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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020
Income Statement [Abstract] |  |  |  |
Interest income | $ 44,978 | $ 39,755 | $ 85,685 | $ 84,391
Interest expense — portfolio related | 20,566 | 21,189 | 41,399 | 44,036
Net interest income — portfolio related | 24,412 | 18,566 | 44,286 | 40,355
Interest expense — corporate debt | 4,309 | 1,894 | 11,658 | 8,237
Net interest income | 20,103 | 16,672 | 32,628 | 32,118
(Reversal of) provision for loan losses | (1,000) | 1,800 | (895) | 3,088
Net interest income after (reversal of) provision for loan losses | 21,103 | 14,872 | 33,523 | 29,030
Other operating income |  |  |  |
Gain on disposition of loans | 2,391 | 155 | 5,230 | 2,772
Unrealized gain (loss) on fair value loans | 20 | (13) | 18 | 32
Other income (expense) | 21 | (1,481) | (15) | (2,524)
Total other operating income (loss) | 2,432 | (1,339) | 5,233 | 280
Operating expenses |  |  |  |
Compensation and employee benefits | 4,546 | 5,863 | 9,732 | 10,904
Rent and occupancy | 430 | 448 | 893 | 903
Loan servicing | 1,922 | 1,754 | 3,788 | 3,658
Professional fees | 795 | 588 | 1,329 | 1,772
Real estate owned, net | 1,039 | 408 | 1,548 | 1,542
Other operating expenses | 1,918 | 1,847 | 3,977 | 4,180
Total operating expenses | 10,650 | 10,908 | 21,267 | 22,959
Income before income taxes | 12,885 | 2,625 | 17,489 | 6,351
Income tax expense | 3,432 | 484 | 4,640 | 1,631
Net income | 9,453 | 2,141 | 12,849 | 4,720
Less undistributed earnings attributable to participating securities | 3,571 |  | 4,854 |
Less deemed dividends on preferred stock |  | 48,955 |  | 48,955
Net earnings attributable to common stockholders | $ 5,882 | $ (46,814) | $ 7,995 | $ (44,235)
Earnings per common share |  |  |  |
Basic | $ 0.29 | $ (2.33) | $ 0.40 | $ (2.20)
Diluted | $ 0.28 | $ (2.33) | $ 0.38 | $ (2.20)
Weighted average common shares outstanding |  |  |  |
Basic | 20,087 | 20,087 | 20,087 | 20,087
Diluted | 33,960 | 20,087 | 33,684 | 20,087

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