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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes Tables

Schedule of Components of Income Tax Expense

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

Schedule of effective income tax rate reconciliation

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	%

Schedule of Deferred Tax Assets and Liabilities

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

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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

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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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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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