|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
June 30, 2025 |
|
|
March 31, 2025 |
|
|
June 30, 2024 |
|
| Interest income |
|
$ |
135,567 |
|
|
$ |
118,740 |
|
|
$ |
97,760 |
|
| Interest expense — portfolio related |
|
|
81,838 |
|
|
|
75,088 |
|
|
|
59,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income — portfolio related |
|
|
53,729 |
|
|
|
43,652 |
|
|
|
38,572 |
|
| Interest expense — corporate debt |
|
|
6,143 |
|
|
|
6,142 |
|
|
|
6,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
47,586 |
|
|
|
37,510 |
|
|
|
32,417 |
|
| Provision for credit losses |
|
|
1,598 |
|
|
|
1,872 |
|
|
|
218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income after provision for credit losses |
|
|
45,988 |
|
|
|
35,638 |
|
|
|
32,199 |
|
| Other operating income |
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gain on fair value loans |
|
|
29,906 |
|
|
|
34,836 |
|
|
|
17,123 |
|
| Unrealized loss on fair value securitized debt |
|
|
(7,584 |
) |
|
|
(13,682 |
) |
|
|
(4,643 |
) |
| Origination fee income |
|
|
8,936 |
|
|
|
8,679 |
|
|
|
5,072 |
|
| Other income |
|
|
8,589 |
|
|
|
3,613 |
|
|
|
5,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other operating income |
|
|
39,847 |
|
|
|
33,446 |
|
|
|
22,561 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and employee benefits |
|
|
22,605 |
|
|
|
21,684 |
|
|
|
16,562 |
|
| Loan servicing |
|
|
8,205 |
|
|
|
8,008 |
|
|
|
5,160 |
|
| Other operating expenses |
|
|
21,103 |
|
|
|
12,498 |
|
|
|
13,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
|
51,913 |
|
|
|
42,190 |
|
|
|
34,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
33,922 |
|
|
|
26,894 |
|
|
|
19,873 |
|
| Income tax expense |
|
|
7,752 |
|
|
|
8,246 |
|
|
|
5,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
26,170 |
|
|
|
18,648 |
|
|
|
14,711 |
|
| Net income (loss) attributable to noncontrolling interest |
|
|
173 |
|
|
|
(239 |
) |
|
|
(67 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to Velocity Financial, Inc. |
|
|
25,997 |
|
|
|
18,887 |
|
|
|
14,778 |
|
| Less undistributed earnings attributable to unvested restricted stock awards |
|
|
286 |
|
|
|
233 |
|
|
|
182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings attributable to common stockholders |
|
$ |
25,711 |
|
|
$ |
18,654 |
|
|
$ |
14,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.69 |
|
|
$ |
0.55 |
|
|
$ |
0.45 |
|
| Diluted |
|
$ |
0.69 |
|
|
$ |
0.51 |
|
|
$ |
0.42 |
|
| Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
37,194 |
|
|
|
33,687 |
|
|
|
32,585 |
|
| Diluted |
|
|
37,790 |
|
|
|
36,811 |
|
|
|
35,600 |
|