Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of income tax provision

	Year Ended December 31,
(in thousands)	2021		2020		2019
Current
Federal income tax (benefit)	$	17,553	$	(1,795)	$	523
State and local income tax		2,330		57		47
Net current tax provision (benefit)	$	19,883	$	(1,738)	$	570
Deferred
Federal income tax (benefit)	$	10,808	$	8,776	$	(9,739)
State and local income tax (benefit)		(1,608)		1,346		(1,383)
Net deferred tax provision (benefit)	$	9,200	$	10,122	$	(11,122)
Total income tax provision (benefit)	$	29,083	$	8,384	$	(10,552)

Schedule of income tax reconciliation

	Year Ended December 31,
(in thousands)	2021				2020
U.S. statutory tax	$	38,264	21.0	%	$	12,381	21.0	%
State and local income tax		2,073	1.1			1,716	2.9
Income attributable to REIT		(13,839)	(7.6)			(3,090)	(5.3)
Income attributable to non-controlling interests		(158)	(0.1)			(67)	(0.1)
Permanent items		3,816	2.1			(242)	(0.4)
NOL carryback rate impact		—	—			(2,702)	(4.6)
Other		(1,073)	(0.5)			388	0.6
Effective income tax	$	29,083	16.0	%	$	8,384	14.1	%

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

	Year Ended December 31,
(in thousands)	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	11,275	$	12,893
Unrealized losses		596		313
Accruals		1,043		723
Depreciation and amortization		997		1,185
Goodwill		2,664		3,171
Other		2,466		111
Total deferred tax assets	$	19,041	$	18,396
Deferred tax liabilities:
Loan / servicing rights balance	$	26,309	$	11,600
Derivative instruments		421		3,868
Compensation		617		—
Other taxable temporary difference		79		1,371
Total deferred tax liabilities	$	27,426	$	16,839
Net deferred tax assets (liabilities)	$	(8,385)	$	1,557