Segment Information

3 Months Ended

Mar. 31, 2023

Segment Information

Segment Information

Note 14:   Segment Information

The 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. It is also a fully integrated syndicator of low-income housing tax credit and debt funds. 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; and 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 months ended March 31, 2023 and 2022.

	Multi-family
	Mortgage		Mortgage
	Banking		Warehousing		Banking		Other		Total
Three Months Ended March 31, 2023	(In thousands)
Interest income	$	1,106	$	42,318	$	166,726	$	1,144	$	211,294
Interest expense		—		27,794		84,526		(1,719)		110,601
Net interest income		1,106		14,524		82,200		2,863		100,693
Provision for credit losses		—		1,364		5,503		—		6,867
Net interest income after provision for credit losses		1,106		13,160		76,697		2,863		93,826
Noninterest income		16,597		1,033		(1,189)		(2,177)		14,264
Noninterest expense		14,631		2,755		10,170		7,216		34,772
Income (loss) before income taxes		3,072		11,438		65,338		(6,530)		73,318
Income taxes		1,106		2,797		16,031		(1,571)		18,363
Net income (loss)	$	1,966	$	8,641	$	49,307	$	(4,959)	$	54,955
Total assets	$	341,487	$	3,318,491	$	10,430,293	$	150,695	$	14,240,966

	Multi-family
	Mortgage		Mortgage
	Banking		Warehousing		Banking		Other		Total
Three Months Ended March 31, 2022	(In thousands)
Interest income	$	257	$	20,329	$	53,725	$	1,701	$	76,012
Interest expense		—		2,021		8,517		(251)		10,287
Net interest income		257		18,308		45,208		1,952		65,725
Provision for credit losses		—		(207)		2,658		—		2,451
Net interest income after provision for credit losses		257		18,515		42,550		1,952		63,274
Noninterest income		32,186		1,860		2,189		(1,638)		34,597
Noninterest expense		16,531		2,926		6,574		5,002		31,033
Income (loss) before income taxes		15,912		17,449		38,165		(4,688)		66,838
Income taxes		4,420		4,290		9,401		(1,415)		16,696
Net income (loss)	$	11,492	$	13,159	$	28,764	$	(3,273)	$	50,142
Total assets	$	293,286	$	2,863,907	$	6,409,943	$	83,456	$	9,650,592