Income Taxes (Tables)

9 Months Ended

Sep. 30, 2012

Income Taxes [Abstract]

Summary of net operating loss carryforwards

Based upon the Company's federal income tax returns through 2011 (filed or to be filed and/or subject to IRS audit adjustments), excluding all effects of the inclusion of Carteret/Carteret FSB from December 4, 1992 forward, as further discussed herein, the Company has federal NOL carryforwards available to reduce future federal taxable income, which expire if unused in the tax years as indicated below.  The utilization of certain carryforwards and carrybacks is subject to limitations under U.S. federal income tax laws. The amounts are as follows:

Tax Year Originating	Tax Year Expiring	September 30, 2012
1997	2012	$	1,100,000
1998	2018		5,400,000
1999	2019		4,000,000
2000	2020		2,600,000
2001	2021		4,000,000
2002	2022		3,200,000
2003	2023		1,800,000
2004	2024		700,000
2006	2026		2,800,000
2007	2027		12,700,000
2008	2028		4,600,000
2009	2029		2,400,000
2010	2030		1,900,000
2011	2031		1,900,000
		$	49,100,000

In addition to the NOL's noted above, the Company had additional NOL carryforwards which will have expired unless they are utilized in a prior tax year or absorbed in an earlier year based on the inclusion of certain items in the consolidated group as follows:

Tax Year Originating	Tax Year Expired	September 30, 2012
1994	2009	$	2,200,000
1995	2010		5,300,000
		$	7,500,000

AMT credit carryforwards

The Company has AMT credit carryforwards ("AMT Credits") which are not subject to expiration as follows:

	September 30, 2012
AMT Credits	$	21,000,000

Based on the filing of the Carryback Claims, as defined further herein, the Company would seek to utilize a portion of the AMT Credits.

Net deferred tax asset

The Company has calculated a net deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows:

	September 30, 2012			December 31, 2011
Net deferred tax asset	$	38,000,000		$	38,000,000
Valuation allowance		(38,000,000	)		(38,000,000	)
Net deferred tax asset recognized	$	-		$	-