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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
​		2021			2020			2019
Pre‑tax GAAP income:		​			​			​
REIT	​	$	239,356	​	$	78,320	​	$	94,076
TRS Consolidated Group	​		184,736	​		158,230	​		76,198
Total pre‑tax GAAP income	​	$	424,092	​	$	236,550	​	$	170,274

Schedule of provision for income taxes

Our provision for income taxes is comprised as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021			2020			2019
Current tax provision:		​			​			​
Federal	​	$	27,453	​	$	27,284	​	$	12,381
State	​		7,939	​		8,383	​		2,505
Total	​		35,392	​		35,667	​		14,886
Deferred tax provision :	​			​			​
Federal	​	$	8,288	​	$	3,932	​	$	2,743
State	​		2,744	​		780	​		688
Valuation allowance	​		(139)	​		14	​		(3,281)
Total	​		10,893	​		4,726	​		150
Total income tax expense	​	$	46,285	​	$	40,393	​	$	15,036

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,					​
​		2021		2020		2019
U.S. federal statutory rate		21.0	%	21.0	%	21.0	%
REIT non‑taxable income		(11.9)		(7.0)		(11.3)	​
State and local income taxes, net of federal tax benefit		2.0		3.0		1.5	​
Change in valuation allowance		—		—		(1.9)	​
Other		(0.2)		—		(0.5)	​
Effective income tax rate		10.9	%	17.0	%	8.8	%

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,
​		2021			2020
Deferred tax assets:		​			​
Expenses not currently deductible	​	$	25,542	​	$	24,603
Loan loss reserves	​		7,110	​		7,047
Net operating and capital loss carryforwards	​		468	​		691
Valuation allowance	​		(292)	​		(431)
Other	​	​	372	​	​	306
Deferred tax assets, net	​	$	33,200	​	$	32,216
Deferred tax liabilities:	​			​
Mortgage servicing rights	​	$	28,672	​	$	23,628
Interest in equity affiliates—net	​	​	8,179	​	​	589
Intangibles	​		7,243	​		8,002
Deferred tax liabilities, net	​	$	44,094	​	$	32,219

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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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