Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and (Liabilities)

Components of our net deferred tax assets at December 31, 2024 and 2023 are presented in the following table.

Table 23.1 – Deferred Tax Assets and (Liabilities)

(In Thousands)	December 31, 2024		December 31, 2023
Deferred Tax Assets
Net operating loss carryforward – state	$	98,290	$	98,442
Net capital loss carryforward – state	19,459		18,191
Net operating loss carryforward – federal	13,753		21,398
Net capital loss carryforward – federal	116		59
Allowances and accruals	1,679		1,680
Goodwill and intangible assets	25,298		26,192
Other	1,685		1,644
Total Deferred Tax Assets	160,280		167,606
Deferred Tax Liabilities
Real estate assets	(4,263)		(979)
Mortgage servicing rights	(9,304)		(7,284)
Interest rate agreements	(1,693)		(2,237)
Tax effect of unrealized (gains) – OCI	(13)		—
Total Deferred Tax Liabilities	(15,273)		(10,500)
Valuation Allowance	(117,862)		(116,991)
Total Net Deferred Tax Asset, net of Valuation Allowance	$	27,145	$	40,115

Schedule of Provision for Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2024, 2023, and 2022.

Table 23.2 – Provision for Income Taxes

	Years Ended December 31,
(In Thousands)	2024		2023		2022
Current Provision for Income Taxes
Federal	$	1,946	$	20	$	340
State	3,911		92		496
Total Current Provision for Income Taxes	5,857		112		836
Deferred Provision (Benefit From) for Income Taxes
Federal	11,635		1,977		(19,083)
State	1,345		(454)		(1,673)
Total Deferred Provision (Benefit From) for Income Taxes	12,980		1,523		(20,756)
Total Provision (Benefit From) for Income Taxes	$	18,837	$	1,635	$	(19,920)

Schedule of 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, 2024, 2023, and 2022.

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

	December 31, 2024		December 31, 2023		December 31, 2022
Federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal tax effect, as applicable	6.7	%	51.7	%	0.9	%
Differences in taxable income from GAAP income	(0.3)	%	(2.7)	%	(0.5)	%
Change in valuation allowance	0.1	%	—	%	—	%
REIT GAAP income or loss not subject to federal income tax	(1.6)	%	(325.9)	%	(10.5)	%
Effective Tax Rate	25.9	%	(255.9)	%	10.9	%