Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense Benefit

The benefit for income taxes is as follows:

	Year Ended December 31
	2013			2012			2011
	(In thousands)
Current
Federal	$	160		$	0		$	0
State		7			7			10
Deferred
Federal		(30,540	)		0			0
State		(10,012	)		(7	)		(10	)
	$	(40,385	)	$	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 2013, 2012 and 2011) and the reported income tax benefit relating to loss before income taxes is as follows:

	Year Ended December 31
	2013			2012			2011
	(In thousands)
Tax rate applied to income (loss) before income taxes	$	4,061		$	(249	)	$	2,333
Increase (decrease) resulting from the effects of:
Tax exempt interest on obligations of states and political subdivisions		(148	)		(118	)		(143	)
State income taxes		(259	)		(27	)		(173	)
Stock compensation		4			28			132
Expiration of capital loss carryforward		0			354			0
Other		38			53			281
Federal tax provision before valuation allowance		3,696			41			2,430
State tax provision before valuation allowance		740			76			494
Total income tax provision		4,436			117			2,924
Change in valuation allowance		(44,821	)		(117	)		(2,924	)
Income tax provision (benefit)	$	(40,385	)	$	0		$	0

Summary of Net Deferred Tax Assets (Liabilities)

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

	December 31
	2013			2012
	(In thousands)
Allowance for loan losses	$	8,139		$	8,964
Other real estate owned		899			1,521
Capital losses		0			26
Accrued stock compensation		528			492
Federal tax loss carryforward		42,776			44,755
State tax loss carryforward		7,925			8,202
Alternative minimum tax carryforward		1,304			1,304
Net unrealized securities losses		6,503			0
Deferred compensation		1,169			1,162
Other		273			990
Gross deferred tax assets		69,516			67,416
Less: Valuation allowance		0			(44,821	)
Deferred tax assets net of valuation allowance		69,516			22,595
Depreciation		(1,365	)		(1,514	)
Deposit base intangible		(233	)		(538	)
Net unrealized securities gains		0			(1,972	)
Accrued interest and fee income		(1,060	)		(620	)
Gross deferred tax liabilities		(2,658	)		(4,644	)
Net deferred tax assets	$	66,858		$	17,951

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