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Income Taxes | 9 Months Ended
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Sep. 30, 2014
Income Taxes |
Income Taxes | Note 16 – Income Taxes Income tax expense (benefit) for year to date September 30, 2014 and September 30, 2013 was as follows:
|  | September 30, 2014 |  | September 30, 2013
Current federal |  | $ | (62) |  | $ | 129
Current state |  |  | (17) |  |  | 35
Deferred federal |  |  | 3,017 |  |  | 2,935
Deferred state |  |  | 1,046 |  |  | 1,049
Change in valuation allowance |  |  | - |  |  | (74,145)
|  | $ | 3,984 |  | $ | (69,997)
The following were the components of the deferred tax assets and liabilities as of September 30, 2014 and December 31, 2013:
|  | September 30, 2014 |  | December 31, 2013
Allowance for loan losses |  | $ | 10,648 |  | $ | 12,725
Deferred compensation |  |  | 798 |  |  | 788
Amortization of core deposit |  |  | 1,993 |  |  | 1,656
Goodwill amortization/impairment |  |  | 14,042 |  |  | 15,252
Stock option expense |  |  | 642 |  |  | 583
OREO write downs |  |  | 8,901 |  |  | 10,041
Federal net operating loss (“NOL”) carryforward |  |  | 27,882 |  |  | 28,023
State net operating loss (“NOL”) carryforward |  |  | 11,768 |  |  | 11,847
Deferred tax credit |  |  | 1,453 |  |  | 1,444
Other assets |  |  | 983 |  |  | 1,166
Total deferred tax assets |  |  | 79,110 |  |  | 83,525
Accumulated depreciation on premises and equipment |  |  | (834) |  |  | (1,035)
Accretion on securities |  |  | (31) |  |  | (8)
Mortgage servicing rights |  |  | (2,491) |  |  | (2,571)
State tax benefits |  |  | (6,667) |  |  | (6,994)
Other liabilities |  |  | (411) |  |  | (178)
Total deferred tax liabilities |  |  | (10,434) |  |  | (10,786)
Net deferred tax asset before valuation allowance |  |  | 68,676 |  |  | 72,739
Tax effect on net unrealized losses on securities |  |  | 5,062 |  |  | 4,927
Valuation allowance |  |  | (2,363) |  |  | (2,363)
Net deferred tax asset |  | $ | 71,375 |  | $ | 75,303
At September 30, 2014, the Company had a $79.7 million federal net operating loss carryforward of which, $24.4 million expires in 2030, $31.4 million expires in 2031, $8.6 million expires in 2032, and $15.3 million expires in 2033. The Company had a $123.9 million state net operating loss carryforward of which, $28.2 million expires in 2021, and $95.7 million expires in 2025. In addition, the Company had a $1.5 million alternative minimum tax credit subject to indefinite carryforward. The components of the provision for deferred income tax expense (benefit) were as follows:
|  | September 30, 2014 |  | September 30, 2013
Allowance for loan losses |  | $ | 2,077 |  | $ | 4,536
Deferred Compensation |  |  | (10) |  |  | (40)
Amortization of core-deposit |  |  | (337) |  |  | (519)
Stock option expense |  |  | (59) |  |  | 177
OREO write-downs |  |  | 1,140 |  |  | 5,560
Federal net operating loss carryforward |  |  | 141 |  |  | (5,634)
State net operating loss carryforward |  |  | 79 |  |  | (1,248)
Deferred tax credit |  |  | (9) |  |  | -
Depreciation |  |  | (201) |  |  | (117)
Net premiums and discounts on securities |  |  | 23 |  |  | (109)
Mortgage servicing rights |  |  | (80) |  |  | 596
Goodwill amortization/impairment |  |  | 1,210 |  |  | 1,151
State tax benefits |  |  | (327) |  |  | (333)
Change in valuation allowance |  |  | - |  |  | (74,145)
Other, net |  |  | 416 |  |  | (36)
Total deferred tax expense |  | $ | 4,063 |  | $ | (70,161)
Effective tax rates differ from federal statutory rates applied to financial statement income (loss) due to the following:
|  | September 30, 2014 |  | September 30, 2013
Tax at statutory federal income tax rate |  | $ | 3,896 |  | $ | 4,156
Nontaxable interest income, net of disallowed interest deduction |  |  | (182) |  |  | (183)
BOLI income |  |  | (360) |  |  | (553)
State income taxes, net of federal benefit |  |  | 606 |  |  | 780
Change in valuation allowance |  |  | - |  |  | (74,145)
Deficiency from restricted stock |  |  | - |  |  | 10
Other, net |  |  | 24 |  |  | (62)
Tax at effective tax rate |  | $ | 3,984 |  | $ | (69,997)

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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