Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

v2.4.1.9
INCOME TAXES
 3 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]  
INCOME TAXES
16. INCOME TAXES

The provision for income taxes (including discontinued operations) consists of the following:
 
Three Months Ended March 31,
 
2015
 
2014
Current:
 
 
 
Federal
$
46

 
$
72

State and Local
12

 
61

Total Current Provision
$
58

 
$
133

Deferred:
 
 
 
Federal
$
(10
)
 
$
(240
)
State and Local
(2
)
 
(513
)
Total Deferred Provision
$
(12
)
 
$
(753
)
Provision for income taxes from continuing operations
$
46

 
$
140

Provision (benefit) for income taxes from discontinued operations
$
—

 
$
(760
)
Total Provision (benefit) for Income Taxes
$
46

 
$
(620
)
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of March 31, 2015 are presented below:
 
March 31, 2015
 
December 31, 2014
Deferred tax assets:
 
 
 
Allowance for loan losses
$
374

 
$
366

Depreciation and amortization
15,392

 
13,938

Accrued expenses
1,271

 
2,006

Net operating losses
29,058

 
26,543

Other
2,367

 
2,365

Total deferred tax assets
48,462

 
45,218

Less valuation allowance
(31,138
)
 
(27,434
)
Net deferred tax assets
$
17,324

 
$
17,784

Deferred tax liabilities:
 
 
 
Leaseholds
17,270

 
17,741

Total deferred tax liabilities
$
17,270

 
$
17,741

Net deferred income tax assets (A)
$
54

 
$
43


(A)
Recorded in Receivables and Other Assets on the consolidated balance sheets.


In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible.

Newcastle had recorded a valuation allowance against a significant portion of its deferred tax assets as of March 31, 2015 as management does not believe that it is more likely than not that the deferred tax assets will be realized.