"Net income totaled $7.5 million for the fourth quarter of 2013, compared to $943 thousand for the same period of 2012. The significant increase in earnings was primarily a result of the reversal of the valuation allowance on net deferred tax assets which decreased income tax expense by $4.8 million. In addition, the Company recorded a recovery of loan losses totaling $3.0 million, "
So, if net income was $7.5 million where $4.8 million was the valuation allowance/tax credit and $3.0 million was recovery of loan losses, what was operating income for the quarter? Look's like a loss to me.