Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Components of Deferred and Other Tax Assets and Liabilities

The following table sets forth the significant components of our deferred and other tax assets and liabilities as of December 31, 2019 and 2018.

(Dollars in thousands)	2019			2018
Goodwill and other intangibles	$	(45,595	)	$	(45,272	)
Provision for loan losses		19,198			25,790
Net operating loss carryforwards ⁽¹⁾		22,607			11,132
Accrued expenses, compensation, and other assets		1,701			1,844
Unrealized gains on other investments		(6,790	)		(2,024	)
Total deferred tax liability		(8,879	)		(8,530	)
Valuation allowance		(462	)		(255	)
Deferred tax liability, net		(9,341	)		(8,785	)
Taxes receivable		1,516			1,812
Net deferred and other tax liabilities	$	(7,825	)	$	(6,973	)

(1)	As of December 31, 2019, the Company and its subsidiaries had an estimated $89,687 of net operating loss carryforwards, $1,712 which expires at various dates between December 31, 2026 and December 31, 2035, and which had a net asset value of $22,145 as of December 31, 2019.

Schedule of Components of Tax (Provision) Benefit

The components of our tax (provision) benefit for the years ended December 31, 2019, 2018, and 2017 were as follows.

(Dollars in thousands)	2019			2018			2017
Current
Federal	$	—		$	(2,797	)	$	15,613
State		519			(1,078	)		756
Deferred
Federal		(489	)		5,270			(4,169	)
Federal income tax rate change		—			—			17,279
State		(371	)		(1,464	)		6,747
Net (provision) benefit for income taxes	$	(341	)	$	(69	)	$	36,226

Summary of Reconciliation of Statutory Federal Income Tax (Benefit) Expense to Consolidated Actual Income Tax Benefit

The following table presents a reconciliation of statutory federal income tax (provision) benefit to consolidated actual income tax (provision) benefit reported for the years ended December 31, 2019, 2018, and 2017.

(Dollars in thousands)	2019			2018			2017
Statutory Federal income tax (provision) benefit at 21% (35% in 2017)	$	(642	)	$	4,935		$	12,582
State and local income taxes, net of federal income tax benefit		(120	)		440			645
Revaluation of net operating losses		380			—			—
Change in effective state income tax rate		(891	)		(2,564	)		3,232
Change in state income tax accruals		640			—			—
Federal income tax rate change		—			—			17,279
Income attributable to non-controlling interest		309			—			—
Utilization of carry forwards		—			(910	)		2,284
Appreciation of Medallion Bank		—			(1,974	)		1,050
Other		(17	)		4			(846	)
Total income tax (provision) benefit	$	(341	)	$	(69	)	$	36,226