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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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