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Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Information  
Segment Information

Note 15:   Segment Information

The 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.

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The tables below present selected business segment financial information for the three months ended March 31, 2024 and 2023.

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Multi-family

​

​

​

​

​

​

​

​

​

​

    

 

​

​

Mortgage 

​

Mortgage

​

​

​

​

​

​

​

​

 

​

    

Banking

    

Warehousing

    

Banking

    

Other

    

Total

Three Months Ended March 31, 2024

​

(In thousands)

Interest income

​

$

1,746

​

$

84,901

​

$

224,288

​

$

3,238

 

$

314,173

Interest expense

​

 

20

​

 

56,140

​

 

131,723

​

 

(766)

 

 

187,117

Net interest income

​

 

1,726

​

 

28,761

​

 

92,565

​

 

4,004

 

 

127,056

Provision for credit losses

​

 

—

​

 

940

​

 

3,786

​

 

—

 

 

4,726

Net interest income after provision for credit losses

​

 

1,726

​

 

27,821

​

 

88,779

​

 

4,004

 

 

122,330

Noninterest income

​

 

40,467

​

 

3,317

​

 

429

​

 

(3,339)

 

 

40,874

Noninterest expense

​

 

19,571

​

 

4,798

​

 

15,578

​

 

8,965

 

 

48,912

Income (loss) before income taxes

​

 

22,622

​

 

26,340

​

 

73,630

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(8,300)

 

 

114,292

Income taxes

​

 

6,013

​

 

6,150

​

 

17,205

​

 

(2,130)

 

 

27,238

Net income (loss)

​

$

16,609

​

$

20,190

​

$

56,425

​

$

(6,170)

 

$

87,054

Total assets

​

$

416,454

​

$

5,369,299

​

$

11,760,028

​

$

276,795

 

$

17,822,576

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family

​

​

​

​

​

​

​

​

​

​

​

 

​

​

Mortgage 

​

Mortgage

​

​

​

​

​

​

​

​

 

​

    

Banking

    

Warehousing

    

Banking

    

Other

    

Total

Three Months Ended March 31, 2023

​

(In thousands)

Interest income

​

$

1,106

​

$

42,318

​

$

166,726

​

$

1,144

 

$

211,294

Interest expense

​

 

—

​

 

27,794

​

 

84,526

​

 

(1,719)

 

 

110,601

Net interest income

​

 

1,106

​

 

14,524

​

 

82,200

​

 

2,863

 

 

100,693

Provision for credit losses

​

 

—

​

 

1,364

​

 

5,503

​

 

—

 

 

6,867

Net interest income after provision for credit losses

​

 

1,106

​

 

13,160

​

 

76,697

​

 

2,863

 

 

93,826

Noninterest income

​

 

16,597

​

 

1,033

​

 

(1,189)

​

 

(2,177)

 

 

14,264

Noninterest expense

​

 

14,631

​

 

2,755

​

 

10,170

​

 

7,216

 

 

34,772

Income (loss) before income taxes

​

 

3,072

​

 

11,438

​

 

65,338

​

 

(6,530)

 

 

73,318

Income taxes

​

 

1,106

​

 

2,797

​

 

16,031

​

 

(1,571)

 

 

18,363

Net income (loss)

​

$

1,966

​

$

8,641

​

$

49,307

​

$

(4,959)

 

$

54,955

Total assets

​

$

341,487

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$

3,318,491

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$

10,430,293

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$

150,695

 

$

14,240,966

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