Income Taxes

3 Months Ended

Mar. 31, 2013

Income Taxes [Abstract]

INCOME TAXES

NOTE G — INCOME TAXES

The Company has recorded net deferred tax assets (“DTA”) of $18.2 million at March 31, 2013. Although realization is not assured, the Company believes that the realization of the recognized current carrying value of the DTA is more likely than not based on expectations as to future taxable income and available tax planning strategies, as defined in ASC 740, which could be implemented if necessary to prevent a carryforward from expiring. The Company’s credit losses are expected to moderate and as the Company generates increased taxable income, increased reliance on management’s forecast of future taxable earnings should result in realization of additional future tax benefits from the net operating loss carryforwards. At March 31, 2013 the Company has approximately $44.0 million in its deferred tax valuation allowance allocated to its deferred tax assets, primarily net operating loss carryforwards.