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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense for the three and six months ended June 30, 2014 and 2013 are summarized as follows:

		Three months ended June 30,								Six months ended June 30,
(Dollars in thousands)		2014				2013				2014				2013
Current year provision:
Federal		$	0			$	30			$	0			$	60
State			0				0				0				0
Deferred tax expense			583				719				838				788
Valuation allowance on deferred taxes			(583	)			(719	)			(838	)			(788	)
Net income tax expense		$	0			$	30			$	0			$	60

Components of Net Deferred Tax Asset

The components of the net deferred tax asset, included in other assets, are as follows:

		June 30,				December 31,
(Dollars in thousands)		2014				2013
Deferred tax assets:
Allowance for loan losses		$	7,625			$	7,776
Deferred compensation			518				510
Retirement plans and salary continuation			1,640				1,585
Stock compensation			194				191
Off balance sheet reserves			219				204
Nonaccrual loan interest			199				341
Net unrealized losses on securities available for sale			0				2,592
Goodwill			169				184
Low income housing credit carryforward			1,259				1,022
Alternative minimum tax credit carryforward			664				664
Charitable contribution carry forward			351				333
Net operating loss carryforward			7,181				8,169
Other			181				178
Total deferred tax assets			20,200				23,749
Valuation allowance			(18,126	)			(18,964	)
			2,074				4,785
Deferred tax liabilities:
Depreciation			1,024				1,116
Net unrealized gains on securities available for sale			692				0
Purchase accounting adjustments			457				495
Other			593				582
Total deferred tax liabilities			2,766				2,193
Net deferred tax asset (liability)		$	(692	)		$	2,592

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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

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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

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