XML 123 R49.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2015
Segment Reporting [Abstract] |
Financial Information by Segment | The following tables present financial information by segment for the three and six months ended June 30, 2015 and 2014. Business Segment Financial Information
|  | Three Months Ended June 30, 2015
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 9,976 |  |  | $ | 34,249 |  |  | $ | 12,679 |  |  | $ | 6,469 |  |  | $ | 63,373 |
Interest expense |  | (3,298 | ) |  | (2,660 | ) |  | (3,497 | ) |  | (13,553 | ) |  | (23,008 | )
Net interest income (loss) |  | 6,678 |  |  | 31,589 |  |  | 9,182 |  |  | (7,084 | ) |  | 40,365 |
Reversal of provision for loan losses |  | — |  |  | — |  |  | 261 |  |  | — |  |  | 261 |
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net (1) |  | 4,833 |  |  | (1,104 | ) |  | 2,614 |  |  | (684 | ) |  | 5,659 |
MSR income (loss), net |  | — |  |  | 830 |  |  | — |  |  | — |  |  | 830 |
Other income |  | — |  |  | 1,299 |  |  | — |  |  | — |  |  | 1,299 |
Realized gains, net |  | — |  |  | 6,316 |  |  | — |  |  | — |  |  | 6,316 |
Total non-interest income, net |  | 4,833 |  |  | 7,341 |  |  | 2,614 |  |  | (684 | ) |  | 14,104 |
Direct operating expenses |  | (11,033 | ) |  | (1,171 | ) |  | (3,020 | ) |  | (9,994 | ) |  | (25,218 | )
(Provision for) benefit from income taxes |  | 865 |  |  | (3,768 | ) |  | (143 | ) |  | 598 |  |  | (2,448 | )
Segment Contribution |  | $ | 1,343 |  |  | $ | 33,991 |  |  | $ | 8,894 |  |  | $ | (17,164 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 27,064 |
Non-cash amortization income (expense) |  | (44 | ) |  | 9,324 |  |  | (78 | ) |  | (995 | ) |  | 8,207 |
Hedging allocations (1) |  | 2,803 |  |  | (2,753 | ) |  | — |  |  | (50 | ) |  | — |
|  | Three Months Ended June 30, 2014
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 12,438 |  |  | $ | 27,924 |  |  | $ | 11,217 |  |  | $ | 6,414 |  |  | $ | 57,993 |
Interest expense |  | (2,161 | ) |  | (3,116 | ) |  | (4,404 | ) |  | (11,470 | ) |  | (21,151 | )
Net interest income (loss) |  | 10,277 |  |  | 24,808 |  |  | 6,813 |  |  | (5,056 | ) |  | 36,842 |
Reversal of provision (provision) for loan losses |  | — |  |  | — |  |  | (289 | ) |  | 604 |  |  | 315 |
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | 1,342 |  |  | (3,788 | ) |  | 4,981 |  |  | (346 | ) |  | 2,189 |
MSR income (loss), net |  | — |  |  | (1,777 | ) |  | — |  |  | — |  |  | (1,777 | )
Other income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Realized gains, net |  | — |  |  | 992 |  |  | — |  |  | 71 |  |  | 1,063 |
Total non-interest income, net |  | 1,342 |  |  | (4,573 | ) |  | 4,981 |  |  | (275 | ) |  | 1,475 |
Direct operating expenses |  | (9,501 | ) |  | (770 | ) |  | (2,180 | ) |  | (9,831 | ) |  | (22,282 | )
(Provision for) benefit from income taxes |  | 259 |  |  | 149 |  |  | (750 | ) |  | 9 |  |  | (333 | )
Segment Contribution |  | $ | 2,377 |  |  | $ | 19,614 |  |  | $ | 8,575 |  |  | $ | (14,549 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 16,017 |
Non-cash amortization income (expense) |  | (36 | ) |  | 10,586 |  |  | (215 | ) |  | (2,073 | ) |  | 8,262 |
|  | Six Months Ended June 30, 2015
