FIRST UNITED CORP/MD/ - 10-K filing on 2014-03-10

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013



(In thousands)		2013		2012
Current Tax expense:
Federal	$	518	$	417
State		416		96
	$	934	$	513
Deferred tax expense:
Federal	$	927	$	22
State		361		378
	$	1,288	$	400
Income tax expense for the year	$	2,222	$	913



	2013	2012
Federal statutory rate	35.0%	35.0%
Tax-exempt income on securities and loans	(7.3)	(11.9)
Tax-exempt BOLI income	(4.1)	(11.2)
State income tax, net of federal tax benefit	7.3	7.9
Tax credits	(5.6)	(10.1)
Other	0.4	6.7
	25.7%	16.4%



(In thousands)		2013		2012
Deferred tax assets:
Allowance for loan losses	$	5,435	$	6,446
Deferred loan fees		28		70
Deferred compensation		767		704
Federal and state tax loss carry forwards		6,057		5,289
AMT and other carry forwards		1,772		1,712
Unrealized loss on investment securities available-for-sale		12,686		8,771
Pension/SERP		0		1,677
Other than temporary impairment on investment securities		5,449		5,937
Other real estate owned		1,749		1,243
Other		1,191		1,874
Total deferred tax assets		35,134		33,723
Valuation allowance		(1,563)		(1,471)
Total deferred tax assets less valuation allowance		33,571		32,252
Deferred tax liabilities:
Amortization of goodwill		(2,171)		(1,857)
Pension/SERP		(574)		0
Depreciation		(1,207)		(1,409)
Other		(410)		(104)
Total deferred tax liabilities		(4,362)		(3,370)
Net deferred tax assets	$	29,209	$	28,882