Attached files
| file | filename |
|---|---|
| EX-99.2 - EX-99.2 - Ready Capital Corp | ex-99d2.htm |
| 8-K - 8-K - Ready Capital Corp | f8-k.htm |
Exhibit 99.1
SUTHERLAND ASSET MANAGEMENT CORPORATION ANNOUNCES SECOND QUARTER 2017 RESULTS
- Quarterly Net Income and Core Earnings of $0.34 per share of common stock -
- Originated $811.6 Million of Loans During Second Quarter 2017 -
- Declared and Paid Second Quarter Dividend of $0.37 Per Share -
New York, New York, August 3, 2017 / PRNewswire / – Sutherland Asset Management Corporation (“Sutherland” or the “Company”) (NYSE: SLD) today reported financial results for the quarter ended June 30, 2017.
Second Quarter Highlights:
|
· |
Net income of $11.2 million, or $0.34 per share of common stock |
|
· |
Core earnings of $11.2 million, or $0.34 per share of common stock |
|
· |
Net book value of $16.67 per share of common stock as of June 30, 2017 |
|
· |
Originated $225.6 million of small balance commercial (“SBC”) loans |
|
· |
Originated $26.0 million of loans guaranteed by the U.S. Small Business Administration (the “SBA”) under its Section 7(a) loan program |
|
· |
Originated $560.0 million of residential mortgage loans |
|
· |
Completed a $65 million re-opening of 7.5% Senior Secured Notes with a yield to maturity of 6.75% |
|
· |
Purchased $14.4 million of Freddie Mac multi-family loan securitization Class B certificate |
Recent Developments
|
· |
Completed securitization of $154.9 million of acquired SBC owner-occupied loans and sold $139.4 million of the senior bonds at a weighted average pass-through rate of 3.3% |
|
· |
Priced issuance of Collateralized Loan Obligation (“CLO”) of $243.8 million of originated transitional loans and sold $198.8 million of the senior bonds at a weighted average pass-through rate of LIBOR plus 139 basis points. |
A summary of Sutherland’s operating results for the quarter ended June 30, 2017 is presented below. Sutherland reported U.S. GAAP net income for the three months ended June 30, 2017 of $11.2 million, or $0.34 per share of common stock, and Core Earnings (a non-GAAP financial measure) of $11.2 million, or $0.34 per share of common stock.
The Company issued a full detailed presentation of its second quarter 2017 results, which can be viewed in the investor relations section at www.sutherlandam.com.
Thomas Capasse, Chairman and Chief Executive Officer commented, “During the second quarter we made great strides as the team’s efforts led to a 42% increase in small balance commercial loan originations and a 17% sequential increase in quarterly earnings. We continue to strategically pursue opportunities to grow the platform and drive shareholder value. With two securitizations completed during the past week and the positive results from the execution of a second tranche on our Term Note, Sutherland continues to move down the path necessary to expand ROE in future quarters while raising funds accretively.”
Common Dividends
During the second quarter of 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.37 per share of common stock and operating partnership unit (“OP unit”) in its operating partnership subsidiary for the quarter ended June 30, 2017 to common stockholders and OP unit holders of record as of June 30, 2017. The dividend was paid on July 31, 2017.
Use of Non-GAAP Financial Information
In addition to the results presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), this press release includes Core Earnings which is a non-U.S. GAAP financial measure. The Company defines Core Earnings as net income adjusted for unrealized or realized gains (losses) related to mortgage backed securities, unrealized gains (losses) related to
residential mortgage servicing rights, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains or merger related expenses.
The Company believes that providing investors with this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, gives investors greater transparency into the information used by management in its financial and operational decision-making. However, because Core Earnings is an incomplete measure of the Company's financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company's net income computed in accordance with U.S. GAAP as a measure of the Company's financial performance. In addition, because not all companies use identical calculations, the Company's presentation of Core Earnings may not be comparable to other similarly-titled measures of other companies.
