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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
INCOME      
Interest income $ 112,416 $ 108,181 $ 91,424
Interest expense (59,325) (53,335) (39,101)
Net interest income 53,091 54,846 52,323
Provision for loan losses (803) (1,164) 0
Net interest income after provision for loan losses 52,288 53,682 52,323
Income from investment in affiliates 1,332 762 707
Gain on sale of mortgage loans 7,123 0 0
Other Income 4,176 3,720 1,765
Total income 64,919 58,164 54,795
EXPENSE      
Related party expense – loan servicing fees 9,133 10,148 8,245
Related party expense – management fee 7,356 6,025 5,340
Loan transaction expense 328 389 1,471
Professional fees 2,550 2,179 2,340
Real estate operating expenses 3,685 3,252 2,630
Other expense 4,225 3,934 3,353
Total expense 27,277 25,927 23,379
Loss on debt extinguishment 429 836 1,131
Income before provision for income taxes 37,213 31,401 30,285
Provision for income taxes 124 64 131
Consolidated net income 37,089 31,337 30,154
Less: consolidated net income attributable to the non-controlling interest 2,384 2,997 1,227
Consolidated net income attributable to common stockholders $ 34,705 $ 28,340 $ 28,927
Basic earnings per common share (in dollars per share) $ 1.74 $ 1.50 $ 1.58
Diluted earnings per common share (in dollars per share) $ 1.59 $ 1.43 $ 1.51
Weighted average shares - basic (in shares) 19,710,482 18,642,526 18,074,143
Weighted average shares - diluted (in shares) 28,173,217 25,830,546 23,318,521