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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Information  
Segment Information

Note 26: Segment Information

Our Company’s business segments are defined as Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The reportable business segments are consistent with the internal reporting and evaluation of the principal lines of business of the Company. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. It is also a fully integrated syndicator of low-income housing tax credit and debt funds. The Mortgage Warehousing segment funds agency eligible residential loans from the date of origination or purchase, until the date of sale in the secondary market, as well as commercial loans to non-

depository financial institutions. The Banking segment provides a wide range of financial products and services to consumers and businesses, including retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and Small Business Administration (“SBA”) lending. The Other segment includes general and administrative expenses that provide services to all segments; internal funds transfer pricing offsets resulting from allocations to/from the other segments, certain elimination entries and investments in qualified affordable housing limited partnerships or LLCs and certain debt funds. All operations are domestic.

The tables below present selected business segment financial information for the years ended December 31, 2023, 2022, and 2021.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

    

 

​

​

Mortgage 

​

Mortgage

​

​

​

​

​

​

​

​

 

​

    

Banking

    

Warehousing

    

Banking

    

Other

    

Total

​

​

(In thousands)

Year Ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

5,718

​

$

276,366

​

$

789,399

​

$

6,315

 

$

1,077,798

Interest expense

​

 

52

​

 

184,486

​

 

451,952

​

 

(6,763)

 

 

629,727

Net interest income

​

 

5,666

​

 

91,880

​

 

337,447

​

 

13,078

 

 

448,071

Provision for credit losses

​

 

—

​

 

2,782

​

 

37,449

​

 

—

 

 

40,231

Net interest income after provision for credit losses

​

 

5,666

​

 

89,098

​

 

299,998

​

 

13,078

 

 

407,840

Noninterest income

​

 

123,980

​

 

14,315

​

 

(12,527)

​

 

(11,100)

 

 

114,668

Noninterest expense

​

 

83,862

​

 

14,003

​

 

42,811

​

 

33,925

 

 

174,601

Income (loss) before income taxes

​

 

45,784

​

 

89,410

​

 

244,660

​

 

(31,947)

 

 

347,907

Income taxes

​

 

9,311

​

 

15,885

​

 

50,262

​

 

(6,785)

 

 

68,673

Net income (loss)

​

$

36,473

​

$

73,525

​

$

194,398

​

$

(25,162)

 

$

279,234

Total assets

​

$

411,097

​

$

4,522,175

​

$

11,760,943

​

$

258,301

 

$

16,952,516

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Mortgage 

​

Mortgage

​

​

​

​

​

​

​

​

 

​

    

Banking

    

Warehousing

    

Banking

    

Other

    

​

Total

​

​

(In thousands)

Year Ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

2,239

​

$

115,870

​

$

354,482

​

$

8,242

 

$

480,833

Interest expense

​

 

—

​

 

48,079

​

 

117,284

​

 

(3,081)

 

 

162,282

Net interest income

​

 

2,239

​

 

67,791

​

 

237,198

​

 

11,323

 

 

318,551

Provision for credit losses

​

 

1,153

​

 

37

​

 

16,105

​

 

—

 

 

17,295

Net interest income after provision for credit losses

​

 

1,086

​

 

67,754

​

 

221,093

​

 

11,323

 

 

301,256

Noninterest income

​

 

155,883

​

 

5,400

​

 

(26,177)

​

 

(9,170)

 

 

125,936

Noninterest expense

​

 

82,213

​

 

10,420

​

 

18,303

​

 

25,114

 

 

136,050

Income (loss) before income taxes

​

 

74,756

​

 

62,734

​

 

176,613

​

 

(22,961)

 

 

291,142

Income taxes

​

 

20,114

​

 

14,130

​

 

42,392

​

 

(5,215)

 

 

71,421

Net income (loss)

​

$

54,642

​

$

48,604

​

$

134,221

​

$

(17,746)

 

$

219,721

Total assets

​

$

351,274

​

$

2,519,810

​

$

9,587,544

​

$

156,599

 

$

12,615,227

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Mortgage 

​

Mortgage

​

​

​

​

​

​

​

​

 

​

    

Banking

    

Warehousing

    

Banking

    

Other

    

​

Total

​

​

(In thousands)

Year Ended December 31, 2021

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

957

​

$

134,120

​

$

171,465

​

$

5,344

 

$

311,886

Interest expense

​

 

—

​

 

8,930

​

 

28,076

​

 

(3,114)

 

 

33,892

Net interest income

​

 

957

​

 

125,190

​

 

143,389

​

 

8,458

 

 

277,994

Provision for credit losses

​

 

—

​

 

(1,022)

​

 

6,034

​

 

—

 

 

5,012

Net interest income after provision for credit losses

​

 

957

​

 

126,212

​

 

137,355

​

 

8,458

 

 

272,982

Noninterest income

​

 

141,605

​

 

12,399

​

 

7,755

​

 

(4,426)

 

 

157,333

Noninterest expense

​

 

71,486

​

 

11,949

​

 

24,137

​

 

17,813

 

 

125,385

Income (loss) before income taxes

​

 

71,076

​

 

126,662

​

 

120,973

​

 

(13,781)

 

 

304,930

Income taxes

​

 

19,572

​

 

31,503

​

 

30,115

​

 

(3,364)

 

 

77,826

Net income (loss)

​

$

51,504

​

$

95,159

​

$

90,858

​

$

(10,417)

 

$

227,104

Total assets

​

$

296,129

​

$

3,977,537

​

$

6,929,565

​

$

75,407

 

$

11,278,638

​