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Other income and operating expenses (Tables)

6 Months Ended

Jun. 30, 2022

Other income and operating expenses

Schedule of the financial position related to the Paycheck Protection Program (PPP) activities


(in thousands)		June 30, 2022			December 31, 2021
Assets
Paycheck Protection Program loans		$	388,426		$	867,109
Paycheck Protection Program loans, at fair value			763			3,243
PPP fee receivable			346			407
Accrued interest receivable			4,923			7,025
Total PPP related assets		$	394,458		$	877,784
Liabilities
Paycheck Protection Program Liquidity Facility borrowings		$	427,759		$	941,505
Interest payable			1,769			2,358
Deferred LSP revenue			178			286
Accrued PPP related costs			4,296			12,460
Payable to third parties			1,101			2,091
Repair and denial reserve			8,007			12,844
Total PPP related liabilities		$	443,110		$	971,544

Schedule of the income and expenses related to the Paycheck Protection Program (PPP) activities.


		Three Months Ended June 30,				Six Months Ended June 30,				Financial statement account
(in thousands)	2022		2021			2022		2021
Income
LSP fee income	$	5,273	$	3,117	$	5,310	$	9,858		Servicing income
Interest income		19,282		26,355		36,140		33,247		Interest income
Repair and denial reserve		2,156		—		4,400		—		Other income - change in repair and denial reserve
Total PPP related income	$	26,711	$	29,472	$	45,850	$	43,105
Expense
Direct operating expenses	$	191	$	3,673	$	341	$	8,218		Other operating expenses - origination costs
Repair and denial reserve		—		3,733		—		5,389		Other income - change in repair and denial reserve
Interest expense		459		8,761		1,147		12,622		Interest expense
Total PPP related expenses (direct)	$	650	$	16,167	$	1,488	$	26,229
Net PPP related income	$	26,061	$	13,305	$	44,362	$	16,876

Schedule of other income and operating expenses


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2022			2021			2022			2021
Other income:
Origination income	$	2,725		$	1,890		$	4,379		$	3,503
Change in repair and denial reserve		1,305			(4,084)			3,498			(6,153)
Other		4,304			1,506			6,958			2,533
Total other income	$	8,334		$	(688)		$	14,835		$	(117)
Other operating expenses:
Origination costs	$	2,168		$	7,883		$	7,102		$	16,028
Technology expense		2,376			2,038			4,416			3,910
Impairment on real estate		840			1,278			2,667			1,278
Rent and property tax expense		1,564			1,743			2,659			3,429
Recruiting, training and travel expense		524			333			826			829
Marketing expense		596			609			924			1,185
Loan acquisition costs		113			300			218			334
Financing costs on purchased future receivables		32			32			62			56
Other		6,159			2,974			8,151			5,625
Total other operating expenses	$	14,372		$	17,190		$	27,025		$	32,674