Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

Components of our net deferred tax assets at December 31, 2017 and December 31, 2016 are presented in the following table.

Table 20.1 – Deferred Tax Assets (Liabilities)

(In Thousands)	December 31, 2017			December 31, 2016
Deferred Tax Assets
Net operating loss carryforward – state	$	108,085		$	89,350
Net capital loss carryforward – state	—			15,346
Net operating loss carryforward – federal	—			9,537
Net capital loss carryforward – federal	535			2,283
Real estate assets	—			5,601
Interest rate agreements	1,380			—
Allowances and accruals	2,044			3,059
Other	1,844			2,192
Total Deferred Tax Assets	113,888			127,368
Deferred Tax Liabilities
Real estate assets	(562		)	—
Mortgage Servicing Rights	(20,540		)	(22,531		)
Interest rate agreements	—			(2,167		)
Tax effect of unrealized gains – OCI	(1,166		)	(1,636		)
Total Deferred Tax Liabilities	(22,268		)	(26,334		)
Valuation allowance	(103,384		)	(101,932		)
Total Deferred Tax Asset (Liability), net of Valuation Allowance	$	(11,764	)	$	(898	)

Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2017, 2016, and 2015.

Table 20.2 – Provision for Income Taxes

	Years Ended December 31,
(In Thousands)	2017			2016			2015
Current Provision for Income Taxes
Federal	$	512		$	1,477		$	144
State	361			331			167
Total Current Provision for Income Taxes	873			1,808			311
Deferred Provision for Income Taxes
Federal	10,991			1,910			(10,198		)
State	(112		)	(10		)	(459		)
Total Deferred Provision for (Benefit from) Income Taxes	10,879			1,900			(10,657		)
Total Provision for (Benefit from) Income Taxes	$	11,752		$	3,708		$	(10,346	)

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, 2017, 2016, and 2015.

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

	December 31, 2017		December 31, 2016		December 31, 2015
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	(3.9	)%	(1.0	)%	(20.3	)%
Change in valuation allowance	(1.0	)%	(11.2	)%	6.1	%
Dividends paid deduction	(23.4	)%	(26.3	)%	(38.3	)%
Federal statutory rate change	(5.2	)%	—	%	—	%
Effective Tax Rate	7.7	%	2.7	%	(11.3	)%