The following table reconciles net income computed in accordance with U.S. GAAP to Core Earnings for the three months ended June 30, 2017:
|
(In Millions) |
|
|
Three Months Ended June 30,2017 |
|
Net Income |
|
$ |
11.2 |
|
Reconciling items: |
|
|
|
|
Unrealized (gain) loss on mortgage-backed securities |
|
|
(1.2) |
|
Unrealized (gain) loss on mortgage servicing rights |
|
|
1.7 |
|
Total reconciling items |
|
|
0.5 |
|
Income tax adjustments |
|
|
(0.5) |
|
Core earnings |
|
$ |
11.2 |
|
|
|
|
|
Webcast and Earnings Conference Call
Management will host a webcast and conference call on Thursday, August 3, 2017 at 8:30 am ET to provide a general business update and discuss the financial results for the quarter ended June 30, 2017. The conference call can be accessed by dialing 888-299-7209 (domestic) or 719-457-2630 (international).
The conference call will also be available in the Investor Relations section of the Company’s website at www.sutherlandam.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will also be available on the Company’s website approximately two hours after the live call through August 17, 2017. To access the replay, dial 844-512-2921 (domestic) or 412-317-6671 (international). The replay pin number is 3116012.
Safe Harbor Statement
This press release contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company's target assets; and other factors, including those set forth in the Risk Factors section of the Company's most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
Investor Relations
Sutherland Asset Management
212-257-4666
SutherlandIR@waterfallam.com
Additional information can be found on the Company’s website at www.sutherlandam.com.
SUTHERLAND ASSET MANAGEMENT CORPORATION
Unaudited CONSOLIDATED BALANCE SHEETS
|
(In Thousands) |
|
June 30, 2017 |
|
December 31, 2016 |
||
|
Assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
63,931 |
|
$ |
59,566 |
|
Restricted cash |
|
|
17,563 |
|
|
20,190 |
|
Short-term investments |
|
|
— |
|
|
319,984 |
|
Loans, held-for-investment (net of allowances for loan losses of $10,426 at June 30, 2017 and $12,721 at December 31, 2016) |
|
|
1,005,242 |
|
|
929,529 |
|
Loans, held at fair value |
|
|
170,128 |
|
|
81,592 |
|
Loans, held for sale, at fair value |
|
|
206,706 |
|
|
181,797 |
|
Mortgage backed securities, at fair value |
|
|
43,877 |
|
|
32,391 |
|
Loans eligible for repurchase from Ginnie Mae |
|
|
105,244 |
|
|
137,986 |
|
Derivative instruments, at fair value |
|
|
4,187 |
|
|
5,785 |
|
Servicing rights |
|
|
19,954 |
|
|
22,478 |
|
Residential mortgage servicing rights, at fair value |
|
|
66,797 |
|
|
61,376 |
|
Receivable from third parties |
|
|
106,562 |
|
|
7,220 |
|
Other assets |
|
|
39,452 |
|
|
54,277 |
|
Assets of consolidated VIEs |
|
|
597,277 |
|
|
691,096 |
|
Total Assets |
|
$ |
2,446,920 |
|
$ |
2,605,267 |
|
Liabilities: |
|
|
|
|
|
|
|
Borrowings under credit facilities |
|
|
316,962 |
|
|
326,610 |
|
Promissory note payable |
|
|
6,773 |
|
|
7,378 |
|
Securitized debt obligations of consolidated VIEs |
|
|
397,911 |
|
|
492,942 |
|
Borrowings under repurchase agreements |
|
|
520,169 |
|
|
600,852 |
|
Senior secured note |
|
|
138,311 |
|
|
— |
|
