Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

Components of our net deferred tax assets at December 31, 2018 and December 31, 2017 are presented in the following table.

Table 22.1 – Deferred Tax Assets (Liabilities)

(In Thousands)	December 31, 2018			December 31, 2017
Deferred Tax Assets
Net operating loss carryforward – state	$	103,858		$	108,085
Net capital loss carryforward – federal	—			535
Real estate assets	2,400			—
Interest rate agreements	2,320			1,380
Allowances and accruals	1,830			2,044
Other	1,586			1,844
Total Deferred Tax Assets	111,994			113,888
Deferred Tax Liabilities
Real estate assets	—			(562		)
Mortgage Servicing Rights	(20,068		)	(20,540		)
Tax effect of unrealized gains – OCI	—			(1,166		)
Total Deferred Tax Liabilities	(20,068		)	(22,268		)
Valuation allowance	(100,948		)	(103,384		)
Total Deferred Tax Asset (Liability), net of Valuation Allowance	$	(9,022	)	$	(11,764	)

Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2018, 2017, and 2016.

Table 22.2 – Provision for Income Taxes

	Years Ended December 31,
(In Thousands)	2018			2017			2016
Current Provision for Income Taxes
Federal	$	11,387		$	512		$	1,477
State	820			361			331
Total Current Provision for Income Taxes	12,207			873			1,808
Deferred Provision for Income Taxes
Federal	(1,419		)	10,991			1,910
State	300			(112		)	(10		)
Total Deferred (Benefit) Provision for Income Taxes	(1,119		)	10,879			1,900
Total Provision for Income Taxes	$	11,088		$	11,752		$	3,708

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, 2018, 2017, and 2016.

Table 22.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate

	December 31, 2018		December 31, 2017		December 31, 2016
Federal statutory rate	21.0	%	34.0	%	34.0	%
State statutory rate, net of Federal tax effect	8.6	%	7.2	%	7.2	%
Differences in taxable (loss) income from GAAP income	(1.7	)%	(3.9	)%	(1.0	)%
Change in valuation allowance	1.9	%	(1.0	)%	(11.2	)%
Dividends paid deduction	(21.3	)%	(23.4	)%	(26.3	)%
Federal statutory rate change	—	%	(5.2	)%	—	%
Effective Tax Rate	8.5	%	7.7	%	2.7	%