Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting

Schedule of segment reporting information

					SBA Originations,		Residential
	Loan		SBC		Acquisitions,		Mortgage		Corporate-
(In Thousands)	Acquisitions		Originations		and Servicing		Banking		Other		Consolidated
Interest income	$	61,156	$	150,369	$	39,430	$	7,681	$	—	$	258,636
Interest expense		(43,383)		(95,061)		(27,472)		(8,294)		(1,271)		(175,481)
Net interest income before provision for loan losses	$	17,773	$	55,308	$	11,958	$	(613)	$	(1,271)	$	83,155
(Provision for) recovery of loan losses		(3,502)		(23,432)		(7,792)		—		—		(34,726)
Net interest income after (provision for) recovery of loan losses	$	14,271	$	31,876	$	4,166	$	(613)	$	(1,271)	$	48,429
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	—	$	252,720	$	—	$	252,720
Net realized gain on financial instruments and real estate owned		(5,077)		18,426		18,564		—		—		31,913
Net unrealized gain (loss) on financial instruments		(7,189)		(2,574)		(1,084)		(37,254)		—		(48,101)
Other income		7,240		4,431		29,473		183		189		41,516
Servicing income		723		2,265		10,377		25,229		—		38,594
Income on purchased future receivables, net of allowance for doubtful accounts		15,711		—		—		—		—		15,711
Income (loss) on unconsolidated joint ventures		2,404		—		—		—		—		2,404
Total non-interest income	$	13,812	$	22,548	$	57,330	$	240,878	$	189	$	334,757
Non-interest expense
Employee compensation and benefits	$	(9,491)	$	(14,137)	$	(19,516)	$	(45,368)	$	(3,408)	$	(91,920)
Allocated employee compensation and benefits from related party		(700)		—		—		—		(6,300)		(7,000)
Variable expenses on residential mortgage banking activities		—		—		—		(114,510)		—		(114,510)
Professional fees		(1,796)		(1,224)		(993)		(1,777)		(7,570)		(13,360)
Management fees – related party		—		—		—		—		(10,682)		(10,682)
Incentive fees – related party		—		—		—		—		(5,973)		(5,973)
Loan servicing expense		(6,017)		(8,373)		(675)		(15,754)		(37)		(30,856)
Merger related expenses		—		—		—		—		(63)		(63)
Other operating expenses		(16,259)		(13,582)		(12,550)		(8,737)		(3,241)		(54,369)
Total non-interest expense	$	(34,263)	$	(37,316)	$	(33,734)	$	(186,146)	$	(37,274)	$	(328,733)
Income (loss) before provision for income taxes	$	(6,180)	$	17,108	$	27,762	$	54,119	$	(38,356)	$	54,453
Total assets	$	1,189,825	$	2,621,478	$	734,196	$	626,035	$	200,561	$	5,372,095

Reportable segments for the year ended December 31, 2019 are summarized in the below table.

