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Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

Components of our net deferred tax assets at December 31, 2022 and 2021 are presented in the following table.

Table 23.1 – Deferred Tax Assets (Liabilities)

(In Thousands)						December 31, 2022						December 31, 2021
Deferred Tax Assets
Net operating loss carryforward – state						$	102,795					$	98,011
Net capital loss carryforward – state						17,244						18,082
Net operating loss carryforward – federal						18,738						82
Real estate assets						2,851						1,347
Allowances and accruals						3,035						3,528
Goodwill and intangible assets						26,193						24,973
Other						3,803						3,016
Tax effect of unrealized (gains) / losses - OCI						365						(21)
Total Deferred Tax Assets						175,024						149,018
Deferred Tax Liabilities
Mortgage Servicing Rights						(7,475)						(3,617)
Interest rate agreements						(2,780)						(3,324)
Total Deferred Tax Liabilities						(10,255)						(6,941)
Valuation allowance						(122,838)						(121,210)
Total Net Deferred Tax Asset, net of Valuation Allowance						$	41,931					$	20,867

Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2022, 2021, and 2020.

Table 23.2 – Provision for Income Taxes

						Years Ended December 31,
(In Thousands)						2022						2021						2020
Current Provision for Income Taxes
Federal						$	340					$	28,718					$	1,598
State						496						9,859						(182)
Total Current Provision for Income Taxes						836						38,577						1,416
Deferred (Benefit) Provision for Income Taxes
Federal						(19,083)						(17,172)						(6,024)
State						(1,673)						(2,927)						—
Total Deferred (Benefit) Provision for Income Taxes						(20,756)						(20,099)						(6,024)
Total (Benefit From) Provision for Income Taxes						$	(19,920)					$	18,478					$	(4,608)

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, 2022, 2021, and 2020.

Table 23.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate

						December 31, 2022						December 31, 2021						December 31, 2020
Federal statutory rate						21.0		%				21.0		%				21.0		%
State taxes, net of federal tax effect, as applicable						0.9		%				1.8		%				—		%
Differences in taxable income from GAAP income						(0.5)		%				(2.9)		%				(1.4)		%
Change in valuation allowance						—		%				(4.9)		%				(2.8)		%
REIT GAAP income or loss not subject to federal income tax						(10.5)		%				(9.5)		%				(16.0)		%
Effective Tax Rate						10.9		%				5.5		%				0.8		%

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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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