Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.0.6
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2012
Income Taxes Tables  
Schedule of provision for income taxes

 

(Dollars in Thousands)   2012   2011   2010
Current:                        
Federal   $ 1,189     $ 3,124     $ (5,392 )
State     280       424       525  
Deferred:                        
Federal     (1,260 )     (1,828 )     3,990  
State     (1,597 )     (1,350 )     (2,158 )
Valuation Allowance     52       259       66  
Total   $ (1,336 )   $ 629     $ (2,969 )

Schedule of effective income tax rate reconciliation

 

(Dollars in Thousands)   2012   2011   2010
Tax Expense at Federal Statutory Rate   $ (430 )   $ 1,934     $ (1,184 )
Increases (Decreases) Resulting From:                        
Tax-Exempt Interest Income     (402 )     (612 )     (955 )
Change in Reserve for Uncertain Tax Position     (347 )     (168 )     127  
State Taxes, Net of Federal Benefit     (856 )     (602 )     (1,062 )
Other     199       (182 )     39  
Change in Valuation Allowance     52       259       66  
Increase Deferred Tax Liability for Equity Investment     448                  
Actual Tax Expense   $ (1,336 )   $ 629     $ (2,969 )

Schedule of deferred income tax liabilities and assets

 

(Dollars in Thousands)   2012   2011
Deferred Tax Assets Attributable to:                
Allowance for Loan Losses   $ 11,253     $ 11,973  
Associate Benefits     297       297  
Accrued Pension/SERP     18,927       15,448  
Interest on Nonperforming Loans     777       580  
State Net Operating Loss and Tax Credit Carry-Forwards     5,002       4,119  
Federal Capital Loss and Credit Carry-Forwards     641       287  
Intangible Assets     224       198  
Core Deposit Intangible     1,687       2,487  
Contingency Reserve     9       241  
Accrued Expense     442       437  
Leases     413       410  
Other Real Estate Owned     9,869       10,551  
Other     2,610       895  
Total Deferred Tax Assets   $ 52,151     $ 47,923  
                 
Deferred Tax Liabilities Attributable to:                
Depreciation on Premises and Equipment   $ 7,117     $ 6,843  
Deferred Loan Fees and Costs     2,864       2,907  
Net Unrealized Gains on Investment Securities     585       880  
Intangible Assets     3,119       2,819  
Accrued Pension/SERP     1,870       3,368  
Securities Accretion     —         —    
Market Value on Loans Held for Sale     —         —    
Other     497       1,638  
Total Deferred Tax Liabilities     16,052       18,455  
Valuation Allowance     1,170       1,118  
Net Deferred Tax Asset   $ 34,929     $ 28,350  

Schedule of changes in net deferred income tax assets

(Dollars in Thousands)   2012   2011
Balance at Beginning of Year   $ 28,350     $ 20,499  
Income Tax Benefit From Change in Pension Liability     3,479       5,135  
Income Tax Benefit (Expense) From Change in Unrealized Gains on Available-for-Sale Securities     295       (203 )
Deferred Income Tax Benefit on Continuing Operations     2,805       2,919  
Balance at End of Year   $ 34,929     $ 28,350  

Schedule of beginning and ending unrecognized tax benefit

 

(Dollars in Thousands)   2012   2011   2010
Balance at January 1,   $ 4,577     $ 4,770     $ 4,589  
Additions Based on Tax Positions Related to Current  Year     508       522       611  
Decrease Due to Lapse in Statue of Limitations     (876 )     (715 )     (430 )
Balance at December 31   $ 4,209     $ 4,577     $ 4,770