Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting

Schedule of segment reporting information

		Year Ended December 31, 2021
			Small		Residential
	SBC Lending		Business		Mortgage		Corporate-
(in thousands)	and Acquisitions		Lending		Banking		Other		Consolidated
Interest income	$	278,455	$	116,741	$	8,300	$	—	$	403,496
Interest expense		(164,797)		(36,872)		(9,193)		(2,699)		(213,561)
Net interest income before provision for loan losses	$	113,658	$	79,869	$	(893)	$	(2,699)	$	189,935
Provision for loan losses		(7,387)		(662)		—		—		(8,049)
Net interest income after provision for loan losses	$	106,271	$	79,207	$	(893)	$	(2,699)	$	181,886
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	137,297	$	—	$	137,297
Net realized gain on financial instruments and real estate owned		24,813		44,068		—		—		68,881
Net unrealized gain on financial instruments		19,457		2,999		16,921		—		39,377
Servicing income, net		3,113		14,510		30,392		—		48,015
Income on purchased future receivables, net		—		10,257		—		—		10,257
Income on unconsolidated joint ventures		6,916		—		—		—		6,916
Other income (loss)		13,002		(6,231)		2,153		85		9,009
Total non-interest income	$	67,301	$	65,603	$	186,763	$	85	$	319,752
Non-interest expense
Employee compensation and benefits	$	(16,582)	$	(36,757)	$	(32,973)	$	(3,753)	$	(90,065)
Allocated employee compensation and benefits from related party		(1,203)		—		—		(10,828)		(12,031)
Variable expenses on residential mortgage banking activities		—		—		(75,133)		—		(75,133)
Professional fees		(4,064)		(3,034)		(2,951)		(6,290)		(16,339)
Management fees – related party		—		—		—		(10,928)		(10,928)
Incentive fees – related party		—		—		—		(5,419)		(5,419)
Loan servicing expense		(19,680)		(886)		(9,417)		—		(29,983)
Transaction related expenses		—		—		—		(14,282)		(14,282)
Other operating expenses		(21,997)		(23,377)		(8,498)		(4,529)		(58,401)
Total non-interest expense	$	(63,526)	$	(64,054)	$	(128,972)	$	(56,029)	$	(312,581)
Income (loss) before provision for income taxes	$	110,046	$	80,756	$	56,898	$	(58,643)	$	189,057
Total assets	$	7,106,206	$	1,558,641	$	482,185	$	386,999	$	9,534,031

		Year Ended December 31, 2020
			Small		Residential
	SBC		Business		Mortgage		Corporate-
(in thousands)	Lending		Lending		Banking		Other		Consolidated
Interest income	$	211,525	$	39,430	$	7,681	$	—	$	258,636
Interest expense		(138,444)		(27,472)		(8,294)		(1,271)		(175,481)
Net interest income before provision for loan losses	$	73,081	$	11,958	$	(613)	$	(1,271)	$	83,155
Provision for loan losses		(26,932)		(7,794)		—		—		(34,726)
Net interest income after provision for loan losses	$	46,149	$	4,164	$	(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		13,349		18,564		—		—		31,913
Net unrealized loss on financial instruments		(9,763)		(1,084)		(37,254)		—		(48,101)
Servicing income, net		2,265		11,100		25,229		—		38,594
Income on purchased future receivables, net		—		15,711		—		—		15,711
Income on unconsolidated joint ventures		2,404		—		—		—		2,404
Other income		8,200		32,944		183		189		41,516
Total non-interest income	$	16,455	$	77,235	$	240,878	$	189	$	334,757
Non-interest expense
Employee compensation and benefits	$	(14,137)	$	(29,008)	$	(45,368)	$	(3,407)	$	(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		(2,174)		(1,839)		(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		(14,390)		(675)		(15,754)		(37)		(30,856)
Transaction related expenses		—		—		—		(63)		(63)
Other operating expenses		(18,865)		(23,525)		(8,737)		(3,242)		(54,369)
Total non-interest expense	$	(50,266)	$	(55,047)	$	(186,146)	$	(37,274)	$	(328,733)
Income (loss) before provision for income taxes	$	12,338	$	26,352	$	54,119	$	(38,356)	$	54,453
Total assets	$	3,790,899	$	754,600	$	626,035	$	200,561	$	5,372,095

		Year Ended December 31, 2019
			Small		Residential
	SBC Lending		Business		Mortgage		Corporate-
(in thousands)	and Acquisitions		Lending		Banking		Other		Consolidated
Interest income	$	193,417	$	32,096	$	4,403	$	—	$	229,916
Interest expense		(131,179)		(14,864)		(5,837)		—		(151,880)
Net interest income before provision for loan losses	$	62,238	$	17,232	$	(1,434)	$	—	$	78,036
Provision for loan losses		(1,127)		(2,557)		—		—		(3,684)
Net interest income after provision for loan losses	$	61,111	$	14,675	$	(1,434)	$	—	$	74,352
Non-interest income
Residential mortgage banking activities	$	—	$	—	$	83,539	$	—	$	83,539
Net realized gain on financial instruments and real estate owned		13,768		15,190		—		—		28,958
Net unrealized gain (loss) on financial instruments		(361)		393		(18,569)		(253)		(18,790)
Servicing income, net		1,899		6,127		22,639		—		30,665
Income on purchased future receivables, net		—		2,362		—		—		2,362
Income on unconsolidated joint ventures		6,088		—		—		—		6,088
Other income		8,304		2,361		249		164		11,078
Gain on bargain purchase		—		—		—		30,728		30,728
Total non-interest income	$	29,698	$	26,433	$	87,858	$	30,639	$	174,628
Non-interest expense
Employee compensation and benefits	$	(6,958)	$	(18,057)	$	(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		(2,134)		(1,252)		(1,101)		(2,947)		(7,434)
Management fees – related party		—		—		—		(9,578)		(9,578)
Incentive fees – related party		—		—		—		(106)		(106)
Loan servicing expense		(10,357)		(261)		(7,225)		(133)		(17,976)
Transaction related expenses		—		—		—		(7,750)		(7,750)
Other operating expenses		(14,218)		(8,145)		(7,717)		(3,082)		(33,162)
Total non-interest expense	$	(34,214)	$	(27,715)	$	(90,685)	$	(31,862)	$	(184,476)
Income (loss) before provision for income taxes	$	56,595	$	13,393	$	(4,261)	$	(1,223)	$	64,504
Total assets	$	3,694,266	$	822,147	$	330,363	$	130,242	$	4,977,018