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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Expense

Income tax expense was as follows:

		2012				2011				2010
Current federal		$	—			$	—			$	198
Deferred federal			—				—				—
Total		$	—			$	—			$	198

Effective Tax Rates Differ from Federal Statutory Rate

Effective tax rates differ from the federal statutory rate of 34% applied to loss before income taxes due to the following:

		2012				2011				2010
Federal statutory rate times financial statement income loss		$	(1,280	)		$	(1,845	)		$	(2,269	)
Effect of:
Bank owned life insurance income			(45	)			(44	)			(43	)
Increase in deferred tax valuation allowance		$	1,314				1,876				2,276
Other			11				13				234
		$	—			$	—			$	198
Effective tax rate			0.0	%			0.0	%			-3.0	%

Deferred Tax Assets and Liabilities

Year-end deferred tax assets and liabilities were due to the following:

		2012				2011
Deferred tax assets:
Allowance for loan losses		$	1,298			$	1,775
Deferred loan fees			—				10
Post-retirement death benefits			70				64
Deferred compensation			93				85
Nonaccrual interest			83				80
Depreciation			71				41
Other real estate owned loss reserves			—				394
Tax mark-to-market adjustments on securities available for sale			36				131
Accrued stock awards			—				—
Net operating loss carryforward			1,904				6,628
Unrealized loss on securities available for sale			—				—
Other			72				79
			3,627				9,287
Deferred tax liabilities:
FHLB stock dividend			366				366
Mortgage servicing rights			9				12
Prepaid expenses			94				46
Unrealized gain on securities available for sale			36				131
Other			—				103
			505				658
Net deferred tax asset before valuation allowance			3,122				8,629
Deferred tax valuation allowance			(3,122	)			(8,629	)
Net deferred tax asset		$	—			$	—

X

- 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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X

- 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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X

- Definition

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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