Select Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Select Quarterly Financial Data (Unaudited)

Note 29 — 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, 2023			September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022			September 30, 2022		June 30, 2022		March 31, 2022
	(in thousands)
Interest income	$	86,269		$	79,088	$	74,897	$	70,521	$	65,632		$	63,419	$	59,243	$	52,049
Interest expense - portfolio related		51,405			47,583		45,451		42,029		40,854			34,561		28,752		23,556
Net interest income - portfolio related		34,864			31,505		29,446		28,492		24,778			28,858		30,491		28,493
Interest expense - corporate debt		4,140			4,138		4,139		4,139		4,139			4,011		4,182		17,140
Net interest income		30,724			27,367		25,307		24,353		20,639			24,847		26,309		11,353
Provision for (reversal of) loan losses		827			154		298		636		(437	)		580		279		730
Net interest income after provision    for loan losses		29,897			27,213		25,009		23,717		21,076			24,267		26,030		10,623
Other operating income (1)		21,670			17,360		14,037		12,843		11,420			3,027		3,592		6,281
Operating expenses (1)		29,260			27,334		22,222		21,803		20,804			13,245		14,832		12,883
Income before income taxes		22,307			17,239		16,824		14,757		11,692			14,049		14,790		4,021
Income tax expense		5,141			5,070		4,602		4,021		3,465			3,759		4,019		790
Net income		17,166			12,169		12,222		10,736		8,227			10,290		10,771		3,231
Less (loss) income attributable to noncontrolling interest		(189	)		83		39		87		(235	)		307		126		110
Net income attributable to Velocity Financial, Inc.	$	17,355		$	12,086	$	12,183	$	10,649	$	8,462		$	9,983	$	10,645	$	3,121

(1)Certain accounts included in other operating expenses prior to June 30, 2023 have been reclassified to other operating income effective June 30, 2023.