Income Taxes

3 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income tax expense was as follows:

	Three Months Ended
(Dollars in thousands)	March 31
	2013		2012
Current income tax expense	$	—	$	2
Deferred income tax expense	1,112		510
Total income tax expense	$	1,112	$	512

Net deferred tax assets totaled $9.685 million at March 31, 2013 and $10.533 million at December 31, 2012 and are included in other assets. Management has reviewed its deferred tax assets and determined that it is more likely than not that the deferred tax assets will be realized in the foreseeable future and therefore no valuation allowance has been accrued.

In connection with its previous net operating loss carryforwards and estimated $10.834 million in Federal taxable earnings for 2012, the Company had the following net operating losses and tax credits available for carryover for Federal income tax purposes at December 31, 2012:

(Dollars in thousands)
	Amount		Expiration  Dates
Federal net operating loss from 2010	$	291	2030
Mississippi net operating loss from 2009	5,110		2029
Mississippi net operating loss from 2010	4,707		2030
Alabama net operating loss from 2009	177		2029
Tennessee net operating loss from 2009	908		2029
Tennessee net operating loss from 2010	93		2030
Florida net operating loss from 2009	511		2029
Florida net operating loss from 2010	20		2030
Tax credits from 2008	26		2028
Tax credits from 2009	57		2029
Tax credits from 2010	203		2030
Tax credits from 2011	377		2031
Tax credits from 2012	356		2032
Alternative minimum tax credits from all years	739		indefinite lived

The Company was audited for the tax years of 2008 through 2010 by the Mississippi State Tax Commission. The audit was concluded in 2012 with additional taxes of $3 thousand owed.

The Company had no material recognized uncertain tax positions as of March 31, 2013 or December 31, 2012 and therefore did not have any tax accruals in 2013 or 2012 related to uncertain positions. The Company is no longer subject to Federal income tax examinations of tax returns filed for years before 2009.