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9. Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of income tax expense | Income taxes consist of the following:
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
Current federal tax expense |  | $ | (574 | ) |  | $ | (7,526 | ) |  | $ | 14,369 |
Current state tax expense |  |  | 105 |  |  |  | (2,064 | ) |  |  | 3,305 |
Deferred federal tax expense |  |  | 2,759 |  |  |  | 9,074 |  |  |  | 10,131 |
Deferred state tax expense |  |  | 1,466 |  |  |  | 4,357 |  |  |  | 501 |
Income tax expense |  | $ | 3,756 |  |  | $ | 3,841 |  |  | $ | 28,306 |
Schedule of reconciliation of income taxes | Income tax expense for the years ended December 31, 2019, 2018 and 2017 differs from the amount determined by applying the statutory federal rate to income before income taxes as follows:
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (In thousands) |
Expense at federal tax rate |  | $ | 1,924 |  |  | $ | 3,928 |  |  | $ | 11,225 |
State taxes, net of federal income tax effect |  |  | 1,027 |  |  |  | 1,718 |  |  |  | 1,831 |
Stock-based compensation |  |  | 169 |  |  |  | 238 |  |  |  | 682 |
Non-deductible expenses |  |  | 856 |  |  |  | 824 |  |  |  | 171 |
Effect of change in tax rate |  |  | – |  |  |  | – |  |  |  | 15,117 |
Accounting method change |  |  | – |  |  |  | (2,100 | ) |  |  | – |
Other |  |  | (220 | ) |  |  | (767 | ) |  |  | (720 | )
|  | $ | 3,756 |  |  | $ | 3,841 |  |  | $ | 28,306 |
Schedule of deferred tax assets and liabilities |
|  | December 31, |
|  | 2019 |  |  | 2018 |
|  | (In thousands) |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Finance receivables |  | $ | – |  |  | $ | 1,867 |
Accrued liabilities |  |  | 307 |  |  |  | 256 |
NOL carryforwards |  |  | 17,240 |  |  |  | 7,736 |
Built in losses |  |  | 4,008 |  |  |  | 4,651 |
Pension accrual |  |  | 1,927 |  |  |  | 1,552 |
Stock compensation |  |  | 4,385 |  |  |  | 4,161 |
Lease liability |  |  | 5,232 |  |  |  | – |
Other |  |  | 164 |  |  |  | 356 |
Total deferred tax assets |  |  | 33,263 |  |  |  | 20,579 |
|  |  |  |  |  |  | $ |
Deferred Tax Liabilities: |  |  | $ |  |  |  |  |
Finance receivables |  | $ | (12,180 | ) |  | $ | – |
Deferred loan costs |  |  | (542 | ) |  |  | (1,137 | )
Lease right-of-use assets |  |  | (4,855 | ) |  |  | – |
Furniture and equipment |  |  | (206 | ) |  |  | (254 | )
Total deferred tax liabilities |  |  | (17,783 | ) |  |  | (1,391 | )
|  |  |  |  |  |  | $ |
Net deferred tax asset |  | $ | 15,480 |  |  | $ | 19,188 |

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