Note 5.—Segment Reporting
The Company has four reporting segments, consisting of the long-term mortgage portfolio, mortgage lending, real estate services and discontinued operations. The following tables present the selected financial data and operating results by reporting segment for the periods indicated:
|
|
Long-term |
|
Mortgage |
|
Real Estate |
|
Discontinued |
|
|
|
|
|
|
|
Portfolio |
|
Lending |
|
Services |
|
Operations |
|
Reclassifications (1) |
|
Consolidated |
|
Statement of Operations Items for the three months ended September 30, 2012: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (expense) |
|
$ |
455 |
|
$ |
(164 |
) |
$ |
6 |
|
$ |
7 |
|
$ |
(7 |
) |
$ |
297 |
|
Non-interest (loss) income- net trust assets |
|
(2,450 |
) |
— |
|
— |
|
— |
|
— |
|
(2,450 |
) |
Mortgage lending gains and fees, net |
|
— |
|
24,324 |
|
— |
|
— |
|
— |
|
24,324 |
|
Real estate services fees, net |
|
— |
|
— |
|
5,776 |
|
— |
|
— |
|
5,776 |
|
Other non-interest income (expense) |
|
704 |
|
(87 |
) |
— |
|
(1,767 |
) |
1,767 |
|
617 |
|
Non-interest expense and income taxes |
|
(3,496 |
) |
(15,917 |
) |
(2,197 |
) |
(7,261 |
) |
7,261 |
|
(21,610 |
) |
(Loss) earnings from continuing operations |
|
$ |
(4,787 |
) |
$ |
8,156 |
|
$ |
3,585 |
|
|
|
|
|
6,954 |
|
Loss from discontinued operations, net of tax |
|
|
|
|
|
|
|
$ |
(9,021 |
) |
|
|
(9,021 |
) |
Net loss |
|
|
|
|
|
|
|
|
|
|
|
$ |
(2,067 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Items for the nine months ended September 30, 2012: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (expense) |
|
$ |
2,108 |
|
$ |
(256 |
) |
$ |
22 |
|
$ |
7 |
|
$ |
(7 |
) |
$ |
1,874 |
|
Non-interest (loss) income- net trust assets |
|
(4,199 |
) |
— |
|
— |
|
— |
|
— |
|
(4,199 |
) |
Mortgage lending gains and fees, net |
|
— |
|
48,587 |
|
— |
|
— |
|
— |
|
48,587 |
|
Real estate services fees, net |
|
— |
|
— |
|
16,815 |
|
— |
|
— |
|
16,815 |
|
Other non-interest income (expense) |
|
1,668 |
|
(315 |
) |
— |
|
(4,647 |
) |
4,647 |
|
1,353 |
|
Non-interest expense and income taxes |
|
(11,191 |
) |
(35,736 |
) |
(6,275 |
) |
(8,762 |
) |
8,762 |
|
(53,202 |
) |
(Loss) earnings from continuing operations |
|
$ |
(11,614 |
) |
$ |
12,280 |
|
$ |
10,562 |
|
|
|
|
|
11,228 |
|
Loss from discontinued operations, net of tax |
|
|
|
|
|
|
|
$ |
(13,402 |
) |
|
|
(13,402 |
) |
Net loss |
|
|
|
|
|
|
|
|
|
|
|
$ |
(2,174 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets at September 30, 2012 |
|
$ |
5,790,182 |
|
$ |
162,779 |
|
$ |
13,988 |
|
$ |
125 |
|
$ |
— |
|
$ |
5,967,074 |
|
Total Assets at December 31, 2011 |
|
$ |
5,528,998 |
|
$ |
67,818 |
|
$ |
14,992 |
|
$ |
264 |
|
$ |
(32 |
) |
$ |
5,612,040 |
|
|
|
Long-term |
|
Mortgage |
|
Real Estate |
|
Discontinued |
|
|
|
|
|
|
|
Portfolio |
|
Lending |
|
Services |
|
Operations |
|
Reclassifications (1) |
|
Consolidated |
|
Statement of Operations Items for the three months ended September 30, 2011: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (expense) |
|
$ |
350 |
|
$ |
(72 |
) |
$ |
4 |
|
$ |
— |
|
$ |
— |
|
$ |
282 |
|
Non-interest income- net trust assets |
|
3,430 |
|
— |
|
— |
|
— |
|
— |
|
3,430 |
|
Mortgage lending gains and fees, net |
|
— |
|
4,574 |
|
— |
|
— |
|
— |
|
4,574 |
|
Real estate services fees, net |
|
— |
|
— |
|
13,272 |
|
— |
|
— |
|
13,272 |
|
Other non-interest income (expense) |
|
1,353 |
|
(194 |
) |
1,780 |
|
(989 |
) |
989 |
|
2,939 |
|
Non-interest expense and income taxes |
|
(4,970 |
) |
(7,333 |
) |
(7,758 |
) |
(501 |
) |
501 |
|
(20,061 |
) |
Earnings (loss) from continuing operations |
|
$ |
163 |
|
$ |
(3,025 |
) |
$ |
7,298 |
|
|
|
|
|
4,436 |
|
Loss from discontinued operations, net of tax |
|
|
|
|
|
|
|
$ |
(1,490 |
) |
|
|
(1,490 |
) |
Net earnings |
|
|
|
|
|
|
|
|
|
|
|
$ |
2,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations Items for the nine months ended September 30, 2011: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (expense) |
|
$ |
2,863 |
|
$ |
(30 |
) |
$ |
12 |
|
$ |
— |
|
$ |
— |
|
$ |
2,845 |
|
Non-interest income- net trust assets |
|
5,741 |
|
— |
|
— |
|
— |
|
— |
|
5,741 |
|
Mortgage lending gains and fees, net |
|
— |
|
7,670 |
|
— |
|
— |
|
— |
|
7,670 |
|
Real estate services fees, net |
|
— |
|
— |
|
36,820 |
|
— |
|
— |
|
36,820 |
|
Other non-interest income (expense) |
|
1,922 |
|
(395 |
) |
1,780 |
|
(774 |
) |
774 |
|
3,307 |
|
Non-interest expense and income taxes |
|
(13,163 |
) |
(16,513 |
) |
(23,050 |
) |
(1,058 |
) |
1,058 |
|
(52,726 |
) |
(Loss) earnings from continuing operations |
|
$ |
(2,637 |
) |
$ |
(9,268 |
) |
$ |
15,562 |
|
|
|
|
|
3,657 |
|
Loss from discontinued operations, net of tax |
|
|
|
|
|
|
|
$ |
(1,832 |
) |
|
|
(1,832 |
) |
Net earnings |
|
|
|
|
|
|
|
|
|
|
|
$ |
1,825 |
|
(1) Amounts represent reclassifications of activity in the discontinued operations segment into loss from discontinued operations, net of tax as presented in the accompanying consolidated statements of operations. |