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CONSOLIDATED STATEMENTS OF INCOME
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
$ / shares
shares
CONSOLIDATED STATEMENTS OF INCOME  
Interest income $ 403,496
Interest expense (213,561)
Net interest income before provision for loan losses 189,935
Provision for (recovery of) loan losses (8,049)
Net interest income after provision for (recovery of) loan losses 181,886
Non-interest income  
Residential mortgage banking activities 137,297
Net realized gains on financial instruments and real estate owned 68,881
Net unrealized gain (loss) on financial instruments 39,377
Servicing income, net of amortization and impairment of $10,588, $5,975 and $5,811 48,015
Income on purchased future receivables, net of allowance for doubtful accounts of $1,296, $11,769 and $5,082 10,257
Income (loss) on unconsolidated joint ventures 6,916
Other income (loss) 9,009
Total non-interest income (loss) 319,752
Non-interest expense  
Employee compensation and benefits (90,065)
Allocated employee compensation and benefits from related party (12,031)
Variable expenses on residential mortgage banking activities (75,133)
Professional fees (16,339)
Management fees - related party (10,928)
Incentive fees - related party (5,419)
Loan servicing expense (29,983)
Transaction related expenses (14,282)
Other operating expenses (58,401)
Total non-interest expense (312,581)
Income before provision for income taxes 189,057
Income tax provision (29,083)
Net income 159,974
Less: Dividends on preferred stock 7,503
Less: Net income attributable to non-controlling interest 2,230
Net income attributable to Ready Capital Corporation $ 150,241
Earnings (loss) per basic common share  
Earnings per common share - basic | $ / shares $ 2.17
Earnings (loss) per diluted common share  
Earnings per common share - basic | $ / shares 2.17
Earnings per common share - diluted | $ / shares $ 2.17
Weighted-average shares outstanding  
Basic | shares 68,511,578
Diluted | shares 68,660,906
Dividends declared per share of common stock | $ / shares $ 1.66