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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
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):

  
Year Ended December 31,
 
  
2019
  2018  
2017
 
Current federal income tax expense (benefit)
 
$
-
  
$
116
  
$
(575
)
Current state income tax expense (benefit)
  
-
   
35
   
(62
)
Deferred federal income tax expense (benefit)
  
(15,360
)
  
1,009
   
1,046
 
Deferred state income tax expense (benefit)
  
(1,462
)
  
228
   
192
 
Provision for (Benefit from) Corporate Business Taxes
 
$
(16,822
)
 
$
1,388
  
$
601
 
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):

  
Year Ended December 31,
 
  
2019
   
2018
   
2017
 
Computed income tax (benefit) expense at federal rate
 
$
(12,665
)
  
21.0
%
  
$
8,225
   
21.0
%
  
$
17,015
   
35.0
%
State taxes (benefit), net of federal tax, if applicable
  
(1,213
)
  
2.0
%
  
222
   
0.6
%
  
115
   
0.2
%
Tax benefit due to federal rate change
  
-
   
-
%
  
-
   
-
%
  
(431
)
  
(0.9
)%
Tax provision due to State tax rate change
  
(249
)
  
0.4
%
  
-
   
-
%
  
-
   
-
%
Provision to return adjustment
  
5
   
(0.0
)%

  
181
   
0.5
%
  
(117
)
  
(0.2
)%
REIT income not subject to tax (benefit)
  
(2,700
)
  
4.5
%
   
(7,240
)
  
(18.6
)%
   
(15,981
)
  
(32.9
)%
Provision for (Benefit from) Corporate Business Taxes/Effective Tax Rate(A)
 
$
(16,822
)
  
27.9
%
  
$
1,388
   
3.5
%
  
$
601
   
1.2
%

(A)
The provision for income taxes is recorded at the TRS level.
Current and Deferred Tax Liabilities and Assets
The Company’s consolidated balance sheets, at December 31, 2019, December 31, 2018 and December 31, 2017, contain the following current and deferred tax liabilities and assets, which are recorded at the TRS level (dollars in thousands):

 
Year Ended December 31,
 
 
2019
 
2018
 
2017
 
Income taxes payable
         
Federal income taxes payable
 
$
-
  
$
116
  
$
-
 
State and local income taxes payable
  
-
   
35
   
-
 
Income taxes payable
 
$
-
  
$
151
  
$
-
 
             

  
December 31, 2019
  
December 31, 2018
  
December 31, 2017
 
Deferred tax (assets) liabilities
         
Deferred tax - organizational expenses
 
$
-
  
$
(4
)
 
$
(10
)
Deferred tax - mortgage servicing rights
  
(13,045
)
  
2,082
   
909
 
Deferred tax - net operating loss
  
(1,699
)
  
-
   
(56
)
Total net deferred tax (assets) liabilities
 
$
(14,744
)
 
$
2,078
  
$
843