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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2014
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense for the three and nine months ended September 30, 2014 and 2013 are summarized as follows:
| Three months ended September 30, |  | Nine months ended September 30,
(Dollars in thousands) | 2014 |  | 2013 |  | 2014 |  | 2013
Current year provision: |  |  |  |  |  |  |
Federal | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 60 |
State | 24 |  |  | (281 | ) |  | 24 |  |  | (281 | )
Deferred tax expense | 1,534 |  |  | 532 |  |  | 2,372 |  |  | 1,320 |
Valuation allowance on deferred taxes | (1,534 | ) |  | (532 | ) |  | (2,372 | ) |  | (1,320 | )
Net income tax expense | $ | 24 |  |  | $ | (281 | ) |  | $ | 24 |  |  | $ | (221 | )
Components of Net Deferred Tax Asset | The components of the net deferred tax asset, included in other assets, are as follows:
(Dollars in thousands) | September 30, 2014 |  | December 31, 2013
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 6,358 |  |  | $ | 7,776 |
Deferred compensation | 517 |  |  | 510 |
Retirement plans and salary continuation | 1,667 |  |  | 1,585 |
Stock compensation | 214 |  |  | 191 |
Off balance sheet reserves | 177 |  |  | 204 |
Nonaccrual loan interest | 178 |  |  | 341 |
Net unrealized losses on securities available for sale | 0 |  |  | 2,592 |
Goodwill | 161 |  |  | 184 |
Low income housing credit carryforward | 1,348 |  |  | 1,022 |
Alternative minimum tax credit carryforward | 706 |  |  | 664 |
Charitable contribution carryforward | 320 |  |  | 333 |
Net operating loss carryforward | 6,850 |  |  | 8,169 |
Other | 232 |  |  | 178 |
Total deferred tax assets | 18,728 |  |  | 23,749 |
Valuation allowance | (16,592 | ) |  | (18,964 | )
| 2,136 |  |  | 4,785 |
Deferred tax liabilities: |  |  |
Depreciation | 986 |  |  | 1,116 |
Net unrealized gains on securities available for sale | 27 |  |  | 0 |
Purchase accounting adjustments | 439 |  |  | 495 |
Other | 711 |  |  | 582 |
Total deferred tax liabilities | 2,163 |  |  | 2,193 |
Net deferred tax asset (liability) | $ | (27 | ) |  | $ | 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 + 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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