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Income Taxes (Tables)

9 Months Ended

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

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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

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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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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