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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Net Deferred Tax Assets

Net deferred tax assets consisted of the following components at December 31, 2013 and 2012:

		(in thousands)
		2013				2012
Deferred Tax Assets
Allowance for loan losses		$	3,619			$	4,446
Allowance for other real estate owned			566				760
Interest on non-accrual loans			—				266
Unfunded pension liability			90				894
Split dollar liability			207				391
Gain on other real estate owned			769				990
Securities available for sale			584				—
Accrued pension			289				4
Loan origination costs, net			6				—
Other			10				118
		$	6,140			$	7,869
Deferred Tax Liabilities
Depreciation		$	685			$	674
Securities available for sale			—				601
Discount accretion			5				3
Loan origination costs, net			—				30
		$	690			$	1,308
Valuation allowance			—				6,561
Net deferred tax assets		$	5,450			$	—

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for the years ended December 31, 2013, 2012 and 2011 consisted of the following:

		(in thousands)
		2013				2012				2011
Current tax expense (benefit)		$	(44	)		$	965			$	(2,607	)
Deferred tax expense (benefit)			(4,776	)			—				6,442
		$	(4,820	)		$	965			$	3,835

Income Tax Provision (Benefit) Differs from the Amount of Income Tax Determined by Applying the U.S. Federal Income Tax Rate to Pretax Income

The income tax provision (benefit) differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years ended December 31, 2013, 2012 and 2011, due to the following:

		(in thousands)
		2013				2012				2011
Computed tax expense (benefit) at statutory federal rate		$	1,718			$	1,280			$	(2,423	)
Increase (decrease) in income taxes from deferred tax valuation allowance			(6,275	)			(167	)			6,442
Decrease in income taxes resulting from:
Tax-exempt interest and dividend income			(153	)			(125	)			(186	)
Other			(110	)			(23	)			2
		$	(4,820	)		$	965			$	3,835

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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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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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