Segment Information

6 Months Ended

Jun. 30, 2022

Segment Information

Segment Information

Note 14:   Segment Information

Our Company’s business segments are defined as Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The reportable business segments are consistent with the internal reporting and evaluation of the principal lines of business of the Company. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. The Mortgage Warehousing segment funds agency eligible residential loans from the date of origination or purchase, until the date of sale in the secondary market, as well as commercial loans to non-depository financial institutions. The Banking segment provides a wide range of financial products and services to consumers and businesses, including retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and Small Business Administration (“SBA”) lending. Other includes general and administrative expenses that provide services to all segments; internal funds transfer pricing offsets resulting from allocations to/from the other segments, certain elimination entries and investments in qualified affordable housing limited partnerships. All operations are domestic.

The tables below present selected business segment financial information for the three and six months ended June 30, 2022 and 2021.

	Multi-family
	Mortgage		Mortgage
	Banking		Warehousing		Banking		Other		Total
	(In thousands)
Three Months Ended June 30, 2022
Interest income	$	383	$	23,247	$	63,578	$	2,062	$	89,270
Interest expense		—		5,576		12,036		(373)		17,239
Net interest income		383		17,671		51,542		2,435		72,031
Provision for credit losses		1,153		834		4,225		—		6,212
Net interest income after provision for credit losses		(770)		16,837		47,317		2,435		65,819
Noninterest income		49,430		1,350		(10,252)		(1,357)		39,171
Noninterest expense		21,959		2,441		2,634		5,923		32,957
Income before income taxes		26,701		15,746		34,431		(4,845)		72,033
Income taxes		7,145		3,878		8,499		(1,424)		18,098
Net income (loss)	$	19,556	$	11,868	$	25,932	$	(3,421)	$	53,935
Total assets	$	330,676	$	2,836,998	$	7,835,152	$	83,229	$	11,086,055

	Multi-family
	Mortgage		Mortgage
	Banking		Warehousing		Banking		Other		Total
	(In thousands)
Three Months Ended June 30, 2021
Interest income	$	204	$	29,935	$	40,983	$	1,316	$	72,438
Interest expense		—		1,599		7,216		(784)		8,031
Net interest income		204		28,336		33,767		2,100		64,407
Provision for credit losses		—		(40)		(275)		—		(315)
Net interest income after provision for credit losses		204		28,376		34,042		2,100		64,722
Noninterest income		28,572		3,079		2,613		(1,409)		32,855
Noninterest expense		13,626		2,703		7,496		4,358		28,183
Income before income taxes		15,150		28,752		29,159		(3,667)		69,394
Income taxes		4,179		7,304		7,418		(924)		17,977
Net income (loss)	$	10,971	$	21,448	$	21,741	$	(2,743)	$	51,417
Total assets	$	238,165	$	4,265,162	$	5,328,684	$	49,521	$	9,881,532

	Multi-family
	Mortgage		Mortgage
	Banking		Warehousing		Banking		Other		Total
	(In thousands)
Six Months Ended June 30, 2022
Interest income	$	640	$	43,576		117,303	$	3,763	$	165,282
Interest expense		—		7,597		20,553		(624)		27,526
Net interest income		640		35,979		96,750		4,387		137,756
Provision for credit losses		1,153		627		6,883		—		8,663
Net interest income after provision for credit losses		(513)		35,352		89,867		4,387		129,093
Noninterest income		81,616		3,210		(8,063)		(2,995)		73,768
Noninterest expense		38,490		5,367		9,208		10,925		63,990
Income before income taxes		42,613		33,195		72,596		(9,533)		138,871
Income taxes		11,565		8,168		17,900		(2,839)		34,794
Net income	$	31,048	$	25,027	$	54,696	$	(6,694)	$	104,077
Total assets	$	330,676	$	2,836,998	$	7,835,152	$	83,229	$	11,086,055

	Multi-family
	Mortgage		Mortgage
	Banking		Warehousing		Banking		Other			Total
	(In thousands)
Six Months Ended June 30, 2021
Interest income	$	411	$	68,522	$	80,523	$	2,531	$	151,987
Interest expense		—		3,323		13,655		(1,361)		15,617
Net interest income		411		65,199		66,868		3,892		136,370
Provision for credit losses		—		(1,124)		2,472		—		1,348
Net interest income after provision for credit losses		411		66,323		64,396		3,892		135,022
Noninterest income		61,806		7,196		10,291		(2,502)		76,791
Noninterest expense		30,070		5,599		14,621		7,977		58,267
Income before income taxes		32,147		67,920		60,066		(6,587)		153,546
Income taxes		9,215		17,289		15,300		(1,658)		40,146
Net income	$	22,932	$	50,631	$	44,766	$	(4,929)	$	113,400
Total assets	$	238,165	$	4,265,162	$	5,328,684	$	49,521	$	9,881,532