Guaranteed loan financing |
|
|
332,812 |
|
|
390,555 |
|
Contingent consideration |
|
|
8,939 |
|
|
14,487 |
|
Liabilities for loans eligible for repurchase from Ginnie Mae |
|
|
105,244 |
|
|
137,986 |
|
Derivative instruments, at fair value |
|
|
931 |
|
|
643 |
|
Dividends payable |
|
|
12,289 |
|
|
11,505 |
|
Accounts payable and other accrued liabilities |
|
|
53,768 |
|
|
70,207 |
|
Total Liabilities |
|
$ |
1,894,109 |
|
$ |
2,053,165 |
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
Common stock, $0.0001 par value, 500,000,000 shares authorized, 31,996,440 and 30,549,084 shares issued and outstanding, respectively |
|
|
4 |
|
|
3 |
|
Additional paid-in capital |
|
|
537,443 |
|
|
513,295 |
|
Deficit |
|
|
(4,030) |
|
|
(201) |
|
Total Sutherland Asset Management Corporation equity |
|
|
533,417 |
|
|
513,097 |
|
Non-controlling interests |
|
|
19,394 |
|
|
39,005 |
|
Total Stockholders’ Equity |
|
$ |
552,811 |
|
$ |
552,102 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
2,446,920 |
|
$ |
2,605,267 |
SUTHERLAND ASSET MANAGEMENT CORPORATION
Unaudited CONSOLIDATED STATEMENTS OF INCOME
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
(In Thousands, except share data) |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
||||
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, held-for-investment |
|
$ |
28,507 |
|
$ |
30,777 |
|
$ |
58,607 |
|
$ |
63,109 |
|
Loans, held at fair value |
|
|
2,204 |
|
|
2,660 |
|
|
3,829 |
|
|
6,022 |
|
Loans, held for sale, at fair value |
|
|
1,638 |
|
|
— |
|
|
3,072 |
|
|
— |
|
Mortgage backed securities, at fair value |
|
|
899 |
|
|
1,064 |
|
|
1,622 |
|
|
3,237 |
|
Total interest income |
|
|
33,248 |
|
|
34,501 |
|
|
67,130 |
|
|
72,368 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitized debt obligations of consolidated VIEs |
|
|
(4,761) |
|
|
(4,530) |
|
|
(9,883) |
|
|
(9,071) |
|
Borrowings under repurchase agreements |
|
|
(4,048) |
|
|
(3,687) |
|
|
(8,269) |
|
|
(7,546) |
|
Guaranteed loan financing |
|
|
(3,520) |
|
|
(3,414) |
|
|
(6,784) |
|
|
(7,363) |
|
Borrowings under credit facilities |
|
|
(3,058) |
|
|
(2,078) |
|
|
(6,035) |
|
|
(4,030) |
|
Senior secured note |
|
|
(1,777) |
|
|
— |
|
|
(2,568) |
|
|
— |
|
Promissory note payable |
|
|
(66) |
|
|
(67) |
|
|
(134) |
|
|
(67) |
|
Total interest expense |
|
|
(17,230) |
|
|
(13,776) |
|
|
(33,673) |
|
|
(28,077) |
|
Net interest income before provision for loan losses |
|
|
16,018 |
|
|
20,725 |
|
|
33,457 |
|
|
44,291 |
|
Provision for loan losses |
|
|
(159) |
|
|
(2,017) |
|
|
(1,391) |
|
|
(4,201) |
|
Net interest income after provision for loan losses |
|
|
15,859 |
|
|
18,708 |
|
|
32,066 |
|
|
40,090 |
|
Non-interest income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage banking activities, net |
|
|
10,985 |
|
|
— |
|
|
21,495 |
|
|
— |
|
Other income |
|
|
1,588 |
|
|
1,299 |
|
|
2,429 |
|
|
3,607 |
|
Servicing income, net of amortization and impairment of $1,511 and $4,276 for the three and six months ended June 30, 2017, and $2,252 and $4,229 for the three and six months ended June 30, 2016, respectively |
|
|
5,631 |
|
|
1,347 |
|
|
10,074 |
|
|
2,760 |
|
Employee compensation and benefits |
|
|
