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v3.22.2.2

Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) segment
Segment reporting |  |  |  |
Number of reportable segments | segment |  |  | 3 | 4
Interest income | $ 186,026 | $ 105,136 | $ 464,102 | $ 281,554
Interest expense | (115,495) | (50,136) | (257,339) | (156,312)
Net interest income before recovery of (provision for) loan losses | 70,531 | 55,000 | 206,763 | 125,242
Recovery of (provision for) loan losses | (3,431) | (1,579) | (583) | (7,088)
Net interest income after recovery of (provision for) loan losses | 67,100 | 53,421 | 206,180 | 118,154
Non-interest income |  |  |  |
Residential mortgage banking activities | 12,053 | 37,270 | 23,424 | 115,369
Net realized gains on financial instruments and real estate owned | 21,117 | 23,210 | 50,238 | 49,239
Net unrealized gain (loss) on financial instruments | 16,460 | 5,688 | 58,522 | 31,296
Servicing income, net | 12,189 | 10,243 | 37,282 | 37,806
Income on purchased future receivables, net | 1,162 | 2,838 | 5,490 | 7,934
Income (loss) from unconsolidated joint ventures | (603) | 3,548 | 11,160 | 6,100
Other income (loss) | 16,150 | 5,674 | 30,985 | 5,557
Total non-interest income | 78,528 | 88,471 | 217,101 | 253,301
Non-interest expense |  |  |  |
Employee compensation and benefits | (25,941) | (24,537) | (79,998) | (71,584)
Allocated employee compensation and benefits from related party | (1,745) | (3,804) | (6,549) | (9,226)
Variable income (expenses) on residential mortgage banking activities | (9,061) | (24,380) | (5,508) | (61,286)
Professional fees | (3,865) | (6,900) | (12,842) | (12,754)
Management fees - related party | (5,410) | (2,742) | (14,071) | (8,061)
Incentive fees - related party | (949) | (2,775) | (949) | (3,061)
Loan servicing expense | (10,697) | (8,124) | (29,913) | (21,079)
Transaction related expenses | (1,535) | (2,629) | (8,606) | (10,202)
Other operating expenses | (15,396) | (12,926) | (42,421) | (45,600)
Total non-interest expense | (74,599) | (88,817) | (200,857) | (242,853)
Income (loss) before provision for income taxes | 71,029 | 53,075 | 222,424 | 128,602
Total assets | 11,858,211 | 9,264,398 | 11,858,211 | 9,264,398
Operating Segments | SBC Lending and Acquisitions |  |  |  |
Segment reporting |  |  |  |
Interest income | 159,307 | 74,184 | 378,077 | 194,959
Interest expense | (105,560) | (41,251) | (231,338) | (117,608)
Net interest income before recovery of (provision for) loan losses | 53,747 | 32,933 | 146,739 | 77,351
Recovery of (provision for) loan losses | (3,231) | (1,557) | 1,108 | (6,627)
Net interest income after recovery of (provision for) loan losses | 50,516 | 31,376 | 147,847 | 70,724
Non-interest income |  |  |  |
Net realized gains on financial instruments and real estate owned | 13,060 | 8,891 | 25,976 | 15,457
Net unrealized gain (loss) on financial instruments | 322 | 5,467 | 10,234 | 17,437
Servicing income, net | 1,191 | 998 | 3,542 | 2,520
Income (loss) from unconsolidated joint ventures | (603) | 3,548 | 11,160 | 6,100
Other income (loss) | 5,476 | 3,945 | 14,828 | 8,842
Total non-interest income | 19,446 | 22,849 | 65,740 | 50,356
Non-interest expense |  |  |  |
Employee compensation and benefits | (6,603) | (7,034) | (24,666) | (13,580)
Allocated employee compensation and benefits from related party | (175) | (383) | (655) | (926)
Professional fees | (1,630) | (1,193) | (5,128) | (3,031)
Loan servicing expense | (8,226) | (4,334) | (22,013) | (12,797)
Other operating expenses | (6,208) | (5,077) | (18,041) | (16,676)
Total non-interest expense | (22,842) | (18,021) | (70,503) | (47,010)
Income (loss) before provision for income taxes | 47,120 | 36,204 | 143,084 | 74,070
Total assets | 10,268,015 | 5,796,326 | 10,268,015 | 5,796,326
Operating Segments | Small Business Lending |  |  |  |
Segment reporting |  |  |  |
Interest income | 24,605 | 28,739 | 79,866 | 80,304
