			(8)
Mortgage servicing rights			(2,430)			(2,571)
State tax benefits			(6,813)			(6,994)
Other liabilities			(416)			(178)
Total deferred tax liabilities			(10,572)			(10,786)
Net deferred tax asset before valuation allowance			70,404			72,739
Tax effect on net unrealized losses on securities			3,737			4,927
Valuation allowance			(2,363)			(2,363)
Net deferred tax asset		$	71,778		$	75,303

Schedule of components of provision for deferred income taxes

		June 30, 2014				June 30, 2013
Allowance for loan losses		$		1,868		$	2,178
Deferred Compensation				(6)			(27)
Amortization of core-deposit				(329)			(346)
Stock option expense				(12)			202
OREO write-downs				1,711			3,082
Federal net operating loss carryforward			(1,460)				(2,522)
State net operating loss carryforward				(363)			(644)
Depreciation				(131)			(59)
Net premiums and discounts on securities				1			25
Mortgage servicing rights				(141)			527
Goodwill amortization/impairment				818			759
State tax benefits				(181)			(186)
Change in valuation allowance				-			(2,969)
Other, net				560			(20)
Total deferred tax expense		$		2,335		$	-

Schedule of difference between effective tax rates from federal statutory rates

		June 30, 2014			June 30, 2013
Tax at statutory federal income tax rate		$	2,268		$	3,132
Nontaxable interest income, net of disallowed interest deduction			(125)			(121)
BOLI income			(254)			(404)
State income taxes, net of federal benefit			347			457
Change in valuation allowance			-			(2,969)
Deficiency from restricted stock			-			76
Other, net			22			(171)
Tax at effective tax rate		$	2,258		$	-

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- Definition

Tabular disclosure of components of provision for deferred income tax expense (benefit) recognized in the entity's financial statements.

+ References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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