					SBA Originations,		Residential
	Loan		SBC		Acquisitions,		Mortgage		Corporate-
(In Thousands)	Acquisitions		Originations		and Servicing		Banking		Other		Consolidated
Interest income	$	65,922	$	127,495	$	32,096	$	4,403	$	—	$	229,916
Interest expense		(40,502)		(90,677)		(14,864)		(5,837)		—		(151,880)
Net interest income before provision for loan losses	$	25,420	$	36,818	$	17,232	$	(1,434)	$	—	$	78,036
(Provision for) recovery of loan losses		(808)		(319)		(2,557)		—		—		(3,684)
Net interest income after provision for loan losses	$	24,612	$	36,499	$	14,675	$	(1,434)	$	—	$	74,352
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	—	$	83,539	$	—	$	83,539
Net realized gain (loss) on financial instruments		18		13,750		15,190		—		—		28,958
Net unrealized gain (loss) on financial instruments		(254)		(107)		393		(18,569)		(253)		(18,790)
Other income		4,210		4,907		1,548		249		164		11,078
Income on purchased future receivables, net		2,362		—		—		—		—		2,362
Servicing income		798		1,898		5,330		22,639		—		30,665
Income on unconsolidated joint ventures		6,088		—		—		—		—		6,088
Gain on bargain purchase		—		—		—		—		30,728		30,728
Total non-interest income	$	13,222	$	20,448	$	22,461	$	87,858	$	30,639	$	174,628
Non-interest expense
Employee compensation and benefits	$	(1,855)	$	(6,905)	$	(16,255)	$	(22,882)	$	(3,340)	$	(51,237)
Allocated employee compensation and benefits from related party		(547)		—		—		—		(4,926)		(5,473)
Variable expenses on residential mortgage banking activities		—		—		—		(51,760)		—		(51,760)
Professional fees		(723)		(1,652)		(1,011)		(1,101)		(2,947)		(7,434)
Management fees – related party		—		—		—		—		(9,578)		(9,578)
Incentive fees – related party		—		—		—		—		(106)		(106)
Loan servicing expense		(4,662)		(5,695)		(261)		(7,225)		(133)		(17,976)
Merger related expenses		—		—		—		—		(7,750)		(7,750)
Other operating expenses		(4,573)		(11,199)		(6,591)		(7,717)		(3,082)		(33,162)
Total non-interest expense	$	(12,360)	$	(25,451)	$	(24,118)	$	(90,685)	$	(31,862)	$	(184,476)
Income (loss) before provision for income taxes	$	25,474	$	31,496	$	13,018	$	(4,261)	$	(1,223)	$	64,504
Total assets	$	1,264,226	$	2,492,156	$	760,031	$	330,363	$	130,242	$	4,977,018

Reportable segments for the year ended December 31, 2018 are summarized in the below table.

					SBA Originations,		Residential
			SBC		Acquisitions,		Mortgage		Corporate-
(In Thousands)	Acquisitions		Originations		and Servicing		Banking		Other		Consolidated
Interest income	$	47,243	$	81,752	$	36,706	$	3,798	$	—	$	169,499
Interest expense		(28,946)		(60,879)		(16,218)		(3,195)		—		(109,238)
Net interest income before provision for loan losses	$	18,297	$	20,873	$	20,488	$	603	$	—	$	60,261
Provision for loan losses		(1,727)		(13)		39		—		—		(1,701)
Net interest income after provision for loan losses	$	16,570	$	20,860	$	20,527	$	603	$	—	$	58,560
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	—	$	59,852	$	—	$	59,852
Net realized gain (loss) on financial instruments		5,023		17,482		15,904		—		—		38,409
Net unrealized gain (loss) on financial instruments		(1,156)		142		173		5,694		—		4,853
Servicing income		20		1,396		5,390		20,269		—		27,075
Income on unconsolidated joint venture		12,148		—		—		—		—		12,148
Other income		368		4,366		621		200		31		5,586
Total non-interest income	$	16,403	$	23,386	$	22,088	$	86,015	$	31	$	147,923
Non-interest expense
Employee compensation and benefits		(386)		(8,815)		(13,077)		(33,401)		(923)		(56,602)
Allocated employee compensation and benefits from related party		(420)		—		—		—		(3,780)		(4,200)
Variable expenses on residential mortgage banking activities		—		—		—		(22,228)		—		(22,228)
Professional fees		(1,310)		(1,285)		(820)		(607)		(2,977)		(6,999)
Management fees – related party		—		—		—		—		(8,176)		(8,176)
Incentive fees – related party		—		—		—		—		(1,143)		(1,143)
Loan servicing expense		(3,926)		(3,883)		(260)		(7,444)		(32)		(15,545)
Other operating expenses		(3,214)		(10,392)		(4,070)		(8,254)		(2,817)		(28,747)
Total non-interest expense	$	(9,256)	$	(24,375)	$	(18,227)	$	(71,934)	$	(19,848)	$	(143,640)
Income (loss) before provision for income taxes	$	23,717	$	19,871	$	24,388	$	14,684	$	(19,817)	$	62,843
Total Assets	$	644,512	$	1,606,210	$	455,513	$	260,523	$	70,085	$	3,036,843