XML 70 R60.htm IDEA: XBRL DOCUMENT

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting

Schedule of segment reporting information


		Three Months Ended June 30, 2022
					Small			Residential
		SBC Lending			Business			Mortgage			Corporate-
(in thousands)		and Acquisitions			Lending			Banking			Other			Consolidated
Interest income		$	122,427		$	29,024		$	2,220		$	—		$	153,671
Interest expense			(72,685)			(5,916)			(2,226)			—			(80,827)
Net interest income before recovery of (provision for) loan losses		$	49,742		$	23,108		$	(6)		$	—		$	72,844
Recovery of (provision for) loan losses			4,609			(219)			—			—			4,390
Net interest income after recovery of (provision for) loan losses		$	54,351		$	22,889		$	(6)		$	—		$	77,234
Non-interest income
Residential mortgage banking activities		$	—		$	—		$	2,947		$	—		$	2,947
Net realized gain on financial instruments and real estate owned			12,034			9,080			—			—			21,114
Net unrealized gain (loss) on financial instruments			(2,517)			(721)			(15)			—			(3,253)
Servicing income, net			1,431			4,558			8,576			—			14,565
Income on purchased future receivables, net			—			1,859			—			—			1,859
Income on unconsolidated joint ventures			5,200			—			—			—			5,200
Other income			6,338			1,950			21			25			8,334
Total non-interest income		$	22,486		$	16,726		$	11,529		$	25		$	50,766
Non-interest expense
Employee compensation and benefits		$	(7,903)		$	(10,217)		$	(6,906)		$	(1,063)		$	(26,089)
Allocated employee compensation and benefits from related party			(180)			—			—			(1,624)			(1,804)
Variable income (expenses) on residential mortgage banking activities			—			—			4,532			—			4,532
Professional fees			(1,097)			(1,619)			(217)			(918)			(3,851)
Management fees – related party			—			—			—			(5,465)			(5,465)
Loan servicing expense			(7,912)			74			(2,458)			—			(10,296)
Transaction related expenses			—			—			—			(1,372)			(1,372)
Other operating expenses			(6,457)			(4,314)			(2,175)			(1,426)			(14,372)
Total non-interest expense		$	(23,549)		$	(16,076)		$	(7,224)		$	(11,868)		$	(58,717)
Income (loss) before provision for income taxes		$	53,288		$	23,539		$	4,299		$	(11,843)		$	69,283
Total assets		$	10,296,900		$	1,049,763		$	454,556		$	136,096		$	11,937,315


		Six Months Ended June 30, 2022
					Small			Residential
		SBC Lending			Business			Mortgage			Corporate-
(in thousands)		and Acquisitions			Lending			Banking			Other			Consolidated
Interest income		$	218,770		$	55,261		$	4,045		$	—		$	278,076
Interest expense			(125,778)			(11,606)			(4,184)			(276)			(141,844)
Net interest income before recovery of (provision for) loan losses		$	92,992		$	43,655		$	(139)		$	(276)		$	136,232
Recovery of (provision for) loan losses			4,339			(1,491)			—			—			2,848
Net interest income after recovery of (provision for) loan losses		$	97,331		$	42,164		$	(139)		$	(276)		$	139,080
Non-interest income
Residential mortgage banking activities		$	—		$	—		$	11,371		$	—		$	11,371
Net realized gain on financial instruments and real estate owned			12,916			16,205			—			—			29,121
Net unrealized gain (loss) on financial instruments			9,912			(433)			32,583			—			42,062
Servicing income, net			2,351			6,051			16,691			—			25,093
Income on purchased future receivables, net			—			4,328			—			—			4,328
Income on unconsolidated joint ventures			11,763			—			—			—			11,763
Other income			9,352			4,821			45			617			14,835
Total non-interest income		$	46,294		$	30,972		$	60,690		$	617		$	138,573
Non-interest expense
Employee compensation and benefits		$	(18,063)		$	(19,735)		$	(14,440)		$	(1,819)		$	(54,057)
Allocated employee compensation and benefits from related party			(480)			—			—			(4,324)			(4,804)
Variable income (expenses) on residential mortgage banking activities			—			—			3,553			—			3,553
Professional fees			(3,498)			(3,087)			(481)			(1,911)			(8,977)
Management fees – related party			—			—			—			(8,661)			(8,661)
Loan servicing expense			(13,787)			(428)			(5,001)			—			(19,216)
Transaction related expenses			—			—			—			(7,071)			(7,071)
Other operating expenses			(11,833)			(8,101)			(4,199)			(2,892)			(27,025)
Total non-interest expense		$	(47,661)		$	(31,351)		$	(20,568)		$	(26,678)		$	(126,258)
Income (loss) before provision for income taxes		$	95,964		$	41,785		$	39,983		$	(26,337)		$	151,395
Total assets		$	10,296,900		$	1,049,763		$	454,556		$	136,096		$	11,937,315


