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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of Federal Corporate Income Tax Expense | The components of the federal corporate income tax expense for the years ended December 31, 2020, 2019, and 2018 were as follows: Table 10.1
| For the Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in thousands)
Current income tax expense | $ | 30,634 |  |  | $ | 28,316 |  |  | $ | 25,317 |
Deferred income tax expense | (1,849) |  |  | 789 |  |  | 2,625 |
Income tax expense | $ | 28,785 |  |  | $ | 29,105 |  |  | $ | 27,942 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2020, 2019, and 2018 is as follows: Table 10.2
| For the Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (dollars in thousands)
Tax expense at statutory rate | $ | 28,861 |  |  | $ | 29,117 |  |  | $ | 28,564 |
Excess tax benefits related to stock-based awards | (9) |  |  | (449) |  |  | (946) |
Valuation allowance | — |  |  | 49 |  |  | — |
Other | (67) |  |  | 388 |  |  | 324 |
Income tax expense | $ | 28,785 |  |  | $ | 29,105 |  |  | $ | 27,942 |
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows: Table 10.3
| As of December 31,
| 2020 |  | 2019
| (in thousands)
Deferred tax assets: |  |  |
Basis differences related to financial derivatives | $ | 100,099 |  |  | $ | 51,177 |
Unrealized losses on securities | — |  |  | 2,805 |
Allowance for losses | 3,690 |  |  | 2,650 |
Unrealized losses on cash flow hedges | 6,065 |  |  | 1,491 |
Compensation and benefits | 1,020 |  |  | 819 |
Stock-based compensation | 1,027 |  |  | 571 |
Capital loss carryforwards and other-than-temporary impairment | 86 |  |  | 86 |
Valuation allowance | (86) |  |  | (86) |
Other | 341 |  |  | 88 |
Total deferred tax assets | 112,242 |  |  | 59,601 |
Deferred tax liability: |  |  |
Basis differences related to hedged items | 91,460 |  |  | 42,940 |
Unrealized gains on securities | 2,364 |  |  | — |
Other | 97 |  |  | 151 |
Total deferred tax liability | 93,921 |  |  | 43,091 |
Net deferred tax asset | $ | 18,321 |  |  | $ | 16,510 |

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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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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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