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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2014
Income Taxes |
Schedule of components of income tax expense (benefit) |
|  | 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)
Schedule of components of deferred tax assets and liabilities |
|  | 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
Schedule of components of provision for deferred income taxes |
|  | 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)
Schedule of difference between effective tax rates from federal statutory rates | 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 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 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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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 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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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 + Details
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