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Segment Reporting
9 Months Ended
Sep. 30, 2012
Segment Reporting  
Segment Reporting

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.