		Three Months Ended June 30, 2021
					Small			Residential
		SBC Lending			Business			Mortgage			Corporate-
(in thousands)		and Acquisitions			Lending			Banking			Other			Consolidated
Interest income		$	64,880		$	36,133		$	2,034		$	—		$	103,047
Interest expense			(39,140)			(13,980)			(2,295)			—			(55,415)
Net interest income before provision for loan losses		$	25,740		$	22,153		$	(261)		$	—		$	47,632
Provision for loan losses			(4,723)			(794)			—			—			(5,517)
Net interest income after provision for loan losses		$	21,017		$	21,359		$	(261)		$	—		$	42,115
Non-interest income
Residential mortgage banking activities		$	—		$	—		$	36,690		$	—		$	36,690
Net realized gain on financial instruments and real estate owned			2,620			14,563			—			—			17,183
Net unrealized gain (loss) on financial instruments			6,843			2,467			(4,698)			—			4,612
Servicing income, net			796			3,666			7,466			—			11,928
Income on purchased future receivables, net			—			2,779			—			—			2,779
Income on unconsolidated joint ventures			3,361			—			—			—			3,361
Other income (loss)			2,753			(3,550)			38			71			(688)
Total non-interest income		$	16,373		$	19,925		$	39,496		$	71		$	75,865
Non-interest expense
Employee compensation and benefits		$	(4,294)		$	(9,335)		$	(10,127)		$	(514)		$	(24,270)
Allocated employee compensation and benefits from related party			(331)			—			—			(2,968)			(3,299)
Variable expenses on residential mortgage banking activities			—			—			(21,421)			—			(21,421)
Professional fees			(993)			(704)			(144)			(1,031)			(2,872)
Management fees – related party			—			—			—			(2,626)			(2,626)
Incentive fees – related party			—			—			—			(286)			(286)
Loan servicing expense			(4,621)			(144)			(2,086)			—			(6,851)
Transaction related expenses			—			—			—			(1,266)			(1,266)
Other operating expenses			(6,642)			(7,405)			(2,213)			(930)			(17,190)
Total non-interest expense		$	(16,881)		$	(17,588)		$	(35,991)		$	(9,621)		$	(80,081)
Income (loss) before provision for income taxes		$	20,509		$	23,696		$	3,244		$	(9,550)		$	37,899
Total assets		$	5,275,662		$	2,860,365		$	588,435		$	252,430		$	8,976,892


		Six Months Ended June 30, 2021
					Small			Residential
		SBC Lending			Business			Mortgage			Corporate-
(in thousands)		and Acquisitions			Lending			Banking			Other			Consolidated
Interest income		$	120,775		$	51,565		$	4,078		$	—		$	176,418
Interest expense			(76,357)			(23,187)			(4,623)			(2,009)			(106,176)
Net interest income before provision for loan losses		$	44,418		$	28,378		$	(545)		$	(2,009)		$	70,242
Provision for loan losses			(5,070)			(439)			—			—			(5,509)
Net interest income after provision for loan losses		$	39,348		$	27,939		$	(545)		$	(2,009)		$	64,733
Non-interest income
Residential mortgage banking activities		$	—		$	—		$	78,099		$	—		$	78,099
Net realized gain on financial instruments and real estate owned			6,566			19,463			—			—			26,029
Net unrealized gain (loss) on financial instruments			11,970			2,981			10,657			—			25,608
Servicing income, net			1,522			11,469			14,572			—			27,563
Income on purchased future receivables, net			—			5,096			—			—			5,096
Income on unconsolidated joint ventures			2,552			—			—			—			2,552
Other income (loss)			4,897			(5,150)			53			83			(117)
Total non-interest income		$	27,507		$	33,859		$	103,381		$	83		$	164,830
Non-interest expense
Employee compensation and benefits		$	(6,546)		$	(15,381)		$	(23,715)		$	(1,405)		$	(47,047)
Allocated employee compensation and benefits from related party			(543)			—			—			(4,879)			(5,422)
Variable expenses on residential mortgage banking activities			—			—			(36,906)			—			(36,906)
Professional fees			(1,838)			(1,348)			(395)			(2,273)			(5,854)
Management fees – related party			—			—			—			(5,319)			(5,319)
Incentive fees – related party			—			—			—			(286)			(286)
Loan servicing expense			(8,463)			(42)			(4,450)			—			(12,955)
Transaction related expenses			—			—			—			(7,573)			(7,573)
Other operating expenses			(11,599)			(15,070)			(4,417)			(1,588)			(32,674)
Total non-interest expense		$	(28,989)		$	(31,841)		$	(69,883)		$	(23,323)		$	(154,036)
Income (loss) before provision for income taxes		$	37,866		$	29,957		$	32,953		$	(25,249)		$	75,527
Total assets		$	5,275,662		$	2,860,365		$	588,435		$	252,430		$	8,976,892