Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Summary of income tax expense benefit

The benefit for income taxes is as follows:

	Year Ended December 31
	2012			2011			2010
	(In thousands)
Current
Federal	$	0		$	0		$	29
State		7			10			24
Deferred
Federal		0			0			(29	)
State		(7	)		(10	)		(24	)
	$	0		$	0		$	0

Reconciliation of expected tax benefit with income tax benefit relating to loss before income taxes

The difference between the total expected tax benefit (computed by applying the U.S. Federal tax rate of 35% to pretax income in 2012, 2011 and 2010) and the reported income tax benefit relating to loss before income taxes is as follows:

	Year Ended December 31
	2012			2011			2010
	(In thousands)
Tax rate applied to income (loss) before income taxes	$	(249	)	$	2,333		$	(11,622	)
Increase (decrease) resulting from the effects of:
Tax exempt interest on obligations of states and political subdivisions		(118	)		(143	)		(177	)
State income taxes		(27	)		(173	)		506
Stock compensation		28			132			150
Expiration of capital loss carryforward		354			0			0
Other		53			281			174
Federal tax provision (benefit) before valuation allowance		41			2,430			(10,969	)
State tax provision (benefit) before valuation allowance		76			494			(1,666	)
Total income tax provision (benefit)		117			2,924			(12,635	)
Change in valuation allowance		(117	)		(2,924	)		12,635
Income tax provision (benefit)	$	0		$	0		$	0

Summary of net deferred tax assets (liabilities)

The net deferred tax assets (liabilities) are comprised of the following:

	December 31
	2012			2011
	(In thousands)
Allowance for loan losses	$	8,964		$	10,372
Other real estate owned		1,521			4,009
Capital losses		26			384
Accrued stock compensation		492			417
Federal tax loss carryforward		44,755			42,235
State tax loss carryforward		8,202			8,010
Alternative minimum tax carryforward		1,304			1,304
Deferred compensation		1,162			1,202
Other		990			306
Gross deferred tax assets		67,416			68,239
Less: Valuation allowance		(44,821	)		(44,938	)
Deferred tax assets net of valuation allowance		22,595			23,301
Depreciation		(1,514	)		(1,694	)
Deposit base intangible		(538	)		(843	)
Net unrealized securities gains		(1,972	)		(3,287	)
Accrued interest and fee income		(620	)		(661	)
Gross deferred tax liabilities		(4,644	)		(6,485	)
Net deferred tax assets	$	17,951		$	16,816

Summary of Income Tax Examination Major Tax jurisdictions along with Tax Year

The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination:

Jurisdiction	Tax Year
United States of America	2010
Florida	2008