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FEDERAL INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Consolidated Income Tax Expense (Benefit) | The consolidated income tax expense (benefit) is as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Current expense (benefit) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Deferred expense (benefit) |  |  | 8,092,000 |  |  |  | 5,636,000 |  |  |  | 0 |
Valuation allowance – change in estimate |  |  | 0 |  |  |  | 0 |  |  |  | (27,361,000 | )
Tax expense (benefit) |  | $ | 8,092,000 |  |  | $ | 5,636,000 |  |  | $ | (27,361,000 | )
Reconciliation of Differences between Federal Income Tax Expense (Benefit) Recorded and Amount Computed by Applying Federal Statutory Rate to Income Before Income Taxes | A reconciliation of the differences between the federal income tax expense (benefit) recorded and the amount computed by applying the federal statutory rate to income before income taxes is as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Tax at statutory rate (35%) |  | $ | 8,794,000 |  |  | $ | 6,360,000 |  |  | $ | 3,543,000 |
Increase (decrease) from |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | (347,000 | ) |  |  | (486,000 | ) |  |  | (595,000 | )
Bank owned life insurance |  |  | (465,000 | ) |  |  | (535,000 | ) |  |  | (622,000 | )
Change in valuation allowance |  |  | 0 |  |  |  | 0 |  |  |  | (29,640,000 | )
Other |  |  | 110,000 |  |  |  | 297,000 |  |  |  | (47,000 | )
Tax expense (benefit) |  | $ | 8,092,000 |  |  | $ | 5,636,000 |  |  | $ | (27,361,000 | )
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities as of December 31, 2013 and 2012 are as follows:
|  | 2013 |  |  | 2012 |
Deferred income tax assets |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 7,987,000 |  |  | $ | 10,037,000 |
Net operating loss carryforward |  |  | 4,050,000 |  |  |  | 8,235,000 |
Unrealized loss on securities |  |  | 2,908,000 |  |  |  | 0 |
Tax credit carryforwards |  |  | 1,397,000 |  |  |  | 1,198,000 |
Nonaccrual loan interest income |  |  | 605,000 |  |  |  | 892,000 |
Deferred compensation |  |  | 567,000 |  |  |  | 506,000 |
Deferred loan fees |  |  | 273,000 |  |  |  | 229,000 |
Fair value write-downs on foreclosed properties |  |  | 241,000 |  |  |  | 2,124,000 |
Fair value of interest rate swap |  |  | 92,000 |  |  |  | 390,000 |
Contributions carryforwards |  |  | 0 |  |  |  | 256,000 |
Other |  |  | 343,000 |  |  |  | 369,000 |
|  |  | 18,463,000 |  |  |  | 24,236,000 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | 419,000 |  |  |  | 491,000 |
Prepaid expenses |  |  | 192,000 |  |  |  | 339,000 |
Unrealized gain on securities |  |  | 0 |  |  |  | 1,278,000 |
Other |  |  | 98,000 |  |  |  | 113,000 |
|  |  | 709,000 |  |  |  | 2,221,000 |
Total net deferred tax asset |  | $ | 17,754,000 |  |  | $ | 22,015,000 |

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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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