XML 29 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.6

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2011
Income Tax Disclosure [Abstract] |
INCOME TAXES | Note 10 INCOME TAXES The provision for income taxes reflected in the statements of operations is comprised of the following components:
(Dollars in Thousands) | 2011 |  |  | 2010 |  |  | 2009 |
Current: |  |  |  |  |  |  |  |
Federal | $ | 3,124 |  |  | $ | (5,392 | ) |  | $ | 2,340 |
State |  | 424 |  |  |  | 525 |  |  |  | 417 |
Deferred: |  |  |  |  |  |  |  |  |  |  |
Federal |  | (1,828 | ) |  |  | 3,990 |  |  |  | (5,767 | )
State |  | (1,350 | ) |  |  | (2,158 | ) |  |  | (2,475 | )
Valuation Allowance |  | 259 |  |  |  | 66 |  |  |  | 149 |
Total | $ | 629 |  |  | $ | (2,969 | ) |  | $ | (5,336 | )
Income taxes provided were different than the tax expense computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following:
(Dollars in Thousands) | 2011 |  |  | 2010 |  |  | 2009 |
Tax Expense at Federal Statutory Rate | $ | 1,934 |  |  | $ | (1,184 | ) |  | $ | (3,083 | )
Increases (Decreases) Resulting From: |  |  |  |  |  |  |  |  |  |  |
Tax-Exempt Interest Income |  | (612 | ) |  |  | (955 | ) |  |  | (1,533 | )
Change in Reserve for Uncertain Tax Position |  | (168 | ) |  |  | 127 |  |  |  | 687 |
State Taxes, Net of Federal Benefit |  | (602 | ) |  |  | (1,062 | ) |  |  | (1,337 | )
Other |  | (182 | ) |  |  | 39 |  |  |  | (219 | )
Change in Valuation Allowance |  | 259 |  |  |  | 66 |  |  |  | 149 |
Actual Tax Expense | $ | 629 |  |  | $ | (2,969 | ) |  | $ | (5,336 | )
Deferred income tax liabilities and assets result from differences between assets and liabilities measured for financial reporting purposes and for income tax return purposes. These assets and liabilities are measured using the enacted tax rates and laws that are currently in effect. The net deferred tax asset and the temporary differences comprising that balance at December 31, 2011 and 2010 are as follows:
(Dollars in Thousands) | 2011 |  |  | 2010 |
Deferred Tax Assets attributable to: |  |  |  |  |
Allowance for Loan Losses | $ | 11,973 |  |  | $ | 13,671 |
Associate Benefits |  | 297 |  |  |  | 297 |
Accrued Pension/SERP |  | 15,448 |  |  |  | 10,313 |
Interest on Nonperforming Loans |  | 580 |  |  |  | 807 |
State Net Operating Loss and Tax Credit Carry-Forwards |  | 4,119 |  |  |  | 3,541 |
Federal Capital Loss and Credit Carry-Forwards |  | 287 |  |  |  | - |
Intangible Assets |  | 198 |  |  |  | 173 |
Core Deposit Intangible |  | 2,487 |  |  |  | 3,195 |
Contingency Reserve |  | 241 |  |  |  | 52 |
Accrued Expense |  | 437 |  |  |  | 466 |
Leases |  | 410 |  |  |  | 407 |
Other Real Estate Owned |  | 10,551 |  |  |  | 7,052 |
Other |  | 895 |  |  |  | 1,008 |
Total Deferred Tax Assets | $ | 47,923 |  |  | $ | 40,982 |
Deferred Tax Liabilities attributable to: |  |  |  |  |  |  |
Depreciation on Premises and Equipment | $ | 6,843 |  |  | $ | 6,411 |
Deferred Loan Fees and Costs |  | 2,907 |  |  |  | 4,127 |
Net Unrealized Gains on Investment Securities |  | 880 |  |  |  | 677 |
Intangible Assets |  | 2,819 |  |  |  | 2,519 |
Accrued Pension/SERP |  | 3,368 |  |  |  | 4,256 |
Securities Accretion |  | - |  |  |  | 2 |
Market Value on Loans Held for Sale |  | - |  |  |  | 72 |
Other |  | 1,638 |  |  |  | 1,560 |
Total Deferred Tax Liabilities |  | 18,455 |  |  |  | 19,624 |
Valuation Allowance |  | 1,118 |  |  |  | 859 |
Net Deferred Tax Assets | $ | 28,350 |  |  | $ | 20,499 |
