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INCOME TAXES | 12 Months Ended
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Dec. 31, 2011
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 16. INCOME TAXES The following table provides information on income taxes receivable/payable and deferred taxes included in the balance sheets as of December 31, 2011 and 2010.
(Dollars in thousands) |  | 2011 |  |  | 2010 |
Federal income taxes currently receivable (payable) |  | $ | 454 |  |  | $ | (512 | )
State income taxes currently receivable (payable) |  |  | 265 |  |  |  | 111 |
Net deferred tax asset |  |  | 9,036 |  |  |  | 7,578 |
The following table provides information on components of income tax expense for each of the three years ended December 31.
(Dollars in thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Current tax expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 656 |  |  | $ | 1,940 |  |  | $ | 4,078 |
State |  |  | 236 |  |  |  | 473 |  |  |  | 1,262 |
|  |  | 892 |  |  |  | 2,413 |  |  |  | 5,340 |
Deferred income tax benefit: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,233 | ) |  |  | (2,350 | ) |  |  | (708 | )
State |  |  | (317 | ) |  |  | (555 | ) |  |  | (220 | )
|  |  | (1,550 | ) |  |  | (2,905 | ) |  |  | (928 | )
Total income tax (benefit) expense |  | $ | (658 | ) |  | $ | (492 | ) |  | $ | 4,412 |
The following table provides a reconciliation of tax computed at the statutory federal tax rate of 34.0% for both 2011 and 2010, and 34.2% for 2009 to the actual tax expense for the three years ended December 31.
(Dollars in thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Tax at federal statutory rate |  |  | 34.0 | % |  |  | 34.0 | % |  |  | 34.2 | %
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income |  |  | 8.8 |  |  |  | 7.6 |  |  |  | (1.6 | )
Non-deductible goodwill impairment charges |  |  | (6.0 | ) |  |  | (24.3 | ) |  |  | - |
Other non-deductible expenses |  |  | (2.1 | ) |  |  | (1.3 | ) |  |  | 0.2 |
State income taxes, net of federal benefit |  |  | 3.6 |  |  |  | 2.4 |  |  |  | 5.9 |
Other |  |  | 4.0 |  |  |  | 4.4 |  |  |  | (0.9 | )
Actual income tax expense rate |  |  | 42.3 | % |  |  | 22.8 | % |  |  | 37.8 | %
The following table provides information on significant components of the Company’s deferred tax assets and liabilities as of December 31.
(Dollars in thousands) |  | 2011 |  |  | 2010 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 5,640 |  |  | $ | 5,652 |
Reserve for off-balance sheet commitments |  |  | 137 |  |  |  | 198 |
Write-downs of other real estate owned |  |  | 346 |  |  |  | 163 |
Net operating loss carry forward |  |  | 212 |  |  |  | 258 |
Deferred income |  |  | 2,055 |  |  |  | 1,244 |
Accrued employee benefits |  |  | 1,187 |  |  |  | 1,049 |
Accrued data processing expenses |  |  | 263 |  |  |  | 298 |
Unrealized losses on interest rate caps |  |  | 2,070 |  |  |  | 1,884 |
Other |  |  | 54 |  |  |  | 60 |
Total deferred tax assets |  |  | 11,964 |  |  |  | 10,806 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | 612 |  |  |  | 550 |
Purchase accounting adjustments |  |  | 680 |  |  |  | 1,047 |
Deferred capital gain on branch sale |  |  | 473 |  |  |  | 486 |
Deferred gains on interest rate swaps |  |  | 169 |  |  |  | 169 |
Deferred loan costs |  |  | - |  |  |  | 256 |
Unrealized gains on available-for-sale securities |  |  | 928 |  |  |  | 650 |
Other |  |  | 66 |  |  |  | 70 |
Total deferred tax liabilities |  |  | 2,928 |  |  |  | 3,228 |
Net deferred tax assets |  | $ | 9,036 |  |  | $ | 7,578 |

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- 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
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