Investor Presentaiton
Statement of Income by Quarter
READY CAPITAL.
(In thousands, except share data)
Interest income
Interest expense
Q2 2020
Q3 2020
Q4 2020
$
63,211 $
61,074 $
(43,408)
(43,823)
64,810 $
(41,319)
Q1 2021
73,371 $
(50,761)
Q2 2021
103,047
(55,415)
Net interest income before provision for loan losses
$
19,803
$
Recovery of (provision for) loan losses
Net interest income after (provision for) recovery of loan losses
$
591
20,394 $
17,251 $
4,231
21,482 $
23,491 $
258
23,749 $
22,610 $
47,632
8
(5,517)
22,618 $
42,115
Non-interest income
Residential mortgage banking activities
Net realized gain on financial instruments and real estate owned
Net unrealized gain (loss) on financial instruments
Servicing income, net of amortization and impairment
Income on purchased future receivables, net
Income (loss) on unconsolidated joint ventures
Other income
Total non-interest income
$
80,564
7,438
$
75,524
7,507
$
59,963
9,795
$
41,409
$
36,690
8,846
17,183
(13,744)
3,420
(4,339)
20,996
4,612
8,982
10,115
11,401
15,635
11,928
5,586
4,848
1,794
2,317
2,779
507
1,996
3,439
(809)
3,361
31,594
4,496
1,353
571
(688)
$
120,927 $
107,906 $
83,406 $
88,965
$
75,865
Non-interest expense
Employee compensation and benefits
$
(27,288) $
(27,612) $
(18,084) $
(22,777) $
(24,270)
Allocated employee compensation and benefits from related party
(1,250)
(2,250)
(2,250)
(2,123)
(3,299)
Variable expenses on residential mortgage banking activities
(36,446)
(30,918)
(27,016)
(15,485)
(21,421)
Professional fees
(1,919)
(4,158)
(4,728)
(2,982)
(2,872)
Management fees - related party
(2,666)
(2,714)
(2,741)
(2,693)
(2,626)
Incentive fees - related party
Loan servicing expense
Merger related expenses
(3,506)
(1,134)
(1,333)
(286)
(10,327)
(8,231)
(6,734)
(6,104)
(6,851)
(11)
(6)
(6,307)
(1,266)
Other operating expenses
Total non-interest expense
Income (loss) before provision for income taxes
(17,745)
(10,448)
(12,442)
(15,484)
(17,190)
$
$
(101,158) $
40,163 $
Income tax (provision) benefit
(5,500)
Net income (loss)
$
34,663 $
(87,471) $
41,917
(6,554)
35,363 $
(75,328) $
(73,955) $
(80,081)
$
31,827 $
(4,268)
27,559 $
37,628 $
37,899
(8,681)
(6,995)
28,947 $
30,904
Less: Dividends on preferred stock
-
281
3,224
Less: Net income (loss) attributable to non-controlling interest
810
805
Net income (loss) attributable to Ready Capital Corporation
$
33,853
$
34,558 $
Earnings (loss) per common share-basic
$
0.62
$
0.63 $
Earnings (loss) per common share - diluted
$
0.62
$
0.63
$
648
26,911 $
0.49 $
0.49 $
659
444
28,007 $
27,236
0.49
$
0.38
0.49
$
0.38
Weighted-average shares outstanding - Basic
53,980,451
Weighted-average shares outstanding - Diluted
54,013,958
54,626,995
54,704,611
54,338,209
54,420,064
56,817,632
56,843,448
71,221,806
71,385,603
Dividends declared per share of common stock
$
0.25 $
0.30
$
0.35
$
0.40
$
0.42
41View entire presentation