XML 21 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
CONSOLIDATED STATEMENTS OF INCOME        
Interest income $ 41,858 $ 33,248 $ 79,007 $ 67,130
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
Provision for loan losses 397 (159) 229 (1,391)
Net interest income after provision for loan losses 15,848 15,859 30,165 32,066
Non-interest income        
Gains on residential mortgage banking activities, net of variable loan expenses 9,762 10,985 21,496 21,495
Other income 1,826 1,588 3,160 2,429
Income from unconsolidated joint venture 1,503   7,243  
Servicing income, net of amortization and impairment of $1,229 and $2,580 for the three and six months ended June 30, 2018, and $1,511 and $4,276 for the three and six months ended June 30, 2017, respectively 6,627 5,631 13,037 10,074
Total non-interest income 19,718 18,204 44,936 33,998
Non-interest expense        
Employee compensation and benefits (14,272) (13,451) (29,592) (26,915)
Allocated employee compensation and benefits from related party (1,200) (1,008) (2,400) (2,020)
Professional fees (2,401) (2,023) (5,049) (4,182)
Management fees – related party (2,036) (2,007) (4,049) (3,984)
Incentive fees – related party (269)   (676)  
Loan servicing expense (3,000) (2,611) (7,093) (4,126)
Other operating expenses (8,916) (6,206) (16,927) (11,736)
Total non-interest expense (32,094) (27,306) (65,786) (52,963)
Net realized gain on financial instruments 8,620 4,491 20,851 7,456
Net unrealized gain on financial instruments 4,457 974 7,464 2,257
Income before provision for income taxes 16,549 12,222 37,630 22,814
Provision for income taxes (665) (1,069) (3,228) (2,104)
Net income 15,884 11,153 34,402 20,710
Less: Net income attributable to non-controlling interest 588 657 1,252 1,358
Net income attributable to Sutherland Asset Management Corporation $ 15,296 $ 10,496 $ 33,150 $ 19,352
Earnings per common share - basic $ 0.48 $ 0.34 $ 1.03 $ 0.63
Earnings per common share - diluted $ 0.48 $ 0.34 $ 1.03 $ 0.63
Weighted-average shares outstanding        
Basic 32,073,717 30,768,900 32,055,110 30,659,958
Diluted 32,092,750 30,769,332 32,069,499 30,660,175
Dividends declared per share of common stock $ 0.40 $ 0.37 $ 0.77 $ 0.74