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Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

Components of our net deferred tax assets at December 31, 2018 and December 31, 2017 are presented in the following table.

Table 22.1 – Deferred Tax Assets (Liabilities)

(In Thousands)		December 31, 2018				December 31, 2017
Deferred Tax Assets
Net operating loss carryforward – state		$	103,858			$	108,085
Net capital loss carryforward – federal		—				535
Real estate assets		2,400				—
Interest rate agreements		2,320				1,380
Allowances and accruals		1,830				2,044
Other		1,586				1,844
Total Deferred Tax Assets		111,994				113,888
Deferred Tax Liabilities
Real estate assets		—				(562		)
Mortgage Servicing Rights		(20,068		)		(20,540		)
Tax effect of unrealized gains – OCI		—				(1,166		)
Total Deferred Tax Liabilities		(20,068		)		(22,268		)
Valuation allowance		(100,948		)		(103,384		)
Total Deferred Tax Asset (Liability), net of Valuation Allowance		$	(9,022	)		$	(11,764	)

Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2018, 2017, and 2016.

Table 22.2 – Provision for Income Taxes

		Years Ended December 31,
(In Thousands)		2018				2017				2016
Current Provision for Income Taxes
Federal		$	11,387			$	512			$	1,477
State		820				361				331
Total Current Provision for Income Taxes		12,207				873				1,808
Deferred Provision for Income Taxes
Federal		(1,419		)		10,991				1,910
State		300				(112		)		(10		)
Total Deferred (Benefit) Provision for Income Taxes		(1,119		)		10,879				1,900
Total Provision for Income Taxes		$	11,088			$	11,752			$	3,708

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, 2018, 2017, and 2016.

Table 22.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate

		December 31, 2018			December 31, 2017			December 31, 2016
Federal statutory rate		21.0	%		34.0	%		34.0	%
State statutory rate, net of Federal tax effect		8.6	%		7.2	%		7.2	%
Differences in taxable (loss) income from GAAP income		(1.7	)%		(3.9	)%		(1.0	)%
Change in valuation allowance		1.9	%		(1.0	)%		(11.2	)%
Dividends paid deduction		(21.3	)%		(23.4	)%		(26.3	)%
Federal statutory rate change		—	%		(5.2	)%		—	%
Effective Tax Rate		8.5	%		7.7	%		2.7	%

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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.

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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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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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