Residential Mortgage Banking Overview
Statement of Income by Quarter
READY CAPITAL.
(In thousands, except share data)
Q3 2022
Q4 2022
Interest income
S
186,026
S
207,068 S
Interest expense
(115,495)
(143,435)
Q1 2023
217,573 S
(160,394)
Q2 2023
232,884 S
(172,534)
Q3 2023
250,590
(191,612)
Net interest income before (provision for) recovery of loan losses
Recovery of (provision for) loan losses
S
70,531 $
63,633 $
(3,431)
Net interest income after (provision for) recovery of loan losses
Non-interest income
$
67,100 $
(33,859)
29,774 $
57,179 $
6,734
63,913 $
60,350 $
58,978
(19,427)
12,151
40,923
$
71,129
Residential mortgage banking activities
S
12,053
S
549 S
Net realized gain (loss) on financial instruments and real estate owned
21,117
3,526
9,169
11,575
S
9,884 S
7,059
23,878
14,402
Net unrealized gain (loss) on financial instruments
16,460
9,430
(11,728)
7,407
17,684
Servicing income, net of amortization and impairment
12,189
8,643
14,003
14,432
16,033
Income on purchased future receivables, net
1,162
540
86
904
Income on unconsolidated joint ventures
Gain (loss) on bargain purchase
Other income
Total non-interest income
(603)
501
656
33
56
16,150
$
78,528 $
19,771
42,420
$
19,883
44,098
$
229,894
18,569
304,183
(14,862)
18,315
$
59,591
Non-interest expense
Employee compensation and benefits
Allocated employee compensation and benefits from related party
Variable income (expenses) on residential mortgage banking activities
Professional fees
Management fees-related party
(25,941) S
(19,228) S
(25,139) $
(27,709) S
(24,868)
(1,745)
(3,000)
(2,326)
(2,500)
(3,001)
(9,061)
1,168
(5,485)
(6,574)
(4,091)
(3,865)
(5,251)
(5,717)
(5,656)
(7,810)
(5,410)
(5,224)
(5,081)
(5,760)
(7,229)
Incentive fees-related party
Loan servicing expense
Transaction related expenses
Other operating expenses
Total non-interest expense
(949)
(2,156)
(1,720)
(71)
(10,697)
(10,123)
(9,963)
(13,115)
(15,818)
(1,535)
(5,027)
(893)
(13,966)
(2,329)
(15,396)
(12,881)
(14,318)
(11,241)
(14,368)
$
(74,599) $
(61,722) $
(70,642) $
(86,592) $
(79,514)
Income before provision for income taxes
S
71,029 S
Income tax provision
(4,776)
Net income
$
66,253
$
Less: Dividends on preferred stock
1,999
Less: Net income attributable to non-controlling interest
3,023
10,472 S
3,210
13,682
1,999
2,228
$
37,369
(391)
36,978
S
258,514
S
51,206
(5,141)
(4,027)
$
253,373
$
47,179
1,999
2,000
1,999
1,835
4,490
1,517
Net income attributable to Ready Capital Corporation
$
61,231 $
Earnings per common share - basic
$
Earnings per common share - diluted
$
0.53 $
0.50 S
9,455 S
0.08 $
0.09 S
33,144 $
0.30 $
0.29 $
246,883 $
43,663
1.87
$
0.25
1.76
$
0.25
Weighted-average shares outstanding - Basic
114,371,160
Weighted-average shares outstanding - Diluted
125,666,609
110,739,644
121,062,323
110,672,939
121,025,909
131,651,125
141,583,837
171,973,933
174,440,869
Dividends declared per share of common stock
$
0.42 S
0.40
S
0.40
$
0.40
$
0.36
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