Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Tax effects of the principal temporary differences giving rise to deferred tax assets and liabilities

The tax effects of the principal temporary differences giving rise to deferred tax assets and liabilities as of December 31, 2012 and 2011 were as follows (in thousands):



	2012						2011
	Assets			Liabilities			Assets			Liabilities
Allowance for losses on loans	$	3,152		$	—		$	4,960		$	—
Warrant liability	—			(71		)	—			—
Investments and Derivatives	—			(2,180		)	—			(1,766		)
OTTI	735			—			594			—
OREO chargeoffs	13			—			40			—
NOL carryforward	16,061			—			16,094			—
Deferred gain on sale of premises	76			—			1,161			—
Deferred rent	85			—			329			—
FHLB stock	—			(74		)	—			(74		)
Office properties and equipment	1,984			—			—			(844		)
Deferred compensation	449			—			792			—
Core deposit intangible	64			—			37			—
Goodwill	212			—			324			—
Other	333			—			292			—
Total	23,164			(2,325		)	24,623			(2,684		)
Deferred tax asset valuation allowance	(8,492		)	—			(8,766		)	—
Total deferred income taxes	$	14,672		$	(2,325	)	$	15,857		$	(2,684	)

Schedule of Components of Income Tax Expense (Benefit)

The components of Intermountain’s income tax provision are as follows (in thousands):



	Year Ended December 31,
	2012			2011			2010
Current income taxes (benefit):
Federal	$	—		$	—		$	—
State	(8		)	—			—
	(8		)	—			—
Deferred income taxes (benefit):
Federal	—			(123		)	(8,468		)
State	—			(29		)	(1,180		)
Total deferred income tax (benefit)	—			(152		)	(9,648		)
Deferred tax asset valuation allowance	—			—			8,766
Total income tax provision (benefit)	$	(8	)	$	(152	)	$	(882	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax provision and the amount of income taxes computed by applying the statutory federal corporate income tax rate to income before income (loss) taxes for the years ended December 31, 2012, 2011 and 2010, is as follows (dollars in thousands):



	2012					2011					2010
	Amount			%		Amount			%		Amount			%
Income tax provision (benefit) at federal statutory rate	$	1,323		35.0	%	$	(52	)	(35.0	)%	$	(11,416	)	(35.0	)%
Tax effect of:
State taxes (net of federal tax benefit)	(76		)	(2.0	)%	(29		)	(19.4	)%	(1,180		)	(5.1	)%
Goodwill impairment	—			—	%	—			—	%	3,587			11.0	%
Deferred Tax Asset Valuation	(274		)	(7.3	)%	—			—	%	8,766			26.5	%
Tax exempt income and other, net	(981		)	(25.7	)%	(71		)	(47.4	)%	(639		)	(0.1	)%
	$	(8	)	—	%	$	(152	)	(101.8	)%	$	(882	)	(2.7	)%