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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

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 December 31, 2020 and 2019.

(Dollars in thousands)		2020				2019
Goodwill and other intangibles		$	(44,799	)		$	(45,595	)
Provision for loan losses			19,556				19,198
Net operating loss carryforwards (1)			30,493				22,607
Accrued expenses, compensation, and other assets			1,174				1,701
Unrealized gains on other investments			(6,769	)			(6,790	)
Total deferred tax liability			(345	)			(8,879	)
Valuation allowance			(462	)			(462	)
Deferred tax liability, net			(807	)			(9,341	)
Taxes receivable			1,757				1,516
Net deferred and other tax liabilities		$	950			$	(7,825	)

(1) As of December 31, 2020, the Company and its subsidiaries had an estimated $124,150 of net operating loss carryforwards, $1,712 which expires at various dates between December 31, 2026 and December 31, 2035, and which had a net asset value of $30,031 as of December 31, 2020.

Summary of Components of Tax (Provision) Benefit

The components of our tax (provision) benefit for the years ended December 31, 2020, 2019, and 2018 were as follows.

(Dollars in thousands)		2020				2019				2018
Current
Federal		$	—			$	—			$	(2,797	)
State			(260	)			519				(1,078	)
Deferred
Federal			7,702				(489	)			5,270
State			2,632				(371	)			(1,464	)
Net (provision) benefit for income taxes		$	10,074			$	(341	)		$	(69	)

Summary of Reconciliation of Statutory Federal Income Tax (Provision) Benefit to Consolidated Actual Income Tax (Provision) Benefit

The following table presents a reconciliation of statutory federal income tax (provision) benefit to consolidated actual income tax (provision) benefit reported for the years ended December 31, 2020, 2019, and 2018.

(Dollars in thousands)		2020				2019				2018
Statutory Federal income tax (provision) benefit at 21%		$	7,766			$	(642	)		$	4,935
State and local income taxes, net of federal income    tax benefit			1,518				(120	)			440
Revaluation of net operating losses			1,228				380				—
Change in effective state income tax rate			(145	)			(891	)			(2,564	)
Change in state income tax accruals			(260	)			640				—
Income attributable to non-controlling interest			460				309				—
Non deductible expenses			(453	)			—				—
Utilization of carry forwards			—				—				(910	)
Appreciation of Medallion Bank			—				—				(1,974	)
Other			(40	)			(17	)			4
Total income tax (provision) benefit		$	10,074			$	(341	)		$	(69	)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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