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Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

Components of our net deferred tax assets at December 31, 2021 and 2020 are presented in the following table.

Table 22.1 – Deferred Tax Assets (Liabilities)

(In Thousands)						December 31, 2021						December 31, 2020
Deferred Tax Assets
Net operating loss carryforward – state						$	98,011					$	103,334
Net capital loss carryforward – state						18,082						23,487
Net operating loss carryforward – federal						82						82
Real estate assets						1,347						2,948
Allowances and accruals						3,528						3,324
Goodwill and intangible assets						24,973						23,231
Other						3,016						1,914
Tax effect of unrealized (gains) / losses - OCI						(21)						124
Total Deferred Tax Assets						149,018						158,444
Deferred Tax Liabilities
Mortgage Servicing Rights						(3,617)						(2,458)
Interest rate agreements						(3,324)						(3,867)
Total Deferred Tax Liabilities						(6,941)						(6,325)
Valuation allowance						(121,210)						(151,248)
Total Deferred Tax Asset (Liability), net of Valuation Allowance						$	20,867					$	871

Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2021, 2020, and 2019.

Table 22.2 – Provision for Income Taxes

						Years Ended December 31,
(In Thousands)						2021						2020						2019
Current Provision for Income Taxes
Federal						$	28,718					$	1,598					$	12,036
State						9,859						(182)						897
Total Current Provision for Income Taxes						38,577						1,416						12,933
Deferred (Benefit) Provision for Income Taxes
Federal						(17,172)						(6,024)						(3,976)
State						(2,927)						—						(1,517)
Total Deferred (Benefit) Provision for Income Taxes						(20,099)						(6,024)						(5,493)
Total Provision (Benefit From) for Income Taxes						$	18,478					$	(4,608)					$	7,440

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, 2021, 2020, and 2019.

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

						December 31, 2021						December 31, 2020						December 31, 2019
Federal statutory rate						21.0		%				21.0		%				21.0		%
State statutory rate, net of Federal tax effect						8.6		%				8.6		%				8.6		%
Differences in taxable (loss) income from GAAP income						(8.0)		%				(19.6)		%				(2.1)		%
Change in valuation allowance						(8.9)		%				(9.2)		%				(2.2)		%
Dividends paid deduction (1)						(7.2)		%				—		%				(21.1)		%
Effective Tax Rate						5.5		%				0.8		%				4.2		%

(1)The dividends paid deduction in the effective tax rate reconciliation is generally representative of the amount of distributions to shareholders that reduce REIT taxable income. For the year ended December 31, 2020, the dividends paid deduction is 0% due to our REIT incurring a taxable loss during the period; therefore, there was no REIT taxable income available to apply against the dividends paid.

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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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