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 25,771 |  |  | $ | 64,261 |  |  | $ | 23,593 |  |  | $ | 13,494 |  |  | $ | 127,119 |
Interest expense |  | (7,076 | ) |  | (5,469 | ) |  | (6,986 | ) |  | (27,438 | ) |  | (46,969 | )
Net interest income (loss) |  | 18,695 |  |  | 58,792 |  |  | 16,607 |  |  | (13,944 | ) |  | 80,150 |
Reversal of provision for loan losses |  | — |  |  | — |  |  | 55 |  |  | — |  |  | 55 |
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net (1) |  | 7,052 |  |  | (1,123 | ) |  | 2,321 |  |  | (1,813 | ) |  | 6,437 |
MSR income (loss), net |  | — |  |  | (10,094 | ) |  | — |  |  | — |  |  | (10,094 | )
Other income |  |  |  | 2,108 |  |  |  |  |  |  | 2,108 |
Realized gains, net |  | — |  |  | 10,622 |  |  | — |  |  | — |  |  | 10,622 |
Total non-interest income, net |  | 7,052 |  |  | 1,513 |  |  | 2,321 |  |  | (1,813 | ) |  | 9,073 |
Direct operating expenses |  | (21,936 | ) |  | (2,289 | ) |  | (6,502 | ) |  | (19,554 | ) |  | (50,281 | )
(Provision for) benefit from income taxes |  | 872 |  |  | (258 | ) |  | 710 |  |  | 1,544 |  |  | 2,868 |
Segment Contribution |  | $ | 4,683 |  |  | $ | 57,758 |  |  | $ | 13,191 |  |  | $ | (33,767 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 41,865 |
Non-cash amortization income (expense) |  | (90 | ) |  | 19,162 |  |  | (128 | ) |  | (1,976 | ) |  | 16,968 |
Hedging allocations (1) |  | 2,803 |  |  | (2,753 | ) |  | — |  |  | (50 | ) |  | — |
|  | Six Months Ended June 30, 2014
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 23,104 |  |  | $ | 55,519 |  |  | $ | 21,601 |  |  | $ | 13,245 |  |  | $ | 113,469 |
Interest expense |  | (3,482 | ) |  | (5,966 | ) |  | (7,708 | ) |  | (23,055 | ) |  | (40,211 | )
Net interest income (loss) |  | 19,622 |  |  | 49,553 |  |  | 13,893 |  |  | (9,810 | ) |  | 73,258 |
Provision for loan losses |  | — |  |  | — |  |  | (944 | ) |  | (23 | ) |  | (967 | )
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | 276 |  |  | (9,746 | ) |  | 5,814 |  |  | (525 | ) |  | (4,181 | )
MSR income (loss), net |  | — |  |  | (1,171 | ) |  | — |  |  | — |  |  | (1,171 | )
Other income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Realized gains, net |  | — |  |  | 1,979 |  |  | — |  |  | 176 |  |  | 2,155 |
Total non-interest income, net |  | 276 |  |  | (8,938 | ) |  | 5,814 |  |  | (349 | ) |  | (3,197 | )
Direct operating expenses |  | (16,595 | ) |  | (1,865 | ) |  | (4,806 | ) |  | (18,988 | ) |  | (42,254 | )
(Provision for) benefit from income taxes |  | 94 |  |  | 1,676 |  |  | (395 | ) |  | 135 |  |  | 1,510 |
Segment Contribution |  | $ | 3,397 |  |  | $ | 40,426 |  |  | $ | 13,562 |  |  | $ | (29,035 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 28,350 |
Non-cash amortization income (expense) |  | (88 | ) |  | 21,833 |  |  | (388 | ) |  | (4,019 | ) |  | 17,338 |
(1) | Intersegment hedging allocation presented in the tables above is included in the mortgage banking and investment activities, net line item of the segment income statements for the three and six months ended June 30, 2015.
The following tables present the components of Corporate/Other for the three and six months ended June 30, 2015 and 2014.
