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Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

Components of our net deferred tax assets at December 31, 2015 and 2014 are presented in the following table.

Table 20.1 – Deferred Tax Assets (Liabilities)

(In Thousands)	December 31, 2015				December 31, 2014
Deferred Tax Assets
Net operating loss carryforward – state	$	95,972			$	91,579
Net capital loss carryforward – state	22,603				27,308
Net operating loss carryforward – federal	32,929				18,765
Net capital loss carryforward – federal	7,971				7,903
Real estate assets	5,144				—
Interest rate agreements	1,472				—
Allowances and accruals	3,458				2,355
Other	513				210
Total Deferred Tax Assets	170,062				148,120
Deferred Tax Liabilities
Real estate assets	—				(6,821		)
Mortgage Servicing Rights	(50,630		)		(37,581		)
Interest rate agreements	—				(87		)
Tax effect of unrealized gains – OCI	(2,638		)		(2,684		)
Total Deferred Tax Liabilities	(53,268		)		(47,173		)
Valuation allowance	(116,794		)		(111,183		)
Total Deferred Tax Asset (Liability), net of Valuation Allowance	$	—			$	(10,236	)

Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2015, 2014, and 2013.

Table 20.2 – Provision for Income Taxes

	Years Ended December 31,
(In Thousands)	2015				2014				2013
Current Provision for Income Taxes
Federal	$	144			$	24			$	3,490
State	167				17				142
Total Current Provision for Income Taxes	311				41				3,632
Deferred Provision for Income Taxes
Federal	(10,198		)		703				7,316
State	(459		)		—				—
Total Deferred Provision for (Benefit from) Income Taxes	(10,657		)		703				7,316
Total Provision for Income Taxes	$	(10,346	)		$	744			$	10,948

Reconciliation of Statutory Tax Rate to Effective Tax Rate

The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at December 31, 2015 and 2014.

Table 20.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate

		December 31, 2015			December 31, 2014			December 31, 2013
Federal statutory rate		34.0	%		34.0	%		34.0	%
State statutory rate, net of Federal tax effect		7.2	%		7.2	%		7.2	%
Permanent differences in taxable (loss) income from GAAP income		(20.3	)%		(14.5	)%		(1.9	)%
Change in valuation allowance		6.1	%		(0.1	)%		(16.4	)%
Dividends paid deduction		(38.3	)%		(25.9	)%		(17.0	)%
Effective Tax Rate		(11.3	)%		0.7	%		5.9	%

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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