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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2025
Income Taxes [Abstract] |
Income Tax Expense (Benefit) | The components of the Company’s income tax expense (benefit) are as follows for the periods indicated below (dollars in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Current federal income tax benefit |  | $ | - |  |  | $ | (85 | ) |  | $ | - |  |  | $ | - |
Current state income tax expense (benefit) |  |  | - |  |  |  | (11 | ) |  |  | - |  |  |  | - |
Deferred federal income tax expense |  |  | 252 |  |  |  | 339 |  |  |  | 1,395 |  |  |  | 1,459 |
Deferred state income tax expense |  |  | 32 |  |  |  | 42 |  |  |  | 183 |  |  |  | 193 |
Provision for Corporate Business Taxes |  | $ | 284 |  |  | $ | 285 |  |  | $ | 1,578 |  |  | $ | 1,652 |
Reconciliation of Statutory Federal Rate to Effective Rate | The following is a reconciliation of the statutory federal rate to the effective rate, for the periods indicated below (dollars in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Computed income tax expense (benefit) at federal rate |  | $ | 1,007 |  |  |  | 21.0 | % |  | $ | (2,554 | ) |  |  | 21.0 | % |  | $ | 139 |  |  |  | 21.0 | % |  | $ | 430 |  |  |  | 21.0 | %
State tax expense, net of federal tax, if applicable |  |  | 27 |  |  |  | 0.6 | % |  |  | 27 |  |  |  | (0.2 | )% |  |  | 146 |  |  |  | 22.1 | % |  |  | 153 |  |  |  | 7.5 | %
Permanent differences in taxable income from GAAP pre-tax income |  |  | 1 |  |  |  | 0.0 | % |  |  | - |  |  |  | - | % |  |  | 1 |  |  |  | 0.2 | % |  |  | - |  |  |  | - | %
Provision to return adjustment |  |  | (6 | ) |  |  | (0.1 | )% |  |  | (5 | ) |  |  | 0.0 | % |  |  | (6 | ) |  |  | (0.9 | )% |  |  | (5 | ) |  |  | (0.2 | )%
REIT income not subject to tax expense (benefit) |  |  | (745 | ) |  |  | (15.5 | )% |  |  | 2,817 |  |  |  | (23.1 | )% |  |  | 1,298 |  |  |  | 196.1 | % |  |  | 1,074 |  |  |  | 52.4 | %
Provision for Corporate Business Taxes/Effective Tax Rate(A) |  | $ | 284 |  |  |  | 6.0 | % |  | $ | 285 |  |  |  | (2.3 | )% |  | $ | 1,578 |  |  |  | 238.5 | % |  | $ | 1,652 |  |  |  | 80.7 | %
(A) | The provision for income taxes is recorded at the TRS level.
Deferred Tax Assets and Liabilities | The Company’s consolidated balance sheets contain the following deferred tax assets and liabilities, which are recorded at the TRS level (dollars in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Deferred tax assets (liabilities) |  |  |  |  |  |
Deferred tax - mortgage servicing rights |  | $ | (10,272 | ) |  | $ | (6,907 | )
Deferred tax - net operating loss |  |  | 19,614 |  |  |  | 17,828 |
Total net deferred tax assets |  | $ | 9,342 |  |  | $ | 10,921 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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