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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Components of the Income Tax Provision (Benefit) | The components of the income tax provision (benefit) for the years ended December 31, 2013, 2012 and 2011 are as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  | (21,080 | ) |  |  | — |  |  |  | — |
Total |  |  | (21,080 | ) |  |  | — |  |  |  | — |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (317,704) |  |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | (317,704) |  |  |  | — |  |  |  | — |
Benefit for income taxes |  | $ | (338,784 | ) |  | $ | — |  |  | $ | — |
Reconciliation of the Anticipated Income Tax Benefit | A reconciliation of the anticipated income tax benefit (computed by applying the statutory Federal income tax rate of 34% to loss before income taxes) to the income tax provision (benefit) as reported in the statements of operations for the years ended December 31, 2013, 2012 and 2011 is as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Benefit for income taxes at statutory Federal rate |  | $ | (2,593,428 | ) |  | $ | (182,296 | ) |  | $ | (5,256,200 | )
State taxes, net of Federal benefit |  |  | (21,080 | ) |  |  | — |  |  |  | — |
Dividends received deduction |  |  | — |  |  |  | — |  |  |  | (50,100 | )
Nondeductible expenses |  |  | 6,006 |  |  |  | 4,570 |  |  |  | 5,900 |
Write-off of DTA due to 382 Limitation |  |  | — |  |  |  | — |  |  |  | 10,382,276 |
Change in cash surrender value of life insurance |  |  | (177,843 | ) |  |  | (175,814 | ) |  |  | (216,300 | )
Increase (decrease) in valuation allowance |  |  | 2,447,561 |  |  |  | 329,113 |  |  |  | (4,853,660 | )
Other |  |  | 0 |  |  |  | 24,427 |  |  |  | (11,916 | )
Total benefit for income taxes |  | $ | (338,784 | ) |  | $ | — |  |  | $ | — |
Tax Effects of Temporary Differences | At December 31, 2013 and 2012, the tax effects of temporary differences that give rise to the Company’s deferred tax assets and deferred tax liabilities are as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 2,212,628 |  |  | $ | 2,343,090 |  |  | $ | 3,655,330 |
Nonaccrual interest |  |  | 1,474,105 |  |  |  | 1,324,824 |  |  |  | 774,233 |
Premises and equipment |  |  | 1,276,365 |  |  |  | 1,073,884 |  |  |  | 1,090,095 |
Accrued expenses |  |  | 375,881 |  |  |  | 224,523 |  |  |  | 405,108 |
Share-based Compensation |  |  | — |  |  |  | 72,456 |  |  |  | — |
Capital loss carryover |  |  | 572,301 |  |  |  | 572,301 |  |  |  | 572,301 |
State NOL carryforward benefit |  |  | 3,612,623 |  |  |  | 3,237,434 |  |  |  | 3,081,579 |
Federal NOL carryforward benefit |  |  | 18,427,179 |  |  |  | 15,850,218 |  |  |  | 14,755,699 |
NOL write-off for § 382 Limitation |  |  | (10,382,276 | ) |  |  | (10,382,276 | ) |  |  | (10,382,276 | )
Federal AMT benefit estimate |  |  | — |  |  |  | 317,704 |  |  |  | 317,704 |
Unrealized loss AFS |  |  | 462,192 |  |  |  | 250,819 |  |  |  | — |
Other |  |  | 36,791 |  |  |  | 153,959 |  |  |  | 144,809 |
Gross deferred tax assets |  |  | 18,067,789 |  |  |  | 15,038,936 |  |  |  | 14,414,582 |
Valuation allowance |  |  | (18,067,789 | ) |  |  | (15,038,936 | ) |  |  | (14,414,582 | )
Deferred tax assets, net of valuation allowance |  |  | — |  |  |  | — |  |  |  | — |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |
Investment securities |  |  | — |  |  |  | — |  |  |  | (82,337 | )
Other |  |  | — |  |  |  | — |  |  |  | — |
Gross deferred tax liabilities |  |  | — |  |  |  | — |  |  |  | (82,337 | )
Deferred tax liability, net |  | $ | — |  |  | $ | — |  |  | $ | (82,337 | )
Allocation of the Deferred Tax (Benefit) Provision Items Charged to Operations and Items Charged Directly to Equity | The allocation of the deferred tax (benefit) provision items charged to operations and items charged directly to equity for the years ended December 31, 2013, 2012 and 2011 are as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Deferred tax benefit allocated to equity |  | $ | — |  |  | $ | — |  |  | $ | (712,832 | )
Deferred tax provision allocated to operations |  |  | — |  |  |  | — |  |  |  | — |
Total deferred tax benefit |  | $ | — |  |  | $ | — |  |  | $ | (712,832 | )

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- Definition Allocation of deferred tax benefit provision items charged to operations and items charged directly to equity. + References No definition available. + Details
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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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- 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 + Details
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