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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2012
Income Taxes |
Income Taxes |
(10) | Income Taxes
Income taxes consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |
Current: |  |  |  |  |  |
Federal |  | $ | 0 |  |  | $ | 41 |
State |  |  | 0 |  |  |  | 0 |
Total current |  |  | 0 |  |  |  | 41 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (1,508 | ) |  |  | (1,232 | )
State |  |  | (259 | ) |  |  | (203 | )
Change in valuation allowance |  |  | 1,767 |  |  |  | 1,435 |
Total deferred |  |  | 0 |  |  |  | 0 |
Total |  | $ | 0 |  |  | $ | 41 |
The reasons for the differences between the statutory Federal income tax rate and the effective tax rate are summarized as follows (dollars in thousands):
|  | Year Ended December 31, |
|  | 2012 |  |  | 2011 |
|  | Amount |  |  | % of Pretax Loss |  |  | Amount |  |  | % of Pretax Loss |
Income tax benefit at statutory rate |  | $ | (1,597 | ) |  |  | (34.00 | )% |  | $ | (1,260 | ) |  |  | (34.00 | )%
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of Federal tax benefit |  |  | (170 | ) |  |  | (3.6 | ) |  |  | (134 | ) |  |  | (3.6 | )
Change in valuation allowance |  |  | 1,767 |  |  |  | 37.6 |  |  |  | 1,435 |  |  |  | 38.7 |
|  | $ | 0 |  |  |  | 0.0 | % |  | $ | 41 |  |  |  | 1.1 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in thousands).
|  | At December 31, |
|  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 421 |  |  | $ | 71 |
Net operating loss carryforwards |  |  | 6,887 |  |  |  | 5,919 |
Premises and equipment |  |  | 132 |  |  |  | 109 |
Impaired securities |  |  | 190 |  |  |  | 67 |
Foreclosed property expenses |  |  | 650 |  |  |  | 442 |
Nonaccrual loan interest |  |  | 399 |  |  |  | 298 |
Other |  |  | 72 |  |  |  | 69 |
Gross deferred tax assets |  |  | 8,751 |  |  |  | 6,975 |
Less: Valuation allowance |  |  | 8,737 |  |  |  | 6,970 |
Net deferred tax assets |  |  | 14 |  |  |  | 5 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Loan costs |  |  | (14 | ) |  |  | (4 | )
Prepaid expenses |  |  | 0 |  |  |  | (1 | )
Deferred tax liabilities |  |  | (14 | ) |  |  | (5 | )
Net deferred tax asset |  | $ | 0 |  |  | $ | 0 |
During the years ended December 31, 2012 and 2011, the Company assessed its earnings history and trend over the past year and its estimate of future earnings, and determined that it was more likely than not that the deferred tax assets would not be realized in the near term. Accordingly, a valuation allowance was recorded and maintained against the net deferred tax asset for the amount not expected to be realized in the future. At December 31, 2012, the Company had net operating loss carryforwards of approximately $17.2 million for Federal tax purposes and $28.2 million for Florida tax purposes available to offset future taxable income. These carryforwards will begin to expire in 2029. These carryforwards are subject to an annual limitation going forward under Internal Revenue Code Section 382 which became applicable with the sale of common stock that occurred during 2011. The Company files U.S. and Florida income tax returns. With few exceptions, the Company is no longer subject to U.S. Federal or state and local income tax examinations by taxing authorities for years before 2009. The Company's 2009 Federal income tax return is currently under examination.

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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 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 2: 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 + Details
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