Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The components of income tax expense were as follows for the years ended December 31, 2021 and 2020:
2021 2020
Current tax expense:
Federal $ 48,368  $ 98,187 
State 13,346  22,214 
$ 61,714  $ 120,401 
Deferred tax expense:
Federal $ 31,568  $ 2,190 
State 9,867  902 
41,435  3,092 
Income tax expense $ 103,149  $ 123,493 
Schedule of Reconciliation of Recorded Income Tax Expense of Continuing Operations
The following table presents a reconciliation of the recorded income tax expense of continuing operations to the amount of taxes computed by applying the applicable federal statutory tax rate of 21.0% to income from continuing operations before income taxes, as of December 31, 2021 and 2020, respectively:
2021 2020
Amount Percent Amount Percent
Income tax expense at federal statutory rate $ 81,254  21.0  % $ 103,755  21.0  %
State income taxes, net of federal tax benefit 19,449  5.0  % 19,904  4.0  %
Nondeductible compensation 2,092  0.5  % 7,115  1.4  %
Permanent items 789  0.2  % 1,887  0.4  %
Federal and state tax credits, net of federal tax benefit (648) (0.2) % (536) (0.1) %
Deferred compensation adjustment —  —  % (8,834) (1.8) %
Other, net 213  0.2  % 202  —  %
$ 103,149  26.7  % $ 123,493  25.0  %
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 at December 31, 2021 and 2020:
2021 2020
Deferred tax assets:
Investor reserves $ 8,979  $ 7,955 
Intangible assets —  7,494 
Accrued compensation and benefits 3,249  3,705 
Deferred compensation 16,522  13,277 
Lease liability 24,727  23,440 
Other accrued liabilities 195  1,240 
Total deferred tax assets $ 53,672  $ 57,111 
Deferred tax liabilities:
Mortgage servicing rights $ (160,966) $ (98,660)
Intangible assets (3,537) — 
Trading securities (27) (19)
Derivatives, net (6,542) (22,743)
Right-of-use assets (22,642) (23,127)
Property and equipment (2,203) (1,932)
Total deferred tax liabilities (195,917) (146,481)
Net deferred tax liabilities $ (142,245) $ (89,370)