(13,451) |
|
|
(4,112) |
|
|
(26,915) |
|
|
(9,182) |
|
Allocated employee compensation and benefits from related party |
|
|
(1,008) |
|
|
(900) |
|
|
(2,020) |
|
|
(1,800) |
|
Professional fees |
|
|
(2,023) |
|
|
(3,677) |
|
|
(4,182) |
|
|
(5,453) |
|
Management fees – related party |
|
|
(2,007) |
|
|
(1,833) |
|
|
(3,984) |
|
|
(3,671) |
|
Loan servicing expense |
|
|
(2,611) |
|
|
(1,185) |
|
|
(4,126) |
|
|
(2,061) |
|
Other operating expenses |
|
|
(6,206) |
|
|
(3,818) |
|
|
(11,736) |
|
|
(7,681) |
|
Total non-interest income (expense) |
|
|
(9,102) |
|
|
(12,879) |
|
|
(18,965) |
|
|
(23,481) |
|
Net realized gain on financial instruments |
|
|
4,491 |
|
|
1,075 |
|
|
7,456 |
|
|
1,266 |
|
Net unrealized gain on financial instruments |
|
|
974 |
|
|
2,602 |
|
|
2,257 |
|
|
2,266 |
|
Income from continued operations before provision for income taxes |
|
|
12,222 |
|
|
9,506 |
|
|
22,814 |
|
|
20,141 |
|
Provision for income taxes |
|
|
(1,069) |
|
|
(858) |
|
|
(2,104) |
|
|
(2,029) |
|
Net income from continuing operations |
|
|
11,153 |
|
|
8,648 |
|
|
20,710 |
|
|
18,112 |
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations (including gain on disposal of $267 in the six months ended June 30, 2016) |
|
|
— |
|
|
— |
|
|
— |
|
|
(576) |
|
Income tax benefit |
|
|
— |
|
|
— |
|
|
— |
|
|
225 |
|
Loss from discontinued operations |
|
|
— |
|
|
— |
|
|
— |
|
|
(351) |
|
Net income |
|
|
11,153 |
|
|
8,648 |
|
|
20,710 |
|
|
17,761 |
|
Less: Net income attributable to non-controlling interest |
|
|
657 |
|
|
703 |
|
|
1,358 |
|
|
1,440 |
|
Net income attributable to Sutherland Asset Management Corporation |
|
$ |
10,496 |
|
$ |
7,945 |
|
$ |
19,352 |
|
$ |
16,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per basic common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.34 |
|
$ |
0.31 |
|
$ |
0.63 |
|
$ |
0.64 |
|
Discontinued operations |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(0.01) |
|
Earnings (loss) per diluted common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.34 |
|
$ |
0.31 |
|
$ |
0.63 |
|
$ |
0.64 |
|
Discontinued operations |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(0.01) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
30,768,900 |
|
|
25,870,420 |
|
|
30,659,958 |
|
|
25,870,453 |
|
Diluted |
|
|
30,769,332 |
|
|
25,870,420 |
|
|
30,660,175 |
|
|
25,870,453 |
|
Dividends declared per share of common stock |
|
$ |
0.37 |
|
$ |
0.45 |
|
$ |
0.74 |
|
$ |
0.45 |
SUTHERLAND ASSET MANAGEMENT CORPORATION
Unaudited SEGMENT REPORTING
fOR THE THREE MONTHS ENDED JUNE 30, 2017
|
|
|
|
|
SBC |
|
SBA Originations, |
|
Residential |
|
|
|||||
|
|
|
Loan |
|
Conventional |
|
Acquisitions, |
|
Mortgage |
|
|
|||||
|
(In Thousands) |
|
Acquisitions |
|
Originations |
|
and Servicing |
|
Banking |
|
Consolidated |
|||||
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, held-for-investment |
|
$ |
16,590 |
|
$ |
2,140 |
|
$ |
9,752 |
|
$ |
25 |
|
$ |
28,507 |
|
Loans, held at fair value |
|
|
613 |
|
|
1,591 |
|
|
— |
|
|
— |
|
|
2,204 |
|
Loans, held for sale, at fair value |
|
|
373 |
|
|
241 |
|
|
— |
|
|
1,024 |
|
|
1,638 |
|
Mortgage backed securities, at fair value |
|
|
899 |
|
|
— |
|
|
— |
