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v3.22.2

Segment Reporting (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended
--- | --- | --- | ---
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment | Jun. 30, 2021 USD ($) | Sep. 30, 2021 segment
Segment reporting |  |  |  |  |
Number of reportable segments | segment |  |  | 3 |  | 4
Interest income | $ 153,671 | $ 103,047 | $ 278,076 | $ 176,418 |
Interest expense | (80,827) | (55,415) | (141,844) | (106,176) |
Net interest income before recovery of (provision for) loan losses | 72,844 | 47,632 | 136,232 | 70,242 |
Recovery of (provision for) loan losses | 4,390 | (5,517) | 2,848 | (5,509) |
Net interest income after recovery of (provision for) loan losses | 77,234 | 42,115 | 139,080 | 64,733 |
Non-interest income |  |  |  |  |
Residential mortgage banking activities | 2,947 | 36,690 | 11,371 | 78,099 |
Net realized gains on financial instruments and real estate owned | 21,114 | 17,183 | 29,121 | 26,029 |
Net unrealized gain (loss) on financial instruments | (3,253) | 4,612 | 42,062 | 25,608 |
Servicing income, net | 14,565 | 11,928 | 25,093 | 27,563 |
Income on purchased future receivables, net | 1,859 | 2,779 | 4,328 | 5,096 |
Income (loss) from unconsolidated joint ventures | 5,200 | 3,361 | 11,763 | 2,552 |
Other income (loss) | 8,334 | (688) | 14,835 | (117) |
Total non-interest income | 50,766 | 75,865 | 138,573 | 164,830 |
Non-interest expense |  |  |  |  |
Employee compensation and benefits | (26,089) | (24,270) | (54,057) | (47,047) |
Allocated employee compensation and benefits from related party | (1,804) | (3,299) | (4,804) | (5,422) |
Variable income (expenses) on residential mortgage banking activities | 4,532 | (21,421) | 3,553 | (36,906) |
Professional fees | (3,851) | (2,872) | (8,977) | (5,854) |
Management fees - related party | (5,465) | (2,626) | (8,661) | (5,319) |
Incentive fees - related party |  | (286) |  | (286) |
Loan servicing expense | (10,296) | (6,851) | (19,216) | (12,955) |
Transaction related expenses | (1,372) | (1,266) | (7,071) | (7,573) |
Other operating expenses | (14,372) | (17,190) | (27,025) | (32,674) |
Total non-interest expense | (58,717) | (80,081) | (126,258) | (154,036) |
Income (loss) before provision for income taxes | 69,283 | 37,899 | 151,395 | 75,527 |
Total assets | 11,937,315 | 8,976,892 | 11,937,315 | 8,976,892 |
Operating Segments | SBC Lending and Acquisitions |  |  |  |  |
Segment reporting |  |  |  |  |
Interest income | 122,427 | 64,880 | 218,770 | 120,775 |
Interest expense | (72,685) | (39,140) | (125,778) | (76,357) |
Net interest income before recovery of (provision for) loan losses | 49,742 | 25,740 | 92,992 | 44,418 |
Recovery of (provision for) loan losses | 4,609 | (4,723) | 4,339 | (5,070) |
Net interest income after recovery of (provision for) loan losses | 54,351 | 21,017 | 97,331 | 39,348 |
Non-interest income |  |  |  |  |
Net realized gains on financial instruments and real estate owned | 12,034 | 2,620 | 12,916 | 6,566 |
Net unrealized gain (loss) on financial instruments | (2,517) | 6,843 | 9,912 | 11,970 |
Servicing income, net | 1,431 | 796 | 2,351 | 1,522 |
Income (loss) from unconsolidated joint ventures | 5,200 | 3,361 | 11,763 | 2,552 |
Other income (loss) | 6,338 | 2,753 | 9,352 | 4,897 |
Total non-interest income | 22,486 | 16,373 | 46,294 | 27,507 |
Non-interest expense |  |  |  |  |
Employee compensation and benefits | (7,903) | (4,294) | (18,063) | (6,546) |
Allocated employee compensation and benefits from related party | (180) | (331) | (480) | (543) |
Professional fees | (1,097) | (993) | (3,498) | (1,838) |
Loan servicing expense | (7,912) | (4,621) | (13,787) | (8,463) |
Other operating expenses | (6,457) | (6,642) | (11,833) | (11,599) |
Total non-interest expense | (23,549) | (16,881) | (47,661) | (28,989) |
Income (loss) before provision for income taxes | 53,288 | 20,509 | 95,964 | 37,866 |
Total assets | 10,296,900 | 5,275,662 | 10,296,900 | 5,275,662 |
Operating Segments | Small Business Lending |  |  |  |  |
