Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

v2.4.0.8
INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2014
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes
The provision for income taxes (including discontinued operations) consists of the following:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2014
 
2013
 
2014(A)
 
2013
Current:
 
 
 
 
 
 
 
Federal
$
518
 
$
 
$
590
 
$
State and Local
103
 
 
164
 
Total Current Provision
$
621
 
$
 
$
754
 
$
 
 
 
 
 
 
 
 
Deferred:
 
 
 
 
 
 
 
Federal
$
(74
)
 
$
 
$
(314
)
 
$
State and Local
(7
)
 
 
(520
)
 
Total Deferred Provision
$
(81
)
 
$
 
$
(834
)
 
$
 
 
 
 
 
 
 
 
Total Provision for Income Taxes
$
540
 
$
 
$
(80
)
 
$
(A)
The provision for income taxes for the six months ended June 30, 2014 includes $0.9 million income tax benefit from New Media that is included in income (loss) from discontinued operations on the consolidated statement of income.
Schedule of deferred tax assets
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of June 30, 2014 and December 31, 2013 are presented below:
 
June 30, 2014
 
December 31, 2013
Deferred tax assets:
 
 
 
Allowance for loan losses
$
921
 
$
2,076
Depreciation and amortization
37,524
 
94,880
Leaseholds
6,905
 
6,489
Accrued expenses
15,292
 
23,816
Deposits
7,787
 
7,787
Net operating losses
53,135
 
211,560
Other
373
 
17,036
Total deferred tax assets
121,937
 
363,644
Less valuation allowance
(121,567
)
 
(363,192
)
Net deferred tax assets(A)
$
370
 
$
452
Deferred tax liabilities:
 
 
 
Other
 
Total deferred tax liabilities
$
 
$
(A)
Recorded in Receivables and Other Assets on the consolidated balance sheets. 
 
Schedule of change in deferred tax asset valuation allowance
The following table summarizes the change in the deferred tax asset valuation allowance:
Valuation allowance at December 31, 2013
 
$
363,192
Decrease due to spin-off of New Media
 
(244,401
)
Other increase
 
2,776
Valuation allowance at June 30, 2014
 
$
121,567