Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The components of income tax expense or benefit were as follows:
Year Ended
December 31,
(in thousands)
 2024 2023
Current tax (benefit) expense:
Federal $ (83) $ (236)
State (4,211) 1,183 
$ (4,294) $ 947 
Deferred tax expense (benefit):
Federal $ 25,109  $ (10,091)
State 1,310  2,150 
26,419  (7,941)
Income tax expense (benefit) $ 22,125  $ (6,994)
Schedule of Reconciliation of Recorded Income Tax Expense of Continuing Operations
The following table presents a reconciliation of the recorded income tax expense or benefit of continuing operations to the amount of taxes computed by applying the applicable federal statutory tax rate of 21.0% to income or loss from continuing operations before income taxes, as of December 31, 2024 and 2023, respectively:
Year Ended
December 31,
2024 2023
($ in thousands)
 Amount Percent Amount Percent
Income tax expense (benefit) at federal statutory rate $ 25,002  21.0  % $ (9,688) 21.0  %
State income taxes, net of federal tax benefit (2,043) (1.7) % 2,811  (6.1) %
Nondeductible compensation 2,572  2.2  % 1,605  (3.5) %
Excess tax benefit on share-based compensation
 (2,656) (2.2) % (577) 1.3  %
Federal and state tax credits, net of federal tax benefit (799) (0.7) % (804) 1.7  %
Other, net 49  0.0  % (341) 0.8  %
Total income tax expense (benefit) $ 22,125  18.6  % $ (6,994) 15.2  %
Schedule of Tax Effects of Significant Temporary Differences to Deferred Tax Assets and Liabilities
The tax effects of significant temporary differences which gave rise to the Company’s deferred tax assets and liabilities are as follows:
December 31,
(in thousands)
 2024 2023
Deferred tax assets:
Investor reserves $ 10,372  $ 8,613 
Deferred compensation 15,596  17,189 
Lease liability 19,375  19,364 
Net operating loss carryforwards 27,073  19,801 
Capitalized research and experimental expenditures 9,643  7,514 
Other
 8,150  6,944 
Total deferred tax assets $ 90,209  $ 79,425 
Deferred tax liabilities:
Mortgage servicing rights $ (315,597) $ (280,616)
Right-of-use assets (16,898) (17,391)
Other
 (9,154) (6,439)
Total deferred tax liabilities (341,649) (304,446)
Net deferred tax liabilities $ (251,440) $ (225,021)