|
|
— |
|
|
899 |
|
Total interest income |
|
$ |
18,475 |
|
|
3,972 |
|
$ |
9,752 |
|
$ |
1,049 |
|
$ |
33,248 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitized debt obligations of consolidated VIEs |
|
|
(4,492) |
|
|
— |
|
|
(269) |
|
|
— |
|
|
(4,761) |
|
Borrowings under repurchase agreements |
|
|
(2,596) |
|
|
(1,452) |
|
|
— |
|
|
— |
|
|
(4,048) |
|
Guaranteed loan financing |
|
|
— |
|
|
— |
|
|
(3,520) |
|
|
— |
|
|
(3,520) |
|
Borrowings under credit facilities |
|
|
(1,584) |
|
|
(170) |
|
|
(477) |
|
|
(827) |
|
|
(3,058) |
|
Senior secured note |
|
|
— |
|
|
(1,777) |
|
|
— |
|
|
— |
|
|
(1,777) |
|
Promissory note payable |
|
|
(66) |
|
|
— |
|
|
— |
|
|
— |
|
|
(66) |
|
Total interest expense |
|
$ |
(8,738) |
|
$ |
(3,399) |
|
$ |
(4,266) |
|
$ |
(827) |
|
$ |
(17,230) |
|
Net interest income before provision for loan losses |
|
$ |
9,737 |
|
$ |
573 |
|
$ |
5,486 |
|
$ |
222 |
|
$ |
16,018 |
|
Provision for loan losses |
|
|
(102) |
|
|
12 |
|
|
(69) |
|
|
— |
|
|
(159) |
|
Net interest income after provision for loan losses |
|
$ |
9,635 |
|
$ |
585 |
|
$ |
5,417 |
|
$ |
222 |
|
$ |
15,859 |
|
Non-interest income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage banking activities, net |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
10,985 |
|
$ |
10,985 |
|
Other income (loss) |
|
|
754 |
|
|
1,022 |
|
|
(222) |
|
|
34 |
|
|
1,588 |
|
Servicing income |
|
|
26 |
|
|
139 |
|
|
1,246 |
|
|
4,220 |
|
|
5,631 |
|
Employee compensation and benefits |
|
|
5 |
|
|
(1,890) |
|
|
(2,488) |
|
|
(9,078) |
|
|
(13,451) |
|
Allocated employee compensation and benefits from related party |
|
|
179 |
|
|
(615) |
|
|
(595) |
|
|
23 |
|
|
(1,008) |
|
Professional fees |
|
|
(188) |
|
|
(579) |
|
|
(868) |
|
|
(388) |
|
|
(2,023) |
|
Management fees – related party |
|
|
(1,156) |
|
|
(282) |
|
|
(322) |
|
|
(247) |
|
|
(2,007) |
|
Loan servicing expense |
|
|
(997) |
|
|
(288) |
|
|
479 |
|
|
(1,805) |
|
|
(2,611) |
|
Other operating expenses |
|
|
(390) |
|
|
(2,090) |
|
|
(1,470) |
|
|
(2,256) |
|
|
(6,206) |
|
Total non-interest income (expense) |
|
$ |
(1,767) |
|
$ |
(4,583) |
|
$ |
(4,240) |
|
$ |
1,488 |
|
$ |
(9,102) |
|
Net realized gain on financial instruments |
|
|
396 |
|
|
1,740 |
|
|
2,355 |
|
|
— |
|
|
4,491 |
|
Net unrealized gain (loss) on financial instruments |
|
|
863 |
|
|
1,782 |
|
|
— |
|
|
(1,671) |
|
|
974 |
|
Net income (loss) before provision for income taxes |
|
$ |
9,127 |
|
$ |
(476) |
|
$ |
3,532 |
|
$ |
39 |
|
$ |
12,222 |
|
Provision for income taxes |
|
|
452 |
|
|
5 |
|
|
(1,270) |
|
|
(256) |
|
|
(1,069) |
|
Net income |
|
$ |
9,579 |
|
$ |
(471) |
|
$ |
2,262 |
|
$ |
(217) |
|
$ |
11,153 |
|
Total Assets |
|
$ |
1,253,880 |
|
$ |
345,597 |
|
$ |
530,482 |
|
$ |
316,961 |
|
$ |
2,446,920 |
SUTHERLAND ASSET MANAGEMENT CORPORATION
Unaudited SEGMENT REPORTING
fOR THE SIX MONTHS ENDED JUNE 30, 2017
|
|
|
|
|
SBC |
|
SBA Originations, |
|
Residential |
|
|
|||||
|
|
|
Loan |
|
Conventional |
|
Acquisitions, |
|
Mortgage |
|
|
|||||
|
(In Thousands) |
|
Acquisitions |
|
Originations |
|
and Servicing |
|
Banking |
|
Consolidated |
|||||
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, held-for-investment |
