XML 123 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8

Income Taxes (Tables)

12 Months Ended

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	)

X

- Definition

Allocation of deferred tax benefit provision items charged to operations and items charged directly to equity.

+ References

No definition available.

+ Details

Name:	pnbk_AllocationOfDeferredTaxBenefitProvisionItemsChargedToOperationsAndItemsChargedDirectlyToEquityTableTextBlock
Namespace Prefix:	pnbk_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

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

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

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

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration