Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

Components of our net deferred tax assets at December 31, 2016 and 2015 are presented in the following table.

Table 21.1 – Deferred Tax Assets (Liabilities)

(In Thousands)	December 31, 2016			December 31, 2015
Deferred Tax Assets
Net operating loss carryforward – state	$	89,350		$	95,972
Net capital loss carryforward – state	15,346			22,603
Net operating loss carryforward – federal	9,537			32,929
Net capital loss carryforward – federal	2,283			7,971
Real estate assets	5,601			5,144
Interest rate agreements	—			1,472
Allowances and accruals	3,059			3,458
Other	2,192			513
Total Deferred Tax Assets	127,368			170,062
Deferred Tax Liabilities
Mortgage Servicing Rights	(22,531		)	(50,630		)
Interest rate agreements	(2,167		)	—
Tax effect of unrealized gains – OCI	(1,636		)	(2,638		)
Total Deferred Tax Liabilities	(26,334		)	(53,268		)
Valuation allowance	(101,932		)	(116,794		)
Total Deferred Tax Asset (Liability), net of Valuation Allowance	$	(898	)	$	—

Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2016, 2015, and 2014.

Table 21.2 – Provision for Income Taxes

	Years Ended December 31,
(In Thousands)	2016			2015			2014
Current Provision for Income Taxes
Federal	$	1,477		$	144		$	24
State	331			167			17
Total Current Provision for Income Taxes	1,808			311			41
Deferred Provision for Income Taxes
Federal	1,910			(10,198		)	703
State	(10		)	(459		)	—
Total Deferred Provision for (Benefit from) Income Taxes	1,900			(10,657		)	703
Total Provision for Income Taxes	$	3,708		$	(10,346	)	$	744

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, 2016, 2015, and 2014.

Table 21.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate

	December 31, 2016		December 31, 2015		December 31, 2014
Federal statutory rate	34.0	%	34.0	%	34.0	%
State statutory rate, net of Federal tax effect	7.2	%	7.2	%	7.2	%
Differences in taxable (loss) income from GAAP income	(1.0	)%	(20.3	)%	(14.5	)%
Change in valuation allowance	(11.2	)%	6.1	%	(0.1	)%
Dividends paid deduction	(26.3	)%	(38.3	)%	(25.9	)%
Effective Tax Rate	2.7	%	(11.3	)%	0.7	%