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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 14, 2020
Sep. 16, 2020
Jun. 15, 2020
Mar. 11, 2020
Dec. 11, 2019
Sep. 10, 2019
Jun. 11, 2019
Mar. 12, 2019
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CONSOLIDATED STATEMENTS OF INCOME                                      
Interest income                                 $ 258,636 $ 229,916 $ 169,499
Interest expense                                 (175,481) (151,880) (109,238)
Net interest income before provision for loan losses                                 83,155 78,036 60,261
Provision for (Recovery of) loan losses                                 (34,726) (3,684) (1,701)
Net interest income after provision for (recovery of) loan losses                         $ 22,319 $ 19,640 $ 19,933 $ 12,460 48,429 74,352 58,560
Non-interest income                                      
Residential mortgage banking activities                                 252,720 83,539 59,852
Net realized gains on financial instruments and real estate owned                                 31,913 28,958 38,409
Net unrealized gain (loss) on financial instruments                                 (48,101) (18,790) 4,853
Servicing income, net of amortization and impairment of $5,975, $5,811 and $5,509                                 38,594 30,665 27,075
Income on purchased future receivables, net of allowance for doubtful accounts of $11,769 and $5,082                                 15,711 2,362  
Income (loss) on unconsolidated joint ventures                                 2,404 6,088 12,148
Other income                                 41,516 11,078 5,586
Gain on bargain purchase                                   30,728  
Total non-interest income (loss)                         45,422 39,984 32,956 56,266 334,757 174,628 147,923
Non-interest expense                                      
Employee compensation and benefits                                 (91,920) (51,237) (56,602)
Allocated employee compensation and benefits from related party                                 (7,000) (5,473) (4,200)
Variable expenses on residential mortgage banking activities                                 (114,510) (51,760) (22,228)
Professional fees                                 (13,360) (7,434) (6,999)
Management fees - related party                                 (10,682) (9,578) (8,176)
Incentive fees - related party                                 (5,973) (106) (1,143)
Loan servicing expense                                 (30,856) (17,976) (15,545)
Merger related expenses                                 (63) (7,750)  
Other operating expenses                                 (54,369) (33,162) (28,747)
Total non-interest expense                         (48,755) (49,842) (44,600) (41,279) (328,733) (184,476) (143,640)
Income (loss) before provision for income taxes                                 54,453 64,504 62,843
Income tax (provision) benefit                                 (8,384) 10,552 (1,386)
Net income (loss)                 $ 27,559 $ 35,363 $ 34,663 $ (51,516) 20,934 12,427 11,245 30,450 46,069 75,056 61,457
Less: Net income (loss) attributable to non-controlling interest                                 1,199 2,088 2,199
Net income (loss) attributable to Ready Capital Corporation                 $ 26,911 $ 34,558 $ 33,853 $ (50,452) $ 20,428 $ 12,104 $ 10,969 $ 29,467 $ 44,870 $ 72,968 $ 59,258
Earnings (loss) per basic common share                                      
Earnings (loss) per common share - basic                 $ 0.49 $ 0.63 $ 0.62 $ (0.98) $ 0.43 $ 0.27 $ 0.25 $ 0.90 $ 0.81 $ 1.72 $ 1.84
Earnings (loss) per diluted common share                                      
Earnings (loss) per common share - basic                 0.49 0.63 0.62 (0.98) 0.43 0.27 0.25 0.90 0.81 1.72 1.84
Earnings (loss) per common share - diluted                 0.49 0.63 0.62 (0.98) 0.43 0.27 0.25 0.90 $ 0.81 $ 1.72 $ 1.84
Weighted-average shares outstanding                                      
Basic                                 53,736,523 42,011,750 32,085,975
Diluted                                 53,818,378 42,047,648 32,102,184
Dividends declared per share of common stock $ 0.35 $ 0.30 $ 0.25 $ 0.40 $ 0.40 $ 0.40 $ 0.40 $ 0.40 $ 0.35 $ 0.30 $ 0.25 $ 0.40 $ 0.40 $ 0.40 $ 0.40 $ 0.40 $ 1.30 $ 1.60 $ 1.57