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Interest Income and Interest Expense
 6 Months Ended
Jun. 30, 2018
Interest Income and Interest Expense  
Interest Income and Interest Expense

Note 14 – Interest Income and Interest Expense

 

Interest income and interest expense are recorded in the unaudited interim consolidated statements of income and classified based on the nature of the underlying asset or liability.

 

The following table presents the components of interest income and expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

(In Thousands)

    

2018

    

2017

    

2018

    

2017

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

 

 

 

 

 

 

 

 

 

 

 

   Acquired SBA 7(a) loans

 

$

7,968

 

$

9,663

 

$

15,840

 

$

19,540

   Acquired loans

 

 

12,707

 

 

8,685

 

 

22,166

 

 

18,728

   Originated Transitional loans

 

 

10,038

 

 

3,945

 

 

18,950

 

 

8,048

   Originated SBC loans, at fair value

 

 

497

 

 

2,204

 

 

2,525

 

 

3,830

   Originated SBC loans

 

 

7,204

 

 

6,100

 

 

12,944

 

 

11,711

   Originated SBA 7(a) loans

 

 

1,030

 

 

89

 

 

1,873

 

 

354

   Originated Residential Agency loans

 

 

12

 

 

25

 

 

24

 

 

225

Total loans (1)

 

$

39,456

 

$

30,711

 

$

74,322

 

$

62,436

Held for sale, at fair value, loans

 

 

 

 

 

 

 

 

 

 

 

 

   Originated Residential Agency loans

 

$

987

 

$

1,025

 

$

1,864

 

$

1,855

   Originated Freddie loans

 

 

431

 

 

241

 

 

942

 

 

424

   Acquired loans

 

 

77

 

 

372

 

 

90

 

 

793

Total loans, held for sale, at fair value

 

$

1,495

 

$

1,638

 

$

2,896

 

$

3,072

Mortgage backed securities, at fair value

 

 

907

 

 

899

 

 

1,789

 

 

1,622

Total interest income

 

$

41,858

 

$

33,248

 

$

79,007

 

$

67,130

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Secured borrowings

 

$

(8,708)

 

$

(7,106)

 

$

(15,890)

 

$

(14,304)

Securitized debt obligations of consolidated VIEs

 

 

(8,288)

 

 

(4,761)

 

 

(15,491)

 

 

(9,884)

Guaranteed loan financing

 

 

(2,956)

 

 

(3,520)

 

 

(5,770)

 

 

(6,784)

Senior secured note

 

 

(3,487)

 

 

(1,777)

 

 

(6,726)

 

 

(2,567)

Convertible note

 

 

(2,187)

 

 

 —

 

 

(4,373)

 

 

 —

Corporate debt

 

 

(742)

 

 

 —

 

 

(742)

 

 

 —

Promissory note

 

 

(39)

 

 

(66)

 

 

(79)

 

 

(134)

Total interest expense

 

$

(26,407)

 

$

(17,230)

 

$

(49,071)

 

$

(33,673)

Net interest income before provision for loan losses

 

$

15,451

 

$

16,018

 

$

29,936

 

$

33,457

(1) Includes interest income on loans in consolidated VIEs.