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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
CONSOLIDATED STATEMENTS OF INCOME        
Interest income $ 59,723 $ 44,287 $ 165,510 $ 123,295
Interest expense (39,390) (28,925) (110,919) (77,996)
Net interest income before provision for loan losses 20,333 15,362 54,591 45,299
Provision for loan losses (693) (800) (2,559) (571)
Net interest income after provision for loan losses 19,640 14,562 52,032 44,728
Non-interest income        
Residential mortgage banking activities 29,013 17,011 64,621 48,290
Net realized gain on financial instruments and real estate owned 7,377 6,946 20,914 27,796
Net unrealized gain (loss) on financial instruments (7,881) 8,500 (21,799) 15,964
Servicing income, net of amortization and impairment of $1,609 and $4,225 for the three and nine months ended September 30, 2019, and $1,425 and $5,252 for the three and nine months ended September 30, 2018, respectively 7,449 6,922 22,012 19,959
Other income 2,979 1,204 6,671 4,364
Income on unconsolidated joint ventures 1,047 2,178 6,059 9,420
Gain on bargain purchase     30,728  
Total non-interest income 39,984 42,761 129,206 125,793
Non-interest expense        
Employee compensation and benefits (13,438) (14,163) (37,395) (43,755)
Allocated employee compensation and benefits from related party (1,500) (1,200) (3,603) (3,600)
Variable expenses on residential mortgage banking activities (17,318) (8,337) (39,995) (18,120)
Professional fees (2,030) (2,294) (5,445) (7,343)
Management fees – related party (2,495) (2,070) (6,987) (6,118)
Incentive fees – related party       (676)
Loan servicing expense (4,866) (4,247) (13,085) (11,340)
Merger related expenses (51)   (6,121)  
Other operating expenses (8,144) (6,548) (23,091) (23,475)
Total non-interest expense (49,842) (38,859) (135,722) (114,427)
Income before provision for income taxes 9,782 18,464 45,516 56,094
Benefit (provision) for income taxes 2,645 (895) 8,604 (4,123)
Net income 12,427 17,569 54,120 51,971
Less: Net income attributable to non-controlling interest 323 638 1,580 1,890
Net income attributable to Ready Capital Corporation $ 12,104 $ 16,931 $ 52,540 $ 50,081
Earnings per basic common share        
Earnings per common share - basic $ 0.27 $ 0.53 $ 1.29 $ 1.57
Earnings per diluted common share        
Earnings per common share - diluted $ 0.27 $ 0.53 $ 1.29 $ 1.57
Weighted-average shares outstanding        
Basic 44,438,652 32,109,642 40,517,231 32,073,665
Diluted 44,467,801 32,130,262 40,546,380 32,090,126
Dividends declared per share of common stock $ 0.40 $ 0.40 $ 1.20 $ 1.17