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Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Schedule of Finite-Lived Intangible Assets The amortization period for each of these assets and the activity for the three months ended March 31, 2020 is summarized in the table below.
Table 2.1 – Intangible Assets – Activity
 
 
Carrying Value at December 31, 2019
 
Additions
 
Amortization Expense
 
Carrying Value at March 31, 2020
 
Weighted Average Amortization Period (in years)
(Dollars in Thousands)
 
 
 
 
 
Borrower network
 
$
43,952

 
$
—

 
$
(1,618
)
 
$
42,334

 
7
Broker network
 
15,083

 
—

 
(905
)
 
14,178

 
4
Non-compete agreements
 
8,236

 
—

 
(792
)
 
7,444

 
3
Tradenames
 
3,472

 
—

 
(333
)
 
3,139

 
3
Developed technology
 
1,613

 
—

 
(225
)
 
1,388

 
2
Loan administration fees on existing loan assets
 
433

 
—

 
(433
)
 
—

 
—
Total
 
$
72,789

 
$
—

 
$
(4,306
)
 
$
68,483

 
6
Finite-lived Intangible Assets Amortization Expense
All of our intangible assets are amortized on a straight-line basis. Estimated future amortization expense is summarized in the table below.
Table 2.2 – Intangible Asset Amortization Expense by Year
(In Thousands)
 
March 31, 2020
2020 (9 months)
 
$
11,619

2021
 
15,304

2022
 
12,800

2023
 
10,091

2024
 
7,073

2025 and thereafter
 
11,596

Total Future Intangible Asset Amortization
 
$
68,483
Pro Forma Information
The following unaudited pro forma financial information presents Net interest income, Non-interest income, and Net income of Redwood, 5 Arches, and CoreVest combined, for the three months ended March 31, 2019, as if the acquisitions occurred as of January 1, 2018. These pro forma amounts have been adjusted to include the amortization of intangible assets and acquisition-related compensation expense for both periods, and to exclude the income statement impacts related to our equity method investment in 5 Arches. The unaudited pro forma financial information is not intended to represent or be indicative of the consolidated financial results of operations that would have been reported if the acquisitions had been completed as of January 1, 2018 and should not be taken as indicative of our future consolidated results of operations.
Table 2.3 – Unaudited Pro Forma Financial Information
 
 
Three Months Ended March 31, 2019
(In Thousands)
 
Supplementary pro forma information:
 
 
Net interest income
 
$
43,390

Non-interest income
 
42,976

Net income
 
56,028