Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.0.8
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2013
Income Taxes Tables  
Schedule of provision for income taxes
(Dollars in Thousands)   2013   2012   2011
Current:                        
  Federal   $ (75 )   $ 1,189     $ 3,124  
  State     195       280       424  
      120       1,469       3,548  
                         
Deferred:                        
  Federal     1,650       (1,260 )     (1,828 )
  State     99       (1,597 )     (1,350 )
  Valuation Allowance     56       52       259  
      1,805       (2,805 )     (2,919 )
                         
Total:                        
  Federal     1,575       (71 )     1,296  
  State     294       (1,317 )     (926 )
  Valuation Allowance     56       52       259  
Total   $ 1,925     $ (1,336 )   $ 629  
Schedule of effective income tax rate reconciliation
(Dollars in Thousands)   2013   2012   2011
Tax Expense at Federal Statutory Rate   $ 2,790     $ (430 )   $ 1,934  
Increases (Decreases) Resulting From:                        
Tax-Exempt Interest Income     (385 )     (402 )     (612 )
Change in Reserve for Uncertain Tax Positions     (777 )     (347 )     (168 )
State Taxes, Net of Federal Benefit     191       (856 )     (602 )
Other     50       199       (182 )
Change in Valuation Allowance     56       52       259  
Increase Deferred Tax Liability for Equity Investment     —         448       —    
Actual Tax Expense   $ 1,925     $ (1,336 )   $ 629  
Schedule of deferred income tax liabilities and assets
(Dollars in Thousands)   2013   2012
Deferred Tax Assets Attributable to:                
Allowance for Loan Losses   $ 8,910     $ 11,253  
Accrued Pension/SERP     5,284       18,927  
State Net Operating Loss and Tax Credit Carry-Forwards     4,906       5,002  
Other Real Estate Owned     9,459       9,869  
Other     5,304       7,100  
Total Deferred Tax Assets   $ 33,863     $ 52,151  
                 
Deferred Tax Liabilities Attributable to:                
Depreciation on Premises and Equipment   $ 6,322     $ 7,117  
Deferred Loan Fees and Costs     2,446       2,864  
Intangible Assets     3,419       3,119  
Accrued Pension/SERP     —         1,870  
Other     526       1,082  
Total Deferred Tax Liabilities     12,713       16,052  
Valuation Allowance     1,226       1,170  
Net Deferred Tax Asset   $ 19,924     $ 34,929  
Schedule of beginning and ending unrecognized tax benefit
(Dollars in Thousands)   2013   2012   2011
Balance at January 1,   $ 4,209     $ 4,577     $ 4,770  
Additions Based on Tax Positions Related to Current  Year     —         508       522  
Decrease Due to Lapse in Statue of Limitations     (981 )     (876 )     (715 )
Balance at December 31   $ 3,228     $ 4,209     $ 4,577