Income Taxes

9 Months Ended

Sep. 30, 2012

Income Taxes [Abstract]

INCOME TAXES

NOTE I: INCOME TAXES

The Company has recorded net deferred tax assets (“DTA”) of $17.2 million at September 30, 2012. Although realization is not assured, management believes that realization of the current carrying value of the DTA is more likely than not, based upon expectations as to future taxable income and tax planning strategies, as defined by ASU 740 Income Taxes. Should the economy show improvement, the Company’s credit losses moderate prospectively, and the Company generates increased taxable income, increased reliance on management’s forecast of future taxable earnings could result in realization of additional future tax benefits from the net operating loss carryforwards. At September 30, 2012 the Company has approximately $45.2 million in its deferred tax valuation allowance allocated to its deferred tax assets, primarily net operating loss carryforwards.