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v3.22.2

Interest income and interest expense | 6 Months Ended
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Jun. 30, 2022
Interest income and interest expense |
Interest income and interest expense | Note 15. Interest income and interest expense ​ Interest income and expense are recorded in the consolidated statements of income and classified based on the nature of the underlying asset or liability. The table below presents the components of interest income and expense. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bridge | ​ | $ | 82,499 | ​ | $ | 32,221 | ​ | $ | 147,479 | ​ | $ | 57,289
Fixed rate | ​ | ​ | 14,468 | ​ | ​ | 14,258 | ​ | ​ | 28,939 | ​ | ​ | 28,688
Construction | ​ | ​ | 7,243 | ​ | ​ | — | ​ | ​ | 9,000 | ​ | ​ | —
SBA - 7(a) | ​ | ​ | 9,742 | ​ | ​ | 9,777 | ​ | ​ | 19,121 | ​ | ​ | 18,318
PPP | ​ | ​ | 19,282 | ​ | ​ | 26,355 | ​ | ​ | 36,140 | ​ | ​ | 33,247
Residential | ​ | ​ | 31 | ​ | ​ | 62 | ​ | ​ | 50 | ​ | ​ | 122
Other | ​ | ​ | 10,055 | ​ | ​ | 11,462 | ​ | ​ | 20,291 | ​ | ​ | 23,980
Total loans (1) | ​ | $ | 143,320 | ​ | $ | 94,135 | ​ | $ | 261,020 | ​ | $ | 161,644
Held for sale, at fair value, loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed rate | ​ | $ | 2,236 | ​ | $ | — | ​ | $ | 4,293 | ​ | $ | —
Freddie Mac | ​ | ​ | 307 | ​ | ​ | 728 | ​ | ​ | 499 | ​ | ​ | 1,332
Residential | ​ | ​ | 2,198 | ​ | ​ | 3,160 | ​ | ​ | 4,298 | ​ | ​ | 5,286
Other | ​ | ​ | 24 | ​ | ​ | — | ​ | ​ | 46 | ​ | ​ | —
Total loans, held for sale, at fair value (1) | ​ | $ | 4,765 | ​ | $ | 3,888 | ​ | $ | 9,136 | ​ | $ | 6,618
Investments held to maturity | ​ | $ | 3,612 | ​ | $ | — | ​ | $ | 4,219 | ​ | $ | —
MBS, at fair value | ​ | $ | 1,974 | ​ | $ | 5,024 | ​ | $ | 3,701 | ​ | $ | 8,156
Total interest income | ​ | $ | 153,671 | ​ | $ | 103,047 | ​ | $ | 278,076 | ​ | $ | 176,418
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured borrowings | ​ | $ | (28,147) | ​ | $ | (18,065) | ​ | $ | (47,770) | ​ | $ | (35,639)
Paycheck Protection Program Liquidity Facility borrowings | ​ |  | (459) | ​ |  | (1,545) | ​ |  | (1,147) | ​ |  | (1,879)
Securitized debt obligations of consolidated VIEs | ​ |  | (33,804) | ​ |  | (21,421) | ​ |  | (58,055) | ​ |  | (40,514)
Guaranteed loan financing | ​ | ​ | (3,186) | ​ | ​ | (3,472) | ​ | ​ | (6,271) | ​ | ​ | (7,123)
Senior secured note | ​ |  | (4,380) | ​ |  | (3,456) | ​ |  | (8,737) | ​ |  | (6,915)
Convertible note | ​ | ​ | (2,188) | ​ | ​ | (2,188) | ​ | ​ | (4,376) | ​ | ​ | (4,376)
Corporate debt | ​ | ​ | (8,663) | ​ | ​ | (5,268) | ​ | ​ | (15,488) | ​ | ​ | (9,730)
Total interest expense | ​ | $ | (80,827) | ​ | $ | (55,415) | ​ | $ | (141,844) | ​ | $ | (106,176)
Net interest income before provision for loan losses | ​ | $ | 72,844 | ​ | $ | 47,632 | ​ | $ | 136,232 | ​ | $ | 70,242
(1) Includes interest income on loans in consolidated VIEs.
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- Definition The entire disclosure for interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.1-12) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 + Details
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