Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

Components of our net deferred tax assets at December 31, 2015 and 2014 are presented in the following table.

Table 20.1 – Deferred Tax Assets (Liabilities)

(In Thousands)	December 31, 2015			December 31, 2014
Deferred Tax Assets
Net operating loss carryforward – state	$	95,972		$	91,579
Net capital loss carryforward – state	22,603			27,308
Net operating loss carryforward – federal	32,929			18,765
Net capital loss carryforward – federal	7,971			7,903
Real estate assets	5,144			—
Interest rate agreements	1,472			—
Allowances and accruals	3,458			2,355
Other	513			210
Total Deferred Tax Assets	170,062			148,120
Deferred Tax Liabilities
Real estate assets	—			(6,821		)
Mortgage Servicing Rights	(50,630		)	(37,581		)
Interest rate agreements	—			(87		)
Tax effect of unrealized gains – OCI	(2,638		)	(2,684		)
Total Deferred Tax Liabilities	(53,268		)	(47,173		)
Valuation allowance	(116,794		)	(111,183		)
Total Deferred Tax Asset (Liability), net of Valuation Allowance	$	—		$	(10,236	)

Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2015, 2014, and 2013.

Table 20.2 – Provision for Income Taxes

	Years Ended December 31,
(In Thousands)	2015			2014		2013
Current Provision for Income Taxes
Federal	$	144		$	24	$	3,490
State	167			17		142
Total Current Provision for Income Taxes	311			41		3,632
Deferred Provision for Income Taxes
Federal	(10,198		)	703		7,316
State	(459		)	—		—
Total Deferred Provision for (Benefit from) Income Taxes	(10,657		)	703		7,316
Total Provision for Income Taxes	$	(10,346	)	$	744	$	10,948

Reconciliation of Statutory Tax Rate to Effective Tax Rate

The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at December 31, 2015 and 2014.

Table 20.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate

	December 31, 2015		December 31, 2014		December 31, 2013
Federal statutory rate	34.0	%	34.0	%	34.0	%
State statutory rate, net of Federal tax effect	7.2	%	7.2	%	7.2	%
Permanent differences in taxable (loss) income from GAAP income	(20.3	)%	(14.5	)%	(1.9	)%
Change in valuation allowance	6.1	%	(0.1	)%	(16.4	)%
Dividends paid deduction	(38.3	)%	(25.9	)%	(17.0	)%
Effective Tax Rate	(11.3	)%	0.7	%	5.9	%