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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest Income        
Residential loans $ 63,265 $ 38,541 $ 169,010 $ 109,538
Business purpose loans 1,445 0 1,445 0
Multifamily loans 5,578 0 5,578 0
Real estate securities 27,063 23,425 79,054 65,068
Other interest income 2,046 771 3,905 1,983
Total interest income 99,397 62,737 258,992 176,589
Interest Expense        
Short-term debt (14,146) (10,182) (40,756) (23,985)
Asset-backed securities issued (27,421) (3,956) (55,171) (11,191)
Long-term debt (22,784) (13,305) (58,151) (37,532)
Total Interest Expense (64,351) (27,443) (154,078) (72,708)
Net Interest Income 35,046 35,294 104,914 103,881
Non-interest Income        
Mortgage banking activities, net 11,224 21,200 48,396 50,850
Investment fair value changes, net 10,332 324 12,830 9,990
Other income, net 3,453 2,812 8,893 9,473
Realized gains, net 7,275 1,734 21,352 8,809
Total non-interest income, net 32,284 26,070 91,471 79,122
Operating expenses (21,490) (19,922) (63,529) (56,789)
Net Income before Provision for Income Taxes 45,840 41,442 132,856 126,214
Provision for income taxes (4,919) (5,262) (12,343) (16,741)
Net Income $ 40,921 $ 36,180 $ 120,513 $ 109,473
Basic earnings per common share (in dollars per share) $ 0.49 $ 0.46 $ 1.51 $ 1.39
Diluted earnings per common share (in dollars per share) 0.42 0.41 1.30 1.26
Regular dividends declared per common share (in dollars per share) $ 0.30 $ 0.28 $ 0.88 $ 0.84
Basic weighted average shares outstanding (in shares) 80,796,856 76,850,830 77,211,188 76,803,324
Diluted weighted average shares outstanding (in shares) 114,682,688 102,703,108 107,792,029 99,397,866