Income Tax Income Tax (Tables)

12 Months Ended

Dec. 31, 2017

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:



	2017		2016		2015
Federal statutory rate	34.0	%	34.0	%	34.0	%
Effect of:
Change in valuation allowance	(34.5	)%	(36.5	)%	(28.0	)%
Federal effect of change in state and local tax valuation allowance	0.5	%	2.5	%	(6.0	)%
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):



	2017			2016
Deferred tax assets relating to:
Net operating loss carryforwards	$	20,476		$	25,880
Loan loss reserve	27,186			40,897
Imputed interest income	424			800
Deferred rent	1,892			2,670
Miscellaneous items	45			174
Total gross deferred tax assets	50,023			70,421
Deferred tax liabilities:
Internally developed software	3,912			2,224
Property, equipment and software	4,242			6,747
Origination costs	4,078			7,417
Miscellaneous items	40			430
Total gross deferred tax liabilities	12,272			16,818
Net deferred tax asset	37,751			53,603
Less: valuation allowance	(37,751		)	(53,603		)
Net deferred tax asset less valuation allowance	$	—		$	—