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Income Taxes (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2020 and December 31, 2019.

(Dollars in thousands)	June 30, 2020			December 31, 2019
Goodwill and other intangibles	$	(45,288	)	$	(45,595	)
Provision for loan losses		23,298			19,198
Net operating loss carryforwards⁽¹⁾		22,736			22,607
Accrued expenses, compensation, and other assets		1,886			1,701
Unrealized gains on other investments		(7,732	)		(6,790	)
Total deferred tax liability		(5,100	)		(8,879	)
Valuation allowance		(462	)		(462	)
Deferred tax liability, net		(5,562	)		(9,341	)
Taxes receivable		977			1,516
Net deferred and other tax liabilities	$	(4,585	)	$	(7,825	)

(1)	As of June 30, 2020, the Company and its subsidiaries had an estimated $90,204 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 carrying value of $22,274 as of June 30, 2020.

Schedule of Components of Tax Benefit

The components of our tax benefit for the three and six months ended June 30, 2020 and 2019 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands)	2020			2019			2020			2019
Current
Federal	$	—		$	—		$	—		$	(869	)
State		(137	)		(136	)		(223	)		(959	)
Deferred
Federal		774			1,588			3,299			2,198
State		216			383			1,026			1,721
Net benefit for income taxes	$	853		$	1,835		$	4,102		$	2,091

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 and six months ended June 30, 2020 and 2019.

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands)	2020			2019			2020			2019
Statutory Federal income tax benefit at 21%	$	655		$	1,663		$	4,067		$	1,284
State and local income taxes, net of federal income tax benefit		122			194			760			87
Change in effective state income tax rate		196			—			149			686
Income attributable to non-controlling interest		50			—			(166	)		—
Non deductible expenses		(198	)		—			(789	)		—
Other		28			(22	)		81			34
Total income tax benefit	$	853		$	1,835		$	4,102		$	2,091