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Income Taxes (Tables)

9 Months Ended

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

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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

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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

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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

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