Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019.

(Dollars in thousands)	March 31, 2020			December 31, 2019
Goodwill and other intangibles	$	(45,423	)	$	(45,595	)
Provision for loan losses		20,748			19,198
Net operating loss carryforwards⁽¹⁾		24,327			22,607
Accrued expenses, compensation, and other assets		1,701			1,701
Unrealized gains on other investments		(7,130	)		(6,790	)
Total deferred tax liability		(5,777	)		(8,879	)
Valuation allowance		(462	)		(462	)
Deferred tax liability, net		(6,239	)		(9,341	)
Taxes receivable		1,126			1,516
Net deferred and other tax liabilities	$	(5,113	)	$	(7,825	)

(1)	As of March 31, 2020, the Company and its subsidiaries had an estimated $96,586 of net operating loss carryforwards, $1,712 of which expire at various dates between December 31, 2026 and December 31, 2035, which had a net asset value of $23,865 as of March 31, 2020.

Schedule of Components of Tax Benefit

The components of our tax benefit for the three months ended March 31, 2020 and 2019 were as follows.

	Three Months Ended March 31,
(Dollars in thousands)	2020			2019
Current
Federal	$	—		$	(869	)
State		(86	)		(823	)
Deferred
Federal		2,525			610
State		810			1,338
Net benefit for income taxes	$	3,249		$	256

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 benefit for the three months ended March 31, 2020 and 2019.

	Three Months Ended March 31,
(Dollars in thousands)	2020			2019
Statutory Federal income tax (provision) benefit at 21%	$	3,412		$	(379	)
State and local income taxes, net of federal income tax benefit		638			(107	)
Change in state income tax accruals		(46	)		686
Change in effective state income tax rate		(378	)		—
Income attributable to non-controlling interest		(216	)		—
Non deductible expenses		(214	)		—
Other		53			56
Total income tax benefit	$	3,249		$	256