Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

The income tax provision for the years ended December 31, 2018, 2017 and 2016 is comprised of the following components (dollar amounts in thousands):



	Years Ended December 31,
	2018			2017			2016
Current income tax (benefit) expense
Federal	$	(273	)	$	1,243		$	2,771
State	(7		)	2,130			187
Total current income tax (benefit) expense	(280		)	3,373			2,958
Deferred income tax (benefit) expense
Federal	(480		)	(25		)	104
State	(297		)	7			33
Total deferred income tax (benefit) expense	(777		)	(18		)	137
Total (benefit) provision	$	(1,057	)	$	3,355		$	3,095

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory income tax provision to the effective income tax provision for the years ended December 31, 2018, 2017 and 2016, respectively, are as follows (dollar amounts in thousands).



	December 31,
	2018					2017					2016
Provision at statutory rate	$	21,384		21.0	%	$	33,367		35.0	%	$	24,561		35.0	%
Non-taxable REIT loss	(23,720		)	(23.3	)	(29,857		)	(31.3	)	(20,672		)	(29.5	)
State and local tax (benefit) provision	(7		)	—		2,130			2.2		187			0.3
Other	(2,601		)	(2.6	)	1,511			1.6		(502		)	(0.7	)
Valuation allowance	3,887			3.8		(3,796		)	(4.0	)	(479		)	(0.7	)
Total (benefit) provision	$	(1,057	)	(1.1	)%	$	3,355		3.5	%	$	3,095		4.4	%

Schedule of Deferred Tax Assets and Liabilities

The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of December 31, 2018 and 2017 are as follows (dollar amounts in thousands):



	December 31, 2018			December 31, 2017
Deferred tax assets
Net operating loss carryforward	$	2,416		$	295
Capital loss carryover	739			—
GAAP/Tax basis differences	3,903			2,237
Total deferred tax assets ⁽¹⁾	7,058			2,532
Deferred tax liabilities
Deferred tax liabilities	6			144
Total deferred tax liabilities ⁽²⁾	6			144
Valuation allowance ⁽¹⁾	(6,069		)	(2,182		)
Total net deferred tax asset	$	983		$	206


⁽¹⁾	Included in receivables and other assets in the accompanying consolidated balance sheets.


⁽²⁾	Included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.