Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

v3.4.0.3
INCOME TAXES
 3 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES

The provision for income taxes consists of the following:
 
Three Months Ended March 31,
 
2016
 
2015
Current:
 
 
 
Federal
$
43

 
$
46

State and Local
11

 
12

Total Current Provision
$
54

 
$
58

Deferred:
 
 
 
Federal
$
(9
)
 
$
(10
)
State and Local
(1
)
 
(2
)
Total Deferred Provision
$
(10
)
 
$
(12
)
 
 
 
 
Total Provision for Income Taxes
$
44

 
$
46

Provision for income taxes from continuing operations
$
44

 
$
46


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, 2016 are presented below:
 
March 31, 2016
 
December 31, 2015
Deferred tax assets:
 
 
 
Allowance for loan losses
$
414

 
$
399

Depreciation and amortization
33,957

 
33,495

Accrued expenses
1,077

 
2,008

Net operating losses
27,268

 
22,524

Total deferred tax assets
62,716

 
58,426

Less valuation allowance
(46,736
)
 
(42,158
)
Net deferred tax assets
$
15,980

 
$
16,268

Deferred tax liabilities:
 
 
 
Leaseholds
14,940

 
15,366

Other
934

 
805

Total deferred tax liabilities
$
15,874

 
$
16,171

Net deferred income tax assets (A)
$
106

 
$
97


(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, 2016 as management does not believe that it is more likely than not that the deferred tax assets will be realized.