Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Income Tax Disclosure [Abstract] |
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| Schedule of Components of Income Tax Expense (Benefit) |
The following table summarizes the tax provision (benefit) recorded at the taxable subsidiary level for the years ended December 31, 2021, 2020 and 2019:
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Year Ended |
|
December 31, |
| (in thousands) |
2021 |
|
2020 |
|
2019 |
| Current tax (benefit) provision: |
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| Federal |
$ |
— |
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|
$ |
3,275 |
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$ |
8,684 |
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| State |
(1,768) |
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|
1,304 |
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|
2,668 |
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| Total current tax (benefit) provision |
(1,768) |
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|
4,579 |
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|
11,352 |
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| Deferred tax provision (benefit) |
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| Federal |
14,851 |
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|
(40,267) |
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|
(24,912) |
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| State |
(8,891) |
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— |
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— |
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| Total deferred tax provision (benefit) |
5,960 |
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|
(40,267) |
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(24,912) |
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Total provision for (benefit from) income taxes |
$ |
4,192 |
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|
$ |
(35,688) |
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$ |
(13,560) |
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| Schedule of Effective Income Tax Rate Reconciliation |
The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2021, 2020 and 2019:
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Year Ended |
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December 31, |
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2021 |
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2020 |
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2019 |
| (dollars in thousands) |
Amount |
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Percent |
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Amount |
|
Percent |
|
Amount |
|
Percent |
Provision for (benefit from) income taxes at statutory federal tax rate |
$ |
40,198 |
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|
21 |
% |
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$ |
(349,823) |
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|
21 |
% |
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$ |
65,184 |
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21 |
% |
State taxes, net of federal benefit, if applicable |
(8,420) |
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(4) |
% |
|
1,030 |
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— |
% |
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2,108 |
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1 |
% |
Permanent differences in taxable income from net income for U.S. GAAP purposes |
15 |
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— |
% |
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(3,525) |
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— |
% |
|
702 |
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— |
% |
REIT income not subject to corporate income tax |
(27,601) |
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(14) |
% |
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316,630 |
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(19) |
% |
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(81,554) |
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(26) |
% |
Provision for (benefit from) income taxes/ Effective Tax Rate(1)
|
$ |
4,192 |
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3 |
% |
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$ |
(35,688) |
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2 |
% |
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$ |
(13,560) |
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(4) |
% |
____________________
(1)The provision for (benefit from) income taxes is recorded at the taxable subsidiary level.
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| Schedule Of Current And Deferred Tax Assets And Liabilities |
The Company’s consolidated balance sheets, as of December 31, 2021 and December 31, 2020 contain the following current and deferred tax liabilities and assets, which are included in other assets, and are recorded at the taxable subsidiary level:
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| (in thousands) |
December 31,
2021 |
|
December 31,
2020 |
| Income taxes receivable: |
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| Federal income taxes receivable |
$ |
— |
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$ |
22,504 |
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| State and local income taxes receivable |
951 |
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— |
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| Income taxes receivable, net |
951 |
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|
22,504 |
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| Deferred tax assets (liabilities): |
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| Deferred tax asset |
58,264 |
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|
64,024 |
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| Deferred tax liability |
(200) |
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|
— |
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| Total net deferred tax assets (liabilities) |
58,064 |
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|
64,024 |
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| Total tax assets (liabilities), net |
$ |
59,015 |
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$ |
86,528 |
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| Schedule of Deferred Tax Assets and Liabilities |
Components of the Company’s deferred tax liabilities and assets as of December 31, 2021 and December 31, 2020 were as follows:
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| (in thousands) |
December 31,
2021 |
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December 31,
2020 |
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| Mortgage servicing rights |
$ |
26,382 |
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$ |
62,881 |
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| Net operating loss carryforward |
30,569 |
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— |
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| Other |
1,113 |
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|
1,143 |
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| Total deferred tax assets (liabilities) |
58,064 |
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|
64,024 |
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| Valuation allowance |
— |
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— |
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| Total net deferred tax assets (liabilities) |
$ |
58,064 |
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$ |
64,024 |
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