Select Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Select Quarterly Financial Data (Unaudited)

Note 27 — Select Quarterly Financial Data (Unaudited)

The following tables set forth the Company's unaudited quarterly results for the periods indicated:

	Three Months Ended
	December 31, 2022			September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		June 30, 2021			March 31, 2021
	(in thousands)
Interest income	$	65,632		$	63,419	$	59,243	$	52,049	$	49,360	$	46,923	$	44,978		$	40,707
Interest expense - portfolio related		40,854			34,561		28,752		23,556		23,666		20,321		20,566			20,832
Net interest income - portfolio related		24,778			28,858		30,491		28,493		25,694		26,602		24,412			19,875
Interest expense - corporate debt		4,139			4,011		4,182		17,140		4,462		4,488		4,309			7,350
Net interest income		20,639			24,847		26,309		11,353		21,232		22,114		20,103			12,525
Provision for (reversal of) loan losses		(437	)		580		279		730		377		228		(1,000	)		105
Net interest income after provision    for loan losses		21,076			24,267		26,030		10,623		20,855		21,886		21,103			12,420
Other operating income		11,029			2,509		3,039		5,648		2,617		339		2,432			2,801
Operating expenses		20,413			12,727		14,279		12,250		12,095		11,298		10,650			10,617
Income before income taxes		11,692			14,049		14,790		4,021		11,377		10,927		12,885			4,604
Income tax expense		3,465			3,759		4,019		790		3,024		2,905		3,432			1,208
Net income		8,227			10,290		10,771		3,231		8,353		8,022		9,453			3,396
Less income (loss) attributable to noncontrolling interest		(235	)		307		126		110		—		—		—			—
Net income attributable to Velocity Financial, Inc.	$	8,462		$	9,983	$	10,645	$	3,121	$	8,353	$	8,022	$	9,453		$	3,396