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Income Taxes | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
INCOME TAXES | NOTE 14 - INCOME TAXES Income tax expense was as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Current federal |  | $ | — |  |  | $ | 198 |  |  | $ | (201 | )
Deferred federal |  |  | — |  |  |  | — |  |  |  | 1,778 |
Total |  | $ | — |  |  | $ | 198 |  |  | $ | 1,577 |
Effective tax rates differ from the federal statutory rate of 34% applied to loss before income taxes due to the following:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Federal statutory rate times financial statement loss |  | $ | (1,845 | ) |  | $ | (2,269 | ) |  | $ | (2,827 | )
Effect of: |  |  |  |  |  |  |  |  |  |  |  |
Bank owned life insurance income |  |  | (44 | ) |  |  | (43 | ) |  |  | (43 | )
Increase in deferred tax valuation allowance |  |  | 1,876 |  |  |  | 2,276 |  |  |  | 4,312 |
Other |  |  | 13 |  |  |  | 234 |  |  |  | 135 |
|  | $ | — |  |  | $ | 198 |  |  | $ | 1,577 |
Effective tax rate |  |  | 0.0 | % |  |  | -3.0 | % |  |  | -19.0 | %
Year-end deferred tax assets and liabilities were due to the following:
|  | 2011 |  |  | 2010 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,775 |  |  | $ | 2,339 |
Deferred loan fees |  |  | 10 |  |  |  | 42 |
Post-retirement death benefits |  |  | 64 |  |  |  | 61 |
Deferred compensation |  |  | 85 |  |  |  | 88 |
Nonaccrual interest |  |  | 80 |  |  |  | 76 |
Other real estate owned loss reserves |  |  | 394 |  |  |  | 3 |
Tax mark-to-market adjustments on securities available for sale |  |  | 131 |  |  |  | 228 |
Net operating loss carryforward |  |  | 6,628 |  |  |  | 4,503 |
Other |  |  | 120 |  |  |  | 79 |
|  |  | 9,287 |  |  |  | 7,419 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
FHLB stock dividend |  |  | 366 |  |  |  | 366 |
Mortgage servicing rights |  |  | 12 |  |  |  | 19 |
Prepaid expenses |  |  | 46 |  |  |  | 47 |
Unrealized gain on securities available for sale |  |  | 131 |  |  |  | 228 |
Other |  |  | 103 |  |  |  | 99 |
|  |  | 658 |  |  |  | 759 |
Net deferred tax asset before valuation allowance |  |  | 8,629 |  |  |  | 6,660 |
Deferred tax valuation allowance |  |  | (8,629 | ) |  |  | (6,660 | )
Net deferred tax asset |  | $ | — |  |  | $ | — |
Realization of deferred tax assets associated with the net operating loss carryforwards is dependent upon generating sufficient taxable income prior to their expiration. A valuation allowance to reflect management’s estimate of the temporary deductible differences that may expire prior to their utilization has been recorded at year-end 2011 and 2010, which reduced the carrying amount of the net deferred tax asset to zero in both years. At year-end 2011, the Company had net operating loss carryforwards of approximately $19,495, which expire at various dates from 2024 to 2031. Federal income tax laws provided additional bad debt deductions through 1987, totaling $2,250. Accounting standards do not require a deferred tax liability to be recorded on this amount, which otherwise would total $765 at year-end 2011. If CFBank were liquidated or otherwise ceases to be a bank or if tax laws were to change, this amount would be expensed. At December 31, 2011 and 2010, the Company had no unrecognized tax benefits recorded. The Company does not expect the amount of unrecognized tax benefits to significantly change within the next twelve months. The Company is subject to U.S. federal income tax and is no longer subject to federal examination for years prior to 2008.

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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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