Segment Reporting |
Note 12.—Segment Reporting The Company has three primary reporting segments which include mortgage lending, real estate services and long-term mortgage portfolio. Unallocated corporate and other administrative costs, including the costs associated with being a public company, are presented in corporate and other. The following table presents selected balance sheet data by reporting segment as of the dates indicated: | | | | | | | | | | | | | | | | | Balance Sheet Items as of | | Mortgage | | Real Estate | | Long-term | | Corporate | | | | | December 31, 2021: | | Lending | | Services | | Portfolio | | and other | | Consolidated | | Cash and cash equivalents | | $ | 26,239 | | $ | 500 | | $ | — | | | 2,816 | | $ | 29,555 | | Restricted cash | | | 5,657 | | | — | | | — | | | — | | | 5,657 | | Mortgage loans held-for-sale | | | 308,477 | | | — | | | — | | | — | | | 308,477 | | Mortgage servicing rights | | | 749 | | | — | | | — | | | — | | | 749 | | Trust assets | | | — | | | — | | | 1,642,730 | | | — | | | 1,642,730 | | Other assets (1) | | | 10,051 | | | 2 | | | 141 | | | 25,409 | | | 35,603 | | Total assets | | $ | 351,173 | | $ | 502 | | $ | 1,642,871 | | $ | 28,225 | | $ | 2,022,771 | | Total liabilities | | $ | 298,726 | | $ | — | | $ | 1,661,729 | | $ | 52,380 | | $ | 2,012,835 | |
| | | | | | | | | | | | | | | | | Balance Sheet Items as of | | Mortgage | | Real Estate | | Long-term | | Corporate | | | | | December 31, 2020: | | Lending | | Services | | Portfolio | | and other | | Consolidated | | Cash and cash equivalents | | $ | 50,968 | | $ | 501 | | $ | — | | $ | 2,681 | | $ | 54,150 | | Restricted cash | | | 5,602 | | | — | | | — | | | — | | | 5,602 | | Mortgage loans held-for-sale | | | 164,422 | | | — | | | — | | | — | | | 164,422 | | Mortgage servicing rights | | | 339 | | | — | | | — | | | — | | | 339 | | Trust assets | | | — | | | — | | | 2,103,269 | | | — | | | 2,103,269 | | Other assets (1) | | | 12,510 | | | 2 | | | 130 | | | 28,882 | | | 41,524 | | Total assets | | $ | 233,841 | | $ | 503 | | $ | 2,103,399 | | $ | 31,563 | | $ | 2,369,306 | | Total liabilities | | $ | 166,285 | | $ | — | | $ | 2,131,178 | | $ | 56,192 | | $ | 2,353,655 | |
(1) | All segment asset balances exclude intercompany balances. |
The following table presents selected statement of operations information by reporting segment for the years ended December 31, 2021 and 2020: | | | | | | | | | | | | | | | | | Statement of Operations Items for the | | Mortgage | | Real Estate | | Long-term | | Corporate | | | | | Year Ended December 31, 2021: | | Lending | | Services | | Portfolio | | and other | | Consolidated | | Gain on sale of loans, net | | $ | 65,294 | | $ | — | | $ | — | | $ | — | | $ | 65,294 | | Servicing expense, net | | | (432) | | | — | | | — | | | — | | | (432) | | Gain on mortgage servicing rights, net | | | 34 | | | — | | | — | | | — | | | 34 | | Real estate services fees, net | | | — | | | 1,144 | | | — | | | — | | | 1,144 | | Other revenue | | | 24 | | | — | | | 110 | | | 145 | | | 279 | | Other operating expense | | | (62,605) | | | (1,409) | | | (778) | | | (16,412) | | | (81,204) | | Other income (expense) | | | 98 | | | — | | | 12,840 | | | (1,860) | | | 11,078 | | Net earnings (loss) before income tax expense | | $ | 2,413 | | $ | (265) | | $ | 12,172 | | $ | (18,127) | | | (3,807) | | Income tax expense | | | | | | | | | | | | | | | 71 | | Net loss | | | | | | | | | | | | | | $ | (3,878) | |
| | | | | | | | | | | | | | | | | Statement of Operations Items for the | | Mortgage | | Real Estate | | Long-term | | Corporate | | | | | Year Ended December 31, 2020: | | Lending | | Services | | Portfolio | | and other | | Consolidated | | Gain on sale of loans, net | | $ | 14,004 | | $ | — | | $ | — | | $ | — | | $ | 14,004 | | Servicing fees, net | | | 3,603 | | | — | | | — | | | — | | | 3,603 | | Loss on mortgage servicing rights, net | | | (28,509) | | | — | | | — | | | — | | | (28,509) | | Real estate services fees, net | | | — | | | 1,312 | | | — | | | — | | | 1,312 | | Other revenue | | | 135 | | | — | | | 143 | | | 1,220 | | | 1,498 | | Other operating expense | | | (60,869) | | | (1,485) | | | (633) | | | (18,286) | | | (81,273) | | Other income (expense) | | | 2,366 | | | — | | | 1,344 | | | (2,362) | | | 1,348 | | Net (loss) earnings before income tax expense | | $ | (69,270) | | $ | (173) | | $ | 854 | | $ | (19,428) | | $ | (88,017) | | Income tax expense | | | | | | | | | | | | | | | 133 | | Net loss | | | | | | | | | | | | | | $ | (88,150) | |
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