Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of the Company's income tax expense (benefit)

	Year ended December 31,
	2019		2018		2017
	(in thousands)
Current expense:
Federal	$	17,661	$	12	$	(81)
State		8,071		274		56
Total current expense		25,732		286		(25)
Deferred expense:
Federal		85,296		23,395		14,674
State		25,451		(427)		9,738
Total deferred expense		110,747		22,968		24,412
Total provision for income taxes	$	136,479	$	23,254	$	24,387

Schedule of reconciliation of the Company's provision for income taxes at statutory rates to the provision for income taxes at the Company's effective tax rate

	Year ended December 31,
	2019		2018		2017
Federal income tax statutory rate	21.0	%	21.0	%	35.0	%
Less: Income attributable to noncontrolling interest	—	%	(12.3)	%	(22.0)	%
State income taxes, net of federal benefit	5.6	%	2.3	%	2.2	%
Tax rate revaluation	(0.6)	%	(2.2)	%	(8.0)	%
Other	(0.2)	%	(0.1)	%	0.1	%
Effective income tax rate	25.8	%	8.7	%	7.3	%

Schedule of components of the Company's provision for deferred income taxes

	Year ended December 31,
	2019		2018		2017
	(in thousands)
Mortgage servicing rights	$	91,592	$	46,064	$	—
Net operating loss		23,445		(14,902)		(9,675)
Compensation accruals		(12,286)		(3,596)		—
Additional tax basis in partnership from exchanges of partnership units into the Company's common stock		4,269		(1,391)		—
Reserves and losses		(2,945)		(1,848)		—
Other		6,106		(1,302)		—
Tax credits		566		(57)		76
Investment in PennyMac		—		—		34,011
Total provision for deferred income taxes	$	110,747	$	22,968	$	24,412

Schedule of components of income taxes payable, net

	December 31,
	2019		2018
	(in thousands)
Income taxes currently (receivable) payable	$	(6,506)	$	218
Deferred income tax liability, net		511,075		400,328
Income taxes payable	$	504,569	$	400,546

Schedule of tax effects of temporary differences that gave rise to deferred income tax assets and liabilities

	December 31,
	2019		2018
	(in thousands)
Deferred income tax assets:
Compensation accruals	$	41,038	$	28,752
Additional tax basis in partnership from exchanges of partnership units into the Company's common stock		39,897		44,165
Reserves and losses		29,534		26,589
Net operating loss carryforward		1,658		25,104
Tax credits carryforward		50		616
Gross deferred tax assets		112,177		125,226
Deferred income tax liabilities:
Mortgage servicing rights		608,635		517,042
Other		14,617		8,512
Gross deferred tax liabilities		623,252		525,554
Net deferred income tax liability	$	511,075	$	400,328