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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes |
Schedule of pre-tax GAAP income | A summary of our pre-tax GAAP income is as follows (in thousands):
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Pre-tax GAAP income: |  |  |  |  |  |  |  |  |
REIT |  | $ | 94,076 |  | $ | 64,260 |  | $ | 66,988
TRS Consolidated Group |  |  | 76,198 |  |  | 93,522 |  |  | 43,880
Total pre-tax GAAP income |  | $ | 170,274 |  | $ | 157,782 |  | $ | 110,868
Schedule of provision (benefit) from income taxes | Our provision for (benefit from) income taxes is comprised as follows (in thousands):
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Current tax provision: |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,380 |  | $ | 17,479 |  | $ | 17,201
State |  |  | 2,505 |  |  | 4,285 |  |  | 3,557
Total |  |  | 14,885 |  |  | 21,764 |  |  | 20,758
Deferred tax provision (benefit) : |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,744 |  | $ | (9,446) |  | $ | (2,928)
State |  |  | 688 |  |  | (2,867) |  |  | (929)
Valuation allowance |  |  | (3,281) |  |  | 280 |  |  | (3,542)
Total |  |  | 151 |  |  | (12,033) |  |  | (7,399)
Total income tax expense |  | $ | 15,036 |  | $ | 9,731 |  | $ | 13,359
Schedule of reconciliation of effective income tax rate as a percentage of pretax income or loss to the U.S. federal statutory rate |
|  | Year Ended December 31, |
|  | 2019 |  | 2018 |  | 2017 |
U.S. federal statutory rate |  | 21.0 | % | 21.0 | % | 35.0 | %
REIT non-taxable income |  | (11.3) |  | (8.6) |  | (21.2) |
State and local income taxes, net of federal tax benefit |  | 1.5 |  | 0.6 |  | 1.6 |
Change in valuation allowance |  | (1.9) |  | 0.2 |  | (1.3) |
Preferred equity interest deferred tax write-off |  | — |  | (6.3) |  | — |
Tax rate change |  | — |  | — |  | (4.8) |
Other |  | (0.5) |  | (0.7) |  | 2.7 |
Effective income tax rate |  | 8.8 | % | 6.2 | % | 12.0 | %
Summary of significant components of deferred tax assets and liabilities of TRS Consolidated Group | The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group are as follows (in thousands):
|  | December 31,
|  | 2019 |  | 2018
Deferred tax assets: |  |  |  |  |  |
Expenses not currently deductible |  | $ | 14,850 |  | $ | 11,853
Loan loss reserves |  |  | 8,863 |  |  | 8,614
Net operating and capital loss carryforwards |  |  | 417 |  |  | 417
Valuation allowance |  |  | (417) |  |  | (3,698)
Deferred tax assets, net |  | $ | 23,713 |  | $ | 17,186
Deferred tax liabilities: |  |  |  |  |  |
Interest in equity affiliates–net |  | $ | 1,587 |  | $ | 136
Intangibles |  |  | 8,684 |  |  | 9,674
Mortgage servicing rights |  |  | 11,476 |  |  | 5,290
Other |  |  | 837 |  |  | 807
Deferred tax liabilities, net |  | $ | 22,584 |  | $ | 15,907

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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