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Other income and operating expenses (Tables)

9 Months Ended

Sep. 30, 2022

Other income and operating expenses

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


(in thousands)		September 30, 2022			December 31, 2021
Assets
Paycheck Protection Program loans		$	275,162		$	867,109
Paycheck Protection Program loans, at fair value			599			3,243
PPP fee receivable			338			407
Accrued interest receivable			2,328			7,025
Total PPP related assets		$	278,427		$	877,784
Liabilities
Paycheck Protection Program Liquidity Facility borrowings		$	305,797		$	941,505
Interest payable			1,532			2,358
Deferred LSP revenue			151			286
Accrued PPP related costs			4,294			12,460
Payable to third parties			360			2,091
Repair and denial reserve			5,855			12,844
Total PPP related liabilities		$	317,989		$	971,544

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


		Three Months Ended September 30,				Nine Months Ended September 30,				Financial statement account
(in thousands)	2022		2021			2022		2021
Income
LSP fee income	$	26	$	417	$	5,336	$	10,275		Servicing income
Interest income		14,000		18,680		50,140		51,927		Interest income
Repair and denial reserve		2,153		(196)		6,553		(5,585)		Other income - change in repair and denial reserve
Total PPP related income	$	16,179	$	18,901	$	62,029	$	56,617
Expense
Direct operating expenses	$	93	$	(25)	$	434	$	8,193		Other operating expenses - origination costs
Interest expense		323		1,196		1,470		13,818		Interest expense
Total PPP related expenses (direct)	$	416	$	1,171	$	1,904	$	22,011
Net PPP related income	$	15,763	$	17,730	$	60,125	$	34,606

Schedule of other income and operating expenses


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2022			2021			2022			2021
Other income:
Origination income	$	3,660		$	2,794		$	8,039		$	6,297
Change in repair and denial reserve		1,864			45			5,362			(6,108)
Employee retention credit consulting income		6,958			—			7,261			—
Other		3,668			2,835			10,323			5,368
Total other income	$	16,150		$	5,674		$	30,985		$	5,557
Other operating expenses:
Origination costs	$	3,288		$	4,041		$	10,390		$	20,069
Technology expense		2,619			2,058			7,035			5,968
Impairment on real estate		—			184			2,667			1,462
Rent and property tax expense		1,764			1,538			4,423			4,967
Recruiting, training and travel expense		395			297			1,221			1,126
Marketing expense		575			1,121			1,499			2,306
Loan acquisition costs		(36)			115			182			449
Financing costs on purchased future receivables		40			31			102			87
Other		6,751			3,541			14,902			9,166
Total other operating expenses	$	15,396		$	12,926		$	42,421		$	45,600