Segment Information

6 Months Ended

Jun. 30, 2024

Segment Information

Segment Information

Note 16:   Segment Information

The Company’s business segments are defined as Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The reportable business segments are consistent with the internal reporting and evaluation of the principal lines of business of the Company. The Multi-family Mortgage Banking segment originates and services government sponsored mortgages for multi-family and healthcare facilities. It is also a fully integrated syndicator of low-income housing tax credit and debt funds. The Mortgage Warehousing segment funds agency eligible residential loans from the date of origination or purchase, until the date of sale in the secondary market, as well as commercial loans to non-depository financial institutions. The Banking segment provides a wide range of financial products and services to consumers and businesses, including retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and Small Business Administration (“SBA”) lending. The Other segment includes general and administrative expenses that provide services to all segments; internal funds transfer pricing offsets resulting from allocations to/from the other segments, certain elimination entries and investments in qualified affordable housing limited partnerships or LLCs and certain debt funds. All operations are domestic.

The tables below present selected business segment financial information for the three and six months ended June 30, 2024 and 2023.

	Multi-family
	Mortgage		Mortgage
	Banking		Warehousing		Banking		Other		Total
Three Months Ended June 30, 2024	(In thousands)
Interest income	$	1,135	$	101,164	$	222,785	$	3,189	$	328,273
Interest expense		20		68,184		132,742		(792)		200,154
Net interest income		1,115		32,980		90,043		3,981		128,119
Provision for credit losses		—		995		8,970		—		9,965
Net interest income after provision for credit losses		1,115		31,985		81,073		3,981		118,154
Noninterest income		31,983		1,746		1,194		(3,572)		31,351
Noninterest expense		20,651		4,674		14,985		10,070		50,380
Income (loss) before income taxes		12,447		29,057		67,282		(9,661)		99,125
Income taxes		3,410		6,787		14,904		(2,369)		22,732
Net income (loss)	$	9,037	$	22,270	$	52,378	$	(7,292)	$	76,393
Total assets	$	428,299	$	5,626,055	$	11,885,484	$	272,584	$	18,212,422

	Multi-family
	Mortgage		Mortgage
	Banking		Warehousing		Banking		Other		Total
Three Months Ended June 30, 2023	(In thousands)
Interest income	$	1,248	$	64,267	$	191,406	$	1,148	$	258,069
Interest expense		13		42,984		111,311		(1,856)		152,452
Net interest income		1,235		21,283		80,095		3,004		105,617
Provision for credit losses		—		2,320		20,283		—		22,603
Net interest income after provision for credit losses		1,235		18,963		59,812		3,004		83,014
Noninterest income		30,325		2,872		(760)		(2,555)		29,882
Noninterest expense		19,962		3,617		12,118		8,623		44,320
Income (loss) before income taxes		11,598		18,218		46,934		(8,174)		68,576
Income taxes		356		(378)		4,284		(988)		3,274
Net income (loss)	$	11,242	$	18,596	$	42,650	$	(7,186)	$	65,302
Total assets	$	373,680	$	4,474,832	$	10,784,596	$	241,764	$	15,874,872

	Multi-family
	Mortgage		Mortgage
	Banking		Warehousing		Banking		Other		Total
	(In thousands)
Six Months Ended June 30, 2024
Interest income	$	2,881	$	186,065		447,073	$	6,427	$	642,446
Interest expense		40		124,324		264,465		(1,558)		387,271
Net interest income		2,841		61,741		182,608		7,985		255,175
Provision for credit losses		—		1,935		12,756		—		14,691
Net interest income after provision for credit losses		2,841		59,806		169,852		7,985		240,484
Noninterest income		72,450		5,063		1,623		(6,911)		72,225
Noninterest expense		40,222		9,472		30,563		19,035		99,292
Income (loss) before income taxes		35,069		55,397		140,912		(17,961)		213,417
Income taxes		9,423		12,937		32,109		(4,499)		49,970
Net income (loss)	$	25,646	$	42,460	$	108,803	$	(13,462)	$	163,447
Total assets	$	428,299	$	5,626,055	$	11,885,484	$	272,584	$	18,212,422

	Multi-family
	Mortgage		Mortgage
	Banking		Warehousing		Banking		Other			Total
	(In thousands)
Six Months Ended June 30, 2023
Interest income	$	2,354	$	106,585	$	358,132	$	2,292	$	469,363
Interest expense		13		70,778		195,837		(3,575)		263,053
Net interest income		2,341		35,807		162,295		5,867		206,310
Provision for credit losses		—		3,684		25,786		—		29,470
Net interest income after provision for credit losses		2,341		32,123		136,509		5,867		176,840
Noninterest income		46,922		3,905		(1,949)		(4,732)		44,146
Noninterest expense		34,593		6,372		22,288		15,839		79,092
Income (loss) before income taxes		14,670		29,656		112,272		(14,704)		141,894
Income taxes		1,462		2,419		20,315		(2,559)		21,637
Net income (loss)	$	13,208	$	27,237	$	91,957	$	(12,145)	$	120,257
Total assets	$	373,680	$	4,474,832	$	10,784,596	$	241,764	$	15,874,872