Interest expense | (7,097) | (6,511) | (18,703) | (29,698)
Net interest income before recovery of (provision for) loan losses | 17,508 | 22,228 | 61,163 | 50,606
Recovery of (provision for) loan losses | (200) | (22) | (1,691) | (461)
Net interest income after recovery of (provision for) loan losses | 17,308 | 22,206 | 59,472 | 50,145
Non-interest income |  |  |  |
Net realized gains on financial instruments and real estate owned | 8,057 | 14,319 | 24,262 | 33,782
Net unrealized gain (loss) on financial instruments | (509) | 74 | (942) | 3,055
Servicing income, net | 1,991 | 1,497 | 8,042 | 12,966
Income on purchased future receivables, net | 1,162 | 2,838 | 5,490 | 7,934
Other income (loss) | 10,641 | 1,696 | 15,462 | (3,454)
Total non-interest income | 21,342 | 20,424 | 52,314 | 54,283
Non-interest expense |  |  |  |
Employee compensation and benefits | (12,329) | (10,716) | (32,064) | (26,097)
Professional fees | (1,426) | (582) | (4,513) | (1,930)
Loan servicing expense | (103) | (426) | (531) |
Loan servicing expense |  |  |  | (468)
Other operating expenses | (5,482) | (4,139) | (13,583) | (19,209)
Total non-interest expense | (19,340) | (15,863) | (50,691) | (47,704)
Income (loss) before provision for income taxes | 19,310 | 26,767 | 61,095 | 56,724
Total assets | 930,577 | 2,462,862 | 930,577 | 2,462,862
Operating Segments | Residential Mortgage Banking |  |  |  |
Segment reporting |  |  |  |
Interest income | 2,114 | 2,213 | 6,159 | 6,291
Interest expense | (2,479) | (2,374) | (6,663) | (6,997)
Net interest income before recovery of (provision for) loan losses | (365) | (161) | (504) | (706)
Net interest income after recovery of (provision for) loan losses | (365) | (161) | (504) | (706)
Non-interest income |  |  |  |
Residential mortgage banking activities | 12,053 | 37,270 | 23,424 | 115,369
Net unrealized gain (loss) on financial instruments | 16,647 | 147 | 49,230 | 10,804
Servicing income, net | 9,007 | 7,748 | 25,698 | 22,320
Other income (loss) | 15 | 31 | 60 | 84
Total non-interest income | 37,722 | 45,196 | 98,412 | 148,577
Non-interest expense |  |  |  |
Employee compensation and benefits | (5,274) | (5,399) | (19,714) | (29,114)
Variable income (expenses) on residential mortgage banking activities | (9,061) | (24,380) | (5,508) | (61,286)
Professional fees | (138) | (1,534) | (619) | (1,929)
Loan servicing expense | (2,368) | (3,364) | (7,369) | (7,814)
Other operating expenses | (2,034) | (1,908) | (6,233) | (6,325)
Total non-interest expense | (18,875) | (36,585) | (39,443) | (106,468)
Income (loss) before provision for income taxes | 18,482 | 8,450 | 58,465 | 41,403
Total assets | 459,058 | 570,236 | 459,058 | 570,236
Corporate |  |  |  |
Segment reporting |  |  |  |
Interest expense | (359) |  | (635) | (2,009)
Net interest income before recovery of (provision for) loan losses | (359) |  | (635) | (2,009)
Net interest income after recovery of (provision for) loan losses | (359) |  | (635) | (2,009)
Non-interest income |  |  |  |
Other income (loss) | 18 | 2 | 635 | 85
Total non-interest income | 18 | 2 | 635 | 85
Non-interest expense |  |  |  |
Employee compensation and benefits | (1,735) | (1,388) | (3,554) | (2,793)
Allocated employee compensation and benefits from related party | (1,570) | (3,421) | (5,894) | (8,300)
Professional fees | (671) | (3,591) | (2,582) | (5,864)
Management fees - related party | (5,410) | (2,742) | (14,071) | (8,061)
Incentive fees - related party | (949) | (2,775) | (949) | (3,061)
Transaction related expenses | (1,535) | (2,629) | (8,606) | (10,202)
Other operating expenses | (1,672) | (1,802) | (4,564) | (3,390)
Total non-interest expense | (13,542) | (18,348) | (40,220) | (41,671)
Income (loss) before provision for income taxes | (13,883) | (18,346) | (40,220) | (43,595)
Total assets | $ 200,561 | $ 434,974 | $ 200,561 | $ 434,974

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