In the opinion of management, it is more likely than not that all of the deferred tax assets, with the exception of the separate state net operating loss carry-forward of CCBG, the separate state net operating loss carry-forwards of an inactive subsidiary, and certain of the Bank’s separate state tax credit carry-forwards, will be realized. Accordingly, a valuation allowance for CCBG’s separate state net operating loss carry-forward was recorded in 2008 and increased for CCBG’s additional state operating loss carry-forward generated in 2009 through 2011. This valuation allowance at year-end 2011 was $0.9 million. In addition, a valuation allowance for the inactive subsidiary’s separate state net operating loss carry-forwards and for certain of the Bank’s state tax credit carry-forwards was recorded in 2011 in the amount of $0.2 million. At year-end 2011, the Company had state net operating loss carry-forwards of approximately $100 million, which expire at various dates from 2023 through 2031, federal capital loss carry-forwards of approximately $0.1 million that expire in 2015, and federal alternative minimum tax credit carry-forwards of approximately $0.3 million that never expire. The Bank also has state tax credit carry-forwards of approximately $0.7 million, which expire at various dates from 2012 through 2016. Changes in net deferred income tax assets were:
(Dollars in Thousands) | 2011 |  |  | 2010 |
Balance at Beginning of Year | $ | 20,499 |  |  | $ | 21,466 |
Income Tax Benefit From Change in Pension Liability |  | 5,135 |  |  |  | 628 |
Income Tax (Expense) Benefit From Change in Unrealized (Gains) Losses on Available-for-Sale Securities |  | (203 | ) |  |  | 72 |
Income Tax Benefit From Changes in Other Temporary Impairment of Securities |  | - |  |  |  | 231 |
Deferred Income Tax Benefit (Expense) on Continuing Operations |  | 2,919 |  |  |  | (1,898 | )
Balance at End of Year | $ | 28,350 |  |  | $ | 20,499 |
The Company had unrecognized tax benefits at December 31, 2011, 2010, and 2009 of $4.6 million, $4.8 million, and $4.6 million, respectively, of which $3.0 million would increase income from continuing operations, and thus impact the Company’s effective tax rate, if ultimately recognized into income. A reconciliation of the beginning and ending unrecognized tax benefit is as follows:
(Dollars in Thousands) | 2011 |  |  | 2010 |  |  | 2009 |
Balance at January 1, | $ | 4,770 |  |  | $ | 4,589 |  |  | $ | 3,916 |
Additions Based on Tax Positions Related to Current Year |  | 522 |  |  |  | 611 |  |  |  | 673 |
Decrease Due to Lapse in Statue of Limitations |  | (715 | ) |  |  | (430 | ) |  |  | - |
Decrease Based on Tax Positions Related to Prior Year |  | - |  |  |  | - |  |  |  | - |
Balance at December 31 | $ | 4,577 |  |  | $ | 4,770 |  |  | $ | 4,589 |
It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. The total amounts of interest and penalties recorded in the income statement for the years ended December 31, 2011, 2010, and 2009 were $(43,000), $9,000, and $250,000, respectively. The amounts accrued for interest and penalties at December 31, 2011, 2010, and 2009 were $1.1 million for each respective year. No significant increases or decreases in the amounts of unrecognized tax benefits are expected in the next 12 months. The Company and its subsidiaries file a consolidated U.S. federal income tax return, as well as file various returns in states where its banking offices are located. The Company is no longer subject to U.S. federal or state tax examinations for years before 2008.

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: 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 Reference 6: 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 7: 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 8: 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=6881521&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration