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Basis of Presentation (Tables) | 9 Months Ended
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Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Finite-Lived Intangible Assets | The amortization period for each of these assets and the activity for the nine months ended September 30, 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 September 30, 2020 |  | Weighted Average Amortization Period (in years)
(Dollars in Thousands) |  |  |  |  |
Borrower network |  | $ | 43,952 |  |  | $ | — |  |  | $ | (4,854) |  |  | $ | 39,098 |  |  | 7
Broker network |  | 15,083 |  |  | — |  |  | (2,715) |  |  | 12,368 |  |  | 5
Non-compete agreements |  | 8,236 |  |  | — |  |  | (2,375) |  |  | 5,861 |  |  | 3
Tradenames |  | 3,472 |  |  | — |  |  | (1,000) |  |  | 2,472 |  |  | 3
Developed technology |  | 1,613 |  |  | — |  |  | (675) |  |  | 938 |  |  | 2
Loan administration fees on existing loan assets |  | 433 |  |  | — |  |  | (433) |  |  | — |  |  | 1
Total |  | $ | 72,789 |  |  | $ | — |  |  | $ | (12,052) |  |  | $ | 60,737 |  |  | 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) |  |  |  |  |  | September 30, 2020
2020 (3 months) |  |  |  |  |  | $ | 3,873 |
2021 |  |  |  |  |  | 15,304 |
2022 |  |  |  |  |  | 12,800 |
2023 |  |  |  |  |  | 10,091 |
2024 |  |  |  |  |  | 7,073 |
2025 and thereafter |  |  |  |  |  | 11,596 |
Total Future Intangible Asset Amortization |  |  |  |  |  | $ | 60,737 |
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 and nine months ended September 30, 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 September 30, 2019 |  | Nine Months Ended September 30, 2019 |  |
(In Thousands) |  |  |  |  |  |
Supplementary pro forma information: |  |  |  |  |  |  |  |
Net interest income |  |  |  | $ | 45,702 |  |  | $ | 133,446 |  |  |
Non-interest income |  |  |  | 38,177 |  |  | 116,649 |  |  |
Net income |  |  |  | 46,609 |  |  | 140,790 |  |  |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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