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FEDERAL INCOME TAXES (Tables)

12 Months Ended

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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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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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

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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

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

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