Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of income tax provision

	Year Ended December 31,
(In Thousands)	2020		2019		2018
Current
Federal income tax (benefit)	$	(1,795)	$	523	$	356
State and local income tax (benefit)		57		47		169
Net current tax provision (benefit)		(1,738)		570		525
Deferred
Federal income tax (benefit)		8,776		(9,739)		1,167
State and local income tax (benefit)		1,346		(1,383)		(306)
Net deferred tax provision (benefit)		10,122		(11,122)		861
Total income tax provision (benefit)	$	8,384	$	(10,552)	$	1,386

Schedule of income tax reconciliation

	Year Ended December 31,
(In Thousands)	2020				2019
U.S. statutory tax	$	12,381	21.0	%	$	13,579	21.0	%
State and local income tax (benefit)		1,716	2.9			(1,717)	(2.6)
Income attributable to REIT		(3,090)	(5.3)			(19,641)	(30.4)
Income attributable to Non-controlling interests		(67)	(0.1)			(462)	(0.7)
Nondeductible		(242)	(0.4)			(2,692)	(4.2)
Change in tax rate / Deferred true-up		(91)	(0.2)			381	0.6
NOL carryback rate impact		(2,702)	(4.6)			—	—
Current write-off		479	0.8			—	—
Effective income tax (benefit)	$	8,384	14.1	%	$	(10,552)	(16.3)	%

Schedule showing temporary differences with respect to deferred tax assets and liabilities

	Year Ended December 31,
(In Thousands)	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	12,893	$	23,277
Unrealized losses		313		40
Accruals		723		2,917
Depreciation and amortization		1,185		1,379
Goodwill		3,171		3,702
Compensation		—		248
Other		111		240
Total deferred tax assets	$	18,396	$	31,803
Deferred tax liabilities:
Loan / servicing rights balance	$	11,600	$	17,793
Derivative instruments		3,868		439
Other taxable temporary difference		1,371		525
Total deferred tax liabilities	$	16,839	$	18,757
Net deferred tax assets (liabilities)	$	1,557	$	13,046