|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
September 30,
2025 |
|
|
June 30,
2025 |
|
|
September 30,
2024 |
|
| Interest income |
|
$ |
144,119 |
|
|
$ |
135,567 |
|
|
$ |
105,070 |
|
| Interest expense - portfolio related |
|
|
88,899 |
|
|
|
81,838 |
|
|
|
63,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income - portfolio related |
|
|
55,220 |
|
|
|
53,729 |
|
|
|
41,199 |
|
| Interest expense - corporate debt |
|
|
6,144 |
|
|
|
6,143 |
|
|
|
6,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
|
49,076 |
|
|
|
47,586 |
|
|
|
35,056 |
|
| Provision for (reversal of) credit losses |
|
|
381 |
|
|
|
1,598 |
|
|
|
(69 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income after provision for (reversal of) credit losses |
|
|
48,695 |
|
|
|
45,988 |
|
|
|
35,125 |
|
| Other operating income |
|
|
|
|
|
|
|
|
|
|
|
|
| Unrealized gain on fair value loans |
|
|
30,982 |
|
|
|
29,906 |
|
|
|
35,530 |
|
| Unrealized loss on fair value securitized debt |
|
|
(9,988 |
) |
|
|
(7,584 |
) |
|
|
(24,995 |
) |
| Origination fee income |
|
|
9,723 |
|
|
|
8,936 |
|
|
|
6,704 |
|
| Other income |
|
|
6,360 |
|
|
|
8,589 |
|
|
|
3,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total other operating income |
|
|
37,077 |
|
|
|
39,847 |
|
|
|
20,732 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and employee benefits |
|
|
23,300 |
|
|
|
22,605 |
|
|
|
17,586 |
|
| Loan servicing |
|
|
7,748 |
|
|
|
8,205 |
|
|
|
5,656 |
|
| Other operating expenses |
|
|
19,349 |
|
|
|
21,103 |
|
|
|
11,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
|
50,397 |
|
|
|
51,913 |
|
|
|
34,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
|
35,375 |
|
|
|
33,922 |
|
|
|
21,244 |
|
| Income tax expense |
|
|
9,963 |
|
|
|
7,752 |
|
|
|
5,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
25,412 |
|
|
|
26,170 |
|
|
|
15,617 |
|
| Net income (loss) attributable to noncontrolling interest |
|
|
39 |
|
|
|
173 |
|
|
|
(186 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to Velocity Financial, Inc. |
|
|
25,373 |
|
|
|
25,997 |
|
|
|
15,803 |
|
| Less undistributed earnings attributable to unvested restricted stock awards |
|
|
352 |
|
|
|
286 |
|
|
|
191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net earnings attributable to common stockholders |
|
$ |
25,021 |
|
|
$ |
25,711 |
|
|
$ |
15,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.66 |
|
|
$ |
0.69 |
|
|
$ |
0.48 |
|
| Diluted |
|
$ |
0.65 |
|
|
$ |
0.69 |
|
|
$ |
0.44 |
|
| Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
38,073 |
|
|
|
37,194 |
|
|
|
32,711 |
|
| Diluted |
|
|
38,800 |
|
|
|
37,790 |
|
|
|
35,895 |
|