|
$ |
35,157 |
|
$ |
3,330 |
|
$ |
19,895 |
|
$ |
225 |
|
$ |
58,607 |
|
Loans, held at fair value |
|
|
876 |
|
|
2,953 |
|
|
— |
|
|
— |
|
|
3,829 |
|
Loans, held for sale, at fair value |
|
|
794 |
|
|
424 |
|
|
— |
|
|
1,854 |
|
|
3,072 |
|
Mortgage backed securities, at fair value |
|
|
1,622 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,622 |
|
Total interest income |
|
$ |
38,449 |
|
|
6,707 |
|
$ |
19,895 |
|
$ |
2,079 |
|
$ |
67,130 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitized debt obligations of consolidated VIEs |
|
|
(9,316) |
|
|
— |
|
|
(567) |
|
|
— |
|
|
(9,883) |
|
Borrowings under repurchase agreements |
|
|
(5,612) |
|
|
(2,657) |
|
|
— |
|
|
— |
|
|
(8,269) |
|
Guaranteed loan financing |
|
|
— |
|
|
— |
|
|
(6,784) |
|
|
— |
|
|
(6,784) |
|
Borrowings under credit facilities |
|
|
(3,260) |
|
|
(360) |
|
|
(902) |
|
|
(1,513) |
|
|
(6,035) |
|
Senior secured note |
|
|
— |
|
|
(2,568) |
|
|
— |
|
|
— |
|
|
(2,568) |
|
Promissory note payable |
|
|
(134) |
|
|
— |
|
|
— |
|
|
— |
|
|
(134) |
|
Total interest expense |
|
$ |
(18,322) |
|
$ |
(5,585) |
|
$ |
(8,253) |
|
$ |
(1,513) |
|
$ |
(33,673) |
|
Net interest income before provision for loan losses |
|
$ |
20,127 |
|
$ |
1,122 |
|
$ |
11,642 |
|
$ |
566 |
|
$ |
33,457 |
|
Provision for loan losses |
|
|
(724) |
|
|
(84) |
|
|
(583) |
|
|
— |
|
|
(1,391) |
|
Net interest income after provision for loan losses |
|
$ |
19,403 |
|
$ |
1,038 |
|
$ |
11,059 |
|
$ |
566 |
|
$ |
32,066 |
|
Non-interest income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage banking activities, net |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
21,495 |
|
$ |
21,495 |
|
Other income (loss) |
|
|
889 |
|
|
1,577 |
|
|
(89) |
|
|
52 |
|
|
2,429 |
|
Servicing income |
|
|
32 |
|
|
(363) |
|
|
2,043 |
|
|
8,362 |
|
|
10,074 |
|
Employee compensation and benefits |
|
|
(616) |
|
|
(3,916) |
|
|
(4,687) |
|
|
(17,696) |
|
|
(26,915) |
|
Allocated employee compensation and benefits from related party |
|
|
(405) |
|
|
(757) |
|
|
(757) |
|
|
(101) |
|
|
(2,020) |
|
Professional fees |
|
|
(1,232) |
|
|
(907) |
|
|
(1,355) |
|
|
(688) |
|
|
(4,182) |
|
Management fees – related party |
|
|
(2,296) |
|
|
(559) |
|
|
(639) |
|
|
(490) |
|
|
(3,984) |
|
Loan servicing expense |
|
|
(1,897) |
|
|
(535) |
|
|
1,587 |
|
|
(3,281) |
|
|
(4,126) |
|
Other operating expenses |
|
|
(1,981) |
|
|
(3,894) |
|
|
(2,355) |
|
|
(3,506) |
|
|
(11,736) |
|
Total non-interest income (expense) |
|
$ |
(7,506) |
|
$ |
(9,354) |
|
$ |
(6,252) |
|
$ |
4,147 |
|
$ |
(18,965) |
|
Net realized gain on financial instruments |
|
|
986 |
|
|
3,060 |
|
|
3,410 |
|
|
— |
|
|
7,456 |
|
Net unrealized gain (loss) on financial instruments |
|
|
1,469 |
|
|
2,800 |
|
|
212 |
|
|
(2,224) |
|
|
2,257 |
|
Net income (loss) before provision for income taxes |
|
$ |
14,352 |
|
$ |
(2,456) |
|
$ |
8,429 |
|
$ |
2,489 |
|
$ |
22,814 |
|
Provision for income taxes |
|
|
554 |
|
|
265 |
|
|
(2,177) |
|
|
(746) |
|
|
(2,104) |
|
Net income |
|
$ |
14,906 |
|
$ |
(2,191) |
|
$ |
6,252 |
|
$ |
1,743 |
|
$ |
20,710 |
|
Total Assets |
|
$ |
1,253,880 |
|
$ |
345,597 |
|
$ |
530,482 |
|
$ |
316,961 |
|
$ |
2,446,920 |