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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]        
Interest income $ 39,755 $ 36,884 $ 84,391 $ 73,028
Interest expense — portfolio related 21,189 20,324 44,036 39,387
Net interest income — portfolio related 18,566 16,560 40,355 33,641
Interest expense — corporate debt 1,894 3,353 8,237 6,706
Net interest income 16,672 13,207 32,118 26,935
Provision for loan losses 1,800 212 3,088 560
Net interest income after provision for loan losses 14,872 12,995 29,030 26,375
Other operating income        
Gain on disposition of loans 155 863 2,772 2,858
Unrealized gain (loss) on fair value loans (13) (25) 32 (34)
Other income (expense) (1,481) (530) (2,524) (796)
Total other operating (expense) income (1,339) 308 280 2,028
Operating expenses        
Compensation and employee benefits 5,863 3,800 10,904 7,806
Rent and occupancy 448 399 903 736
Loan servicing 1,754 1,551 3,658 3,006
Professional fees 588 534 1,772 1,190
Real estate owned, net 408 561 1,542 862
Other operating expenses 1,847 1,479 4,180 3,223
Total operating expenses 10,908 8,324 22,959 16,823
Income before income taxes 2,625 4,979 6,351 11,580
Income tax expense 484 1,444 1,631 3,350
Net income 2,141 $ 3,535 4,720 $ 8,230
Less deemed dividends on preferred stock 48,955   48,955  
Net loss allocated to common shareholders $ (46,814)   $ (44,235)  
Loss per common share        
Basic $ (2.33)   $ (2.20)  
Diluted $ (2.33)   $ (2.20)  
Weighted average common share outstanding        
Basic 20,087   20,087  
Diluted 20,087   20,087