|  | Three Months Ended June 30,
|  | 2015 |  | 2014
(In Thousands) |  | Legacy Consolidated VIEs |  | Other |  | Total |  | Legacy Consolidated VIEs |  | Other |  | Total
Interest income |  | $ | 6,462 |  |  | $ | 7 |  |  | $ | 6,469 |  |  | $ | 6,411 |  |  | $ | 3 |  |  | $ | 6,414 |
Interest expense |  | (4,048 | ) |  | (9,505 | ) |  | (13,553 | ) |  | (5,240 | ) |  | (6,230 | ) |  | (11,470 | )
Net interest income (loss) |  | 2,414 |  |  | (9,498 | ) |  | (7,084 | ) |  | 1,171 |  |  | (6,227 | ) |  | (5,056 | )
Reversal of provision for loan losses |  | — |  |  | — |  |  | — |  |  | 604 |  |  | — |  |  | 604 |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | (684 | ) |  | — |  |  | (684 | ) |  | (321 | ) |  | (25 | ) |  | (346 | )
MSR income (loss), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Realized gains, net |  | — |  |  | — |  |  | — |  |  | 71 |  |  | — |  |  | 71 |
Total non-interest income, net |  | (684 | ) |  | — |  |  | (684 | ) |  | (250 | ) |  | (25 | ) |  | (275 | )
Direct operating expenses |  | — |  |  | (9,994 | ) |  | (9,994 | ) |  | (42 | ) |  | (9,789 | ) |  | (9,831 | )
Benefit from income taxes |  | — |  |  | 598 |  |  | 598 |  |  | — |  |  | 9 |  |  | 9 |
Total |  | $ | 1,730 |  |  | $ | (18,894 | ) |  | $ | (17,164 | ) |  | $ | 1,483 |  |  | $ | (16,032 | ) |  | $ | (14,549 | )
|  | Six Months Ended June 30,
|  | 2015 |  | 2014
(In Thousands) |  | Legacy Consolidated VIEs |  | Other |  | Total |  | Legacy Consolidated VIEs |  | Other |  | Total
Interest income |  | $ | 13,480 |  |  | $ | 14 |  |  | $ | 13,494 |  |  | $ | 13,240 |  |  | $ | 5 |  |  | $ | 13,245 |
Interest expense |  | (8,530 | ) |  | (18,908 | ) |  | (27,438 | ) |  | (10,699 | ) |  | (12,356 | ) |  | (23,055 | )
Net interest income (loss) |  | 4,950 |  |  | (18,894 | ) |  | (13,944 | ) |  | 2,541 |  |  | (12,351 | ) |  | (9,810 | )
Provision for loan losses |  | — |  |  | — |  |  | — |  |  | (23 | ) |  | — |  |  | (23 | )
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | (1,777 | ) |  | (36 | ) |  | (1,813 | ) |  | (464 | ) |  | (61 | ) |  | (525 | )
MSR income (loss), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Realized gains, net |  | — |  |  | — |  |  | — |  |  | 176 |  |  | — |  |  | 176 |
Total non-interest income, net |  | (1,777 | ) |  | (36 | ) |  | (1,813 | ) |  | (288 | ) |  | (61 | ) |  | (349 | )
Direct operating expenses |  | — |  |  | (19,554 | ) |  | (19,554 | ) |  | (94 | ) |  | (18,894 | ) |  | (18,988 | )
Benefit from income taxes |  | — |  |  | 1,544 |  |  | 1,544 |  |  | — |  |  | 135 |  |  | 135 |
Total |  | $ | 3,173 |  |  | $ | (36,940 | ) |  | $ | (33,767 | ) |  | $ | 2,136 |  |  | $ | (31,171 | ) |  | $ | (29,035 | )
Supplemental Information by Segment | The following table presents supplemental information by segment at June 30, 2015 and December 31, 2014. Supplemental Disclosures
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
June 30, 2015 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 892,081 |  |  | $ | 1,157,285 |  |  | $ | — |  |  | $ | 1,237,114 |  |  | $ | 3,286,480 |
Commercial loans |  | — |  |  | — |  |  | 551,331 |  |  | — |  |  | 551,331 |
Real estate securities |  | — |  |  | 1,157,599 |  |  | — |  |  | — |  |  | 1,157,599 |
Mortgage servicing rights |  | — |  |  | 168,462 |  |  | — |  |  | — |  |  | 168,462 |
Total assets |  | 938,720 |  |  | 2,559,481 |  |  | 560,956 |  |  | 1,536,727 |  |  | 5,595,884 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 1,342,519 |  |  | $ | 581,668 |  |  | $ | — |  |  | $ | 1,474,386 |  |  | $ | 3,398,573 |
Commercial loans |  | — |  |  | — |  |  | 566,927 |  |  | — |  |  | 566,927 |
Real estate securities |  | 93,802 |  |  | 1,285,428 |  |  | — |  |  | — |  |  | 1,379,230 |
Mortgage servicing rights |  | — |  |  | 139,293 |  |  | — |  |  | — |  |  | 139,293 |
Total assets |  | 1,468,856 |  |  | 2,057,256 |  |  | 575,943 |  |  | 1,816,911 |  |  | 5,918,966 |

X
- Definition Supplemental Balance Sheet [Table Text Block] + References No definition available. + Details
Name: | rwt_SupplementalBalanceSheetTableTextBlock
Namespace Prefix: | rwt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration