Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Net Deferred Tax Assets

Components of our net deferred tax assets at December 31, 2019 and December 31, 2018 are presented in the following table.

Table 23.1 – Deferred Tax Assets (Liabilities)

(In Thousands)	December 31, 2019			December 31, 2018
Deferred Tax Assets
Net operating loss carryforward – state	$	98,554		$	103,858
Net operating loss carryforward – federal	82			—
Real estate assets	676			2,400
Interest rate agreements	—			2,320
Allowances and accruals	1,930			1,830
Goodwill and intangible assets	2,739			—
Other	1,749			1,586
Total Deferred Tax Assets	105,730			111,994
Deferred Tax Liabilities
Mortgage Servicing Rights	(13,783		)	(20,068		)
Interest rate agreements	(42		)	—
Total Deferred Tax Liabilities	(13,825		)	(20,068		)
Valuation allowance	(97,057		)	(100,948		)
Total Deferred Tax Asset (Liability), net of Valuation Allowance	$	(5,152	)	$	(9,022	)

Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2019, 2018, and 2017.

Table 23.2 – Provision for Income Taxes

	Years Ended December 31,
(In Thousands)	2019			2018			2017
Current Provision for Income Taxes
Federal	$	12,036		$	11,387		$	512
State	897			820			361
Total Current Provision for Income Taxes	12,933			12,207			873
Deferred (Benefit) Provision for Income Taxes
Federal	(3,976		)	(1,419		)	10,991
State	(1,517		)	300			(112		)
Total Deferred (Benefit) Provision for Income Taxes	(5,493		)	(1,119		)	10,879
Total Provision for Income Taxes	$	7,440		$	11,088		$	11,752

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, 2019, 2018, and 2017.

Table 23.3 – Reconciliation of Statutory Tax Rate to Effective Tax Rate

	December 31, 2019		December 31, 2018		December 31, 2017
Federal statutory rate	21.0	%	21.0	%	34.0	%
State statutory rate, net of Federal tax effect	8.6	%	8.6	%	7.2	%
Differences in taxable (loss) income from GAAP income	(2.1	)%	(1.7	)%	(3.9	)%
Change in valuation allowance	(2.2	)%	1.9	%	(1.0	)%
Dividends paid deduction	(21.1	)%	(21.3	)%	(23.4	)%
Federal statutory rate change	—	%	—	%	(5.2	)%
Effective Tax Rate	4.2	%	8.5	%	7.7	%