Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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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 (benefit) provision recorded at the taxable subsidiary level for the years ended December 31, 2020, 2019 and 2018:
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Year Ended |
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December 31, |
| (in thousands) |
2020 |
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2019 |
|
2018 |
| Current tax provision: |
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| Federal |
$ |
3,275 |
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|
$ |
8,684 |
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$ |
52 |
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| State |
1,304 |
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|
2,668 |
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|
1 |
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| Total current tax provision |
4,579 |
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|
11,352 |
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|
53 |
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| Deferred tax (benefit) provision |
(40,267) |
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|
(24,912) |
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|
41,770 |
|
Total (benefit from) provision for income taxes |
$ |
(35,688) |
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|
$ |
(13,560) |
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$ |
41,823 |
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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, 2020, 2019 and 2018:
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Year Ended |
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December 31, |
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2020 |
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2019 |
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2018 |
| (dollars in thousands) |
Amount |
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Percent |
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Amount |
|
Percent |
|
Amount |
|
Percent |
(Benefit from) provision for income taxes at statutory federal tax rate |
$ |
(349,823) |
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21 |
% |
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$ |
65,184 |
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21 |
% |
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$ |
(518) |
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21 |
% |
State taxes, net of federal benefit, if applicable |
1,030 |
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— |
% |
|
2,108 |
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|
1 |
% |
|
1 |
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|
— |
% |
Permanent differences in taxable income from GAAP net income |
(3,525) |
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— |
% |
|
702 |
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— |
% |
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28,414 |
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(1,152) |
% |
REIT income not subject to corporate income tax |
316,630 |
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(19) |
% |
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(81,554) |
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(26) |
% |
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13,926 |
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|
(565) |
% |
(Benefit from) provision for income taxes/ Effective Tax Rate(1)
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$ |
(35,688) |
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2 |
% |
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$ |
(13,560) |
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(4) |
% |
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$ |
41,823 |
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(1,696) |
% |
____________________
(1)The (benefit from) provision for 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, 2020 and December 31, 2019 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,
2020 |
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December 31,
2019 |
| Income taxes receivable: |
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| Federal income taxes receivable |
$ |
22,504 |
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$ |
17,539 |
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| State and local income taxes receivable |
— |
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— |
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| Income taxes receivable, net |
22,504 |
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|
17,539 |
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| Deferred tax assets (liabilities): |
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| Deferred tax asset |
64,024 |
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|
23,756 |
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| Deferred tax liability |
— |
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(19) |
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| Total net deferred tax assets (liabilities) |
64,024 |
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|
23,737 |
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| Total tax assets (liabilities), net |
$ |
86,528 |
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$ |
41,276 |
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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, 2020 and December 31, 2019 were as follows:
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| (in thousands) |
December 31,
2020 |
|
December 31,
2019 |
| Available-for-sale securities |
$ |
— |
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$ |
(19) |
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| Mortgage servicing rights |
62,881 |
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|
23,110 |
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| Derivative assets and liabilities |
— |
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|
67 |
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| Other assets |
— |
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|
12 |
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| Other liabilities |
1,066 |
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|
463 |
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| Intangibles |
77 |
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|
90 |
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| Net operating loss carryforward |
— |
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|
7 |
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| Capital loss carryforward |
— |
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|
7 |
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| Total deferred tax assets (liabilities) |
64,024 |
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|
23,737 |
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| Valuation allowance |
— |
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— |
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| Total net deferred tax assets (liabilities) |
$ |
64,024 |
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$ |
23,737 |
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