|
Other operating expenses
|
|
$5.3m
|
$6.0m
|
$8.4m
|
$8.5m
|
$11.1m
|
$8.5m
|
$9.6m
|
$10.8m
|
|
Total operating expenses
|
|
$32.2m
|
$35.1m
|
$45.6m
|
$44.7m
|
$59.7m
|
$100.6m
|
$139.6m
|
$197.4m
|
|
Interest income
|
|
$124.7m
|
$157.5m
|
$167.3m
|
$182.0m
|
$240.3m
|
$310.8m
|
$406.8m
|
$550.8m
|
|
Net interest income — portfolio related
|
|
$62.1m
|
$73.6m
|
$79.5m
|
$96.6m
|
$112.6m
|
$124.3m
|
$159.6m
|
$210.4m
|
|
Net interest income
|
|
$48.8m
|
$59.0m
|
$67.4m
|
$76.0m
|
$83.1m
|
$107.8m
|
$135.8m
|
$185.8m
|
|
Provision for credit losses
|
|
$201k
|
$1.1m
|
$5.1m
|
($292k)
|
$1.2m
|
$1.9m
|
$1.2m
|
$5.8m
|
|
Net interest income after provision for credit losses
|
|
$48.6m
|
$57.9m
|
$62.4m
|
$76.3m
|
$82.0m
|
$105.8m
|
$134.6m
|
$180.0m
|
|
Gain on disposition of loans
|
|
$1.2m
|
$4.4m
|
$7.6m
|
$7.9m
|
$7.1m
|
$8.2m
|
$9.9m
|
$36.3m
|
|
Unrealized gain on fair value loans
|
|
$241k
|
($9k)
|
$442k
|
$29k
|
$8.3m
|
$47.9m
|
$55.9m
|
$116.9m
|
|
Unrealized gain (loss) on fair value securitized debt
|
|
—
|
—
|
—
|
—
|
—
|
($9.0m)
|
$2.6m
|
($30.5m)
|
|
Unrealized gain (loss) on mortgage servicing rights
|
|
—
|
—
|
—
|
—
|
$2.1m
|
($660k)
|
$375k
|
($998k)
|
|
Origination fee income
|
|
—
|
—
|
—
|
$1.6m
|
$5.2m
|
$12.4m
|
$24.0m
|
$34.0m
|
|
Interest income on cash balance
|
|
—
|
—
|
—
|
—
|
—
|
$5.2m
|
$6.5m
|
$5.9m
|
|
Other income
|
|
$1.4m
|
($1.8m)
|
($1.7m)
|
$267k
|
$4.8m
|
$1.8m
|
$2.1m
|
$2.1m
|
|
Compensation and employee benefits
|
|
$15.1m
|
$15.5m
|
$20.7m
|
$19.2m
|
$30.5m
|
$48.3m
|
$69.6m
|
$90.2m
|
|
Loan servicing
|
|
$6.0m
|
$7.4m
|
$7.8m
|
$8.3m
|
$12.3m
|
$17.6m
|
$22.4m
|
$33.4m
|
|
Professional fees
|
|
$3.0m
|
$2.1m
|
$4.2m
|
$3.8m
|
$4.2m
|
$4.6m
|
$7.6m
|
$6.1m
|
|
Rent and occupancy
|
|
$1.3m
|
$1.5m
|
$1.7m
|
$1.8m
|
$1.7m
|
$1.9m
|
$1.9m
|
$1.1m
|
|
Real estate owned, net
|
|
$1.4m
|
$2.6m
|
$2.7m
|
$3.1m
|
($70k)
|
$6.2m
|
$6.0m
|
$22.9m
|
|
Less undistributed earnings attributable to unvested restricted stock awards
|
|
—
|
—
|
—
|
$8.6m
|
$491k
|
$753k
|
$834k
|
$1.3m
|
|
Net earnings attributable to common stockholders
|
|
—
|
—
|
($31.2m)
|
$20.6m
|
$31.7m
|
$51.5m
|
$67.6m
|
$103.7m
|
|
Total other operating income
|
|
$2.8m
|
$2.6m
|
$6.3m
|
$8.2m
|
$22.2m
|
$65.9m
|
$101.4m
|
$163.6m
|
|
Income before income taxes
|
|
$19.2m
|
$25.4m
|
$23.1m
|
$39.8m
|
$44.6m
|
$71.1m
|
$96.4m
|
$146.2m
|
|
Net income
|
|
$7.6m
|
$25.4m
|
$23.1m
|
$39.8m
|
$32.5m
|
$52.3m
|
$68.5m
|
$105.0m
|
|
Net income attributable to Velocity Financial, Inc.
|
|
$7.6m
|
$17.3m
|
$17.8m
|
$29.2m
|
$32.2m
|
$52.3m
|
$68.4m
|
$105.1m
|
|
Net income (loss) attributable to noncontrolling interest
|
|
—
|
—
|
—
|
—
|
$308k
|
$20k
|
$47k
|
($71k)
|
|
Basic
|
|
—
|
—
|
($1.55)
|
$0.90
|
$0.99
|
$1.60
|
$2.07
|
$2.81
|
|
Diluted
|
|
—
|
—
|
($1.55)
|
$0.61
|
$0.93
|
$1.49
|
$1.89
|
$2.72
|
|
Interest expense — portfolio related
|
|
$62.6m
|
$83.9m
|
$87.8m
|
$85.4m
|
$127.7m
|
$186.5m
|
$247.2m
|
$340.5m
|
|
Interest expense — corporate debt
|
|
$13.3m
|
$14.6m
|
$12.0m
|
$20.6m
|
$29.5m
|
$16.6m
|
$23.8m
|
$24.6m
|
|
Origination expenses
|
|
—
|
—
|
—
|
$2.2m
|
$4.0m
|
$518k
|
$3.1m
|
$4.5m
|
|
Securitization expenses
|
|
—
|
—
|
—
|
—
|
—
|
$12.9m
|
$19.4m
|
$28.3m
|
|
Total income tax expense
|
|
$11.6m
|
$8.1m
|
$5.4m
|
$10.6m
|
$12.0m
|
$18.8m
|
$27.9m
|
$41.3m
|