Income Tax Income Tax (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the difference between the provision for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows for the years ended December 31:



	2016		2015		2014
Federal statutory rate	34.0	%	34.0	%	34.0	%
Effect of:
Change in valuation allowance	(36.5	)%	(28.0	)%	(35.7	)%
Federal effect of change in state and local tax valuation allowance	2.5	%	(6.0	)%	1.7	%
Income tax provision effective rate	—	%	—	%	—	%

Schedule of Deferred Tax Assets

The significant components of our deferred tax asset were as follows as of December 31 (in thousands):



	2016			2015
Deferred tax assets relating to:
Net operating loss carryforwards	$	25,880		$	19,183
Loan loss reserve	40,897			20,231
Imputed interest income	800			729
Deferred rent	2,670			1,613
Miscellaneous items	174			5
Total gross deferred tax assets	70,421			41,761
Deferred tax liabilities:
Internally developed software	2,224			1,756
Property, equipment and software	6,747			4,613
Origination costs	7,417			3,394
Miscellaneous items	430			20
Total gross deferred tax liabilities	16,818			9,783
Deferred assets less liabilities	53,603			31,978
Less: valuation allowance	(53,603		)	(31,978		)
Net deferred tax asset	$	—		$	—