Segment reporting |  |  |  |  |
Interest income | 29,024 | 36,133 | 55,261 | 51,565 |
Interest expense | (5,916) | (13,980) | (11,606) | (23,187) |
Net interest income before recovery of (provision for) loan losses | 23,108 | 22,153 | 43,655 | 28,378 |
Recovery of (provision for) loan losses | (219) | (794) | (1,491) | (439) |
Net interest income after recovery of (provision for) loan losses | 22,889 | 21,359 | 42,164 | 27,939 |
Non-interest income |  |  |  |  |
Net realized gains on financial instruments and real estate owned | 9,080 | 14,563 | 16,205 | 19,463 |
Net unrealized gain (loss) on financial instruments | (721) | 2,467 | (433) | 2,981 |
Servicing income, net | 4,558 | 3,666 | 6,051 | 11,469 |
Income on purchased future receivables, net | 1,859 | 2,779 | 4,328 | 5,096 |
Other income (loss) | 1,950 | (3,550) | 4,821 | (5,150) |
Total non-interest income | 16,726 | 19,925 | 30,972 | 33,859 |
Non-interest expense |  |  |  |  |
Employee compensation and benefits | (10,217) | (9,335) | (19,735) | (15,381) |
Professional fees | (1,619) | (704) | (3,087) | (1,348) |
Loan servicing expense | 74 | (144) | (428) |  |
Loan servicing expense |  |  |  | (42) |
Other operating expenses | (4,314) | (7,405) | (8,101) | (15,070) |
Total non-interest expense | (16,076) | (17,588) | (31,351) | (31,841) |
Income (loss) before provision for income taxes | 23,539 | 23,696 | 41,785 | 29,957 |
Total assets | 1,049,763 | 2,860,365 | 1,049,763 | 2,860,365 |
Operating Segments | Residential Mortgage Banking |  |  |  |  |
Segment reporting |  |  |  |  |
Interest income | 2,220 | 2,034 | 4,045 | 4,078 |
Interest expense | (2,226) | (2,295) | (4,184) | (4,623) |
Net interest income before recovery of (provision for) loan losses | (6) | (261) | (139) | (545) |
Net interest income after recovery of (provision for) loan losses | (6) | (261) | (139) | (545) |
Non-interest income |  |  |  |  |
Residential mortgage banking activities | 2,947 | 36,690 | 11,371 | 78,099 |
Net unrealized gain (loss) on financial instruments | (15) | (4,698) | 32,583 | 10,657 |
Servicing income, net | 8,576 | 7,466 | 16,691 | 14,572 |
Other income (loss) | 21 | 38 | 45 | 53 |
Total non-interest income | 11,529 | 39,496 | 60,690 | 103,381 |
Non-interest expense |  |  |  |  |
Employee compensation and benefits | (6,906) | (10,127) | (14,440) | (23,715) |
Variable income (expenses) on residential mortgage banking activities | 4,532 | (21,421) | 3,553 | (36,906) |
Professional fees | (217) | (144) | (481) | (395) |
Loan servicing expense | (2,458) | (2,086) | (5,001) | (4,450) |
Other operating expenses | (2,175) | (2,213) | (4,199) | (4,417) |
Total non-interest expense | (7,224) | (35,991) | (20,568) | (69,883) |
Income (loss) before provision for income taxes | 4,299 | 3,244 | 39,983 | 32,953 |
Total assets | 454,556 | 588,435 | 454,556 | 588,435 |
Corporate |  |  |  |  |
Segment reporting |  |  |  |  |
Interest expense |  |  | (276) | (2,009) |
Net interest income before recovery of (provision for) loan losses |  |  | (276) | (2,009) |
Net interest income after recovery of (provision for) loan losses |  |  | (276) | (2,009) |
Non-interest income |  |  |  |  |
Other income (loss) | 25 | 71 | 617 | 83 |
Total non-interest income | 25 | 71 | 617 | 83 |
Non-interest expense |  |  |  |  |
Employee compensation and benefits | (1,063) | (514) | (1,819) | (1,405) |
Allocated employee compensation and benefits from related party | (1,624) | (2,968) | (4,324) | (4,879) |
Professional fees | (918) | (1,031) | (1,911) | (2,273) |
Management fees - related party | (5,465) | (2,626) | (8,661) | (5,319) |
Incentive fees - related party |  | (286) |  | (286) |
Transaction related expenses | (1,372) | (1,266) | (7,071) | (7,573) |
Other operating expenses | (1,426) | (930) | (2,892) | (1,588) |
Total non-interest expense | (11,868) | (9,621) | (26,678) | (23,323) |
Income (loss) before provision for income taxes | (11,843) | (9,550) | (26,337) | (25,249) |
Total assets | $ 136,096 | $ 252,430 | $ 136,096 | $ 252,430 |

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