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v3.22.2.2

Interest income and interest expense | 9 Months Ended
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Sep. 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 September 30, | ​ | Nine Months Ended September 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bridge | ​ | $ | 118,755 | ​ | $ | 40,602 | ​ | $ | 266,234 | ​ | $ | 97,891
Fixed rate | ​ | ​ | 13,473 | ​ | ​ | 16,431 | ​ | ​ | 42,412 | ​ | ​ | 45,119
Construction | ​ | ​ | 9,942 | ​ | ​ | — | ​ | ​ | 18,942 | ​ | ​ | —
SBA - 7(a) | ​ | ​ | 10,604 | ​ | ​ | 10,059 | ​ | ​ | 29,725 | ​ | ​ | 28,377
PPP | ​ | ​ | 14,000 | ​ | ​ | 18,680 | ​ | ​ | 50,140 | ​ | ​ | 51,927
Residential | ​ | ​ | 53 | ​ | ​ | 44 | ​ | ​ | 103 | ​ | ​ | 166
Other | ​ | ​ | 9,090 | ​ | ​ | 11,256 | ​ | ​ | 29,381 | ​ | ​ | 35,236
Total loans (1) | ​ | $ | 175,917 | ​ | $ | 97,072 | ​ | $ | 436,937 | ​ | $ | 258,716
Held for sale, at fair value, loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed rate | ​ | $ | 2,292 | ​ | $ | 786 | ​ | $ | 6,585 | ​ | $ | 1,356
Freddie Mac | ​ | ​ | 230 | ​ | ​ | 235 | ​ | ​ | 729 | ​ | ​ | 997
Residential | ​ | ​ | 2,103 | ​ | ​ | 3,225 | ​ | ​ | 6,401 | ​ | ​ | 8,511
Other | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 46 | ​ | ​ | —
Total loans, held for sale, at fair value (1) | ​ | $ | 4,625 | ​ | $ | 4,246 | ​ | $ | 13,761 | ​ | $ | 10,864
Investments held to maturity | ​ | $ | 4,764 | ​ | $ | — | ​ | $ | 8,983 | ​ | $ | —
MBS, at fair value | ​ | $ | 720 | ​ | $ | 3,818 | ​ | $ | 4,421 | ​ | $ | 11,974
Total interest income | ​ | $ | 186,026 | ​ | $ | 105,136 | ​ | $ | 464,102 | ​ | $ | 281,554
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured borrowings | ​ | $ | (42,124) | ​ | $ | (14,048) | ​ | $ | (89,894) | ​ | $ | (49,687)
Paycheck Protection Program Liquidity Facility borrowings | ​ |  | (323) | ​ |  | (2,258) | ​ |  | (1,470) | ​ |  | (4,137)
Securitized debt obligations of consolidated VIEs | ​ |  | (52,186) | ​ |  | (19,490) | ​ |  | (110,241) | ​ |  | (60,004)
Guaranteed loan financing | ​ | ​ | (3,798) | ​ | ​ | (3,472) | ​ | ​ | (10,069) | ​ | ​ | (10,595)
Senior secured note | ​ |  | (4,380) | ​ |  | (3,465) | ​ |  | (13,117) | ​ |  | (10,380)
Convertible note | ​ | ​ | (2,188) | ​ | ​ | (2,188) | ​ | ​ | (6,564) | ​ | ​ | (6,564)
Corporate debt | ​ | ​ | (10,496) | ​ | ​ | (5,215) | ​ | ​ | (25,984) | ​ | ​ | (14,945)
Total interest expense | ​ | $ | (115,495) | ​ | $ | (50,136) | ​ | $ | (257,339) | ​ | $ | (156,312)
Net interest income before provision for loan losses | ​ | $ | 70,531 | ​ | $ | 55,000 | ​ | $ | 206,763 | ​ | $ | 125,242
(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 https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 + Details
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