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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 15, 2017
Mar. 14, 2017
Dec. 21, 2016
Oct. 11, 2016
Aug. 23, 2016
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest income                  
Loans, held-for-investment           $ 28,507 $ 30,777 $ 58,607 $ 63,109
Loans, held at fair value           2,204 2,660 3,829 6,022
Loans, held for sale, at fair value           1,638   3,072  
Mortgage backed securities, at fair value           899 1,064 1,622 3,237
Total interest income           33,248 34,501 67,130 72,368
Interest expense                  
Securitized debt obligations of consolidated VIEs           (4,761) (4,530) (9,883) (9,071)
Borrowings under repurchase agreements           (4,048) (3,687) (8,269) (7,546)
Guaranteed loan financing           (3,520) (3,414) (6,784) (7,363)
Borrowings under credit facilities           (3,058) (2,078) (6,035) (4,030)
Senior secured note           (1,777)   (2,568)  
Promissory note payable           (66) (67) (134) (67)
Total interest expense           (17,230) (13,776) (33,673) (28,077)
Net interest income before provision for loan losses           16,018 20,725 33,457 44,291
Provision for loan losses           (159) (2,017) (1,391) (4,201)
Net interest income after provision for loan losses           15,859 18,708 32,066 40,090
Non-interest income (expense)                  
Residential mortgage banking activities, net           10,985   21,495  
Other income (loss)           1,588 1,299 2,429 3,607
Servicing income, net of amortization and impairment of $1,511 and $4,276 for the three and six months ended June 30, 2017, and $2,252 and $4,229 for the three and six months ended June 30, 2016, respectively           5,631 1,347 10,074 2,760
Employee compensation and benefits           (13,451) (4,112) (26,915) (9,182)
Allocated employee compensation and benefits from related party           (1,008) (900) (2,020) (1,800)
Professional fees           (2,023) (3,677) (4,182) (5,453)
Management fees – related party           (2,007) (1,833) (3,984) (3,671)
Loan servicing expense           (2,611) (1,185) (4,126) (2,061)
Other operating expenses           (6,206) (3,818) (11,736) (7,681)
Total non-interest income (expense)           (9,102) (12,879) (18,965) (23,481)
Net realized gain on financial instruments           4,491 1,075 7,456 1,266
Net unrealized gain (loss) on financial instruments           974 2,602 2,257 2,266
Income (loss) from continued operations before provision for income taxes           12,222 9,506 22,814 20,141
Provision for income taxes           (1,069) (858) (2,104) (2,029)
Net income from continuing operations           11,153 8,648 20,710 18,112
Discontinued operations                  
Loss from discontinued operations (including gain on disposal of $267 in the six months ended June 30, 2016)                 (576)
Income tax benefit                 225
Loss from discontinued operations                 (351)
Net income           11,153 8,648 20,710 17,761
Less: Net income attributable to non-controlling interest           657 703 1,358 1,440
Net income attributable to Sutherland Asset Management Corporation           $ 10,496 $ 7,945 $ 19,352 $ 16,321
Earnings (loss) per basic common share                  
Continuing operations           $ 0.34 $ 0.31 $ 0.63 $ 0.64
Discontinued operations                 (0.01)
Earnings (loss) per diluted common share                  
Continuing operations           $ 0.34 $ 0.31 $ 0.63 0.64
Discontinued operations                 $ (0.01)
Weighted-average shares outstanding                  
Basic           30,768,900 25,870,420 30,659,958 25,870,453
Diluted           30,769,332 25,870,420 30,660,175 25,870,453
Dividends declared per share of common stock $ 0.37 $ 0.37 $ 0.35 $ 0.36 $ 0.45 $ 0.37 $ 0.45 $ 0.74 $ 0.45