Guild Holdings Company Quarterly report pursuant to Section 13 or 15(d)

Segments (Tables)

6 Months Ended

Jun. 30, 2021

The following table presents the financial performance and results by segment for the three months ended June 30, 2021:


	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	329,157	$	1,602	$	330,759	$	—	$	330,759
Loan servicing and other fees	—		47,652		47,652		—		47,652
Valuation adjustment of mortgage servicing rights	—		(84,789)		(84,789)		—		(84,789)
Interest income (expense)	3,655		(1,637)		2,018		(1,592)		426
Other income, net	32		18		50		11		61
Net revenue	332,844		(37,154)		295,690		(1,581)		294,109
Expenses
Salaries, incentive compensation and benefits	215,061		7,075		222,136		10,427		232,563
General and administrative	25,156		3,815		28,971		2,823		31,794
Occupancy, equipment and communication	12,758		1,026		13,784		878		14,662
Depreciation and amortization	1,096		222		1,318		290		1,608
Provision for foreclosure losses	—		(442)		(442)		—		(442)
Income tax expense	—		—		—		4,986		4,986
Net income	$	78,773	$	(48,850)	$	29,923	$	(20,985)	$	8,938

The following table presents the financial performance and results by segment for the six months ended June 30, 2021:


	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	773,954	$	3,393	$	777,347	$	—	$	777,347
Loan servicing and other fees	—		92,851		92,851		—		92,851
Valuation adjustment of mortgage servicing rights	—		(49,046)		(49,046)		—		(49,046)
Interest income (expense)	6,501		(4,498)		2,003		(2,989)		(986)
Other income, net	32		40		72		58		130
Net revenue	780,487		42,740		823,227		(2,931)		820,296
Expenses
Salaries, incentive compensation and benefits	465,876		14,288		480,164		19,123		499,287
General and administrative	47,794		5,671		53,465		5,236		58,701
Occupancy, equipment and communication	25,931		2,134		28,065		1,429		29,494
Depreciation and amortization	1,989		412		2,401		861		3,262
Provision for foreclosure losses	—		2,019		2,019		—		2,019
Income tax expense	—		—		—		57,991		57,991
Net income	$	238,897	$	18,216	$	257,113	$	(87,571)	$	169,542

The following table presents the financial performance and results by segment for the three months ended June 30, 2020:


	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	491,657	$	1,775	$	493,432	$	—	$	493,432
Loan servicing and other fees	—		37,778		37,778		—		37,778
Valuation adjustment of mortgage servicing rights	—		(96,161)		(96,161)		—		(96,161)
Interest income (expense)	4,214		(2,645)		1,569		(2,129)		(560)
Other income, net	12		2		14		594		608
Net revenue	495,883		(59,251)		436,632		(1,535)		435,097
Expenses
Salaries, incentive compensation and benefits	205,427		6,390		211,817		18,068		229,885
General and administrative	22,493		1,985		24,478		1,489		25,967
Occupancy, equipment and communication	12,184		848		13,032		850		13,882
Depreciation and amortization	1,153		155		1,308		498		1,806
Provision for foreclosure losses	—		(64)		(64)		—		(64)
Income tax benefit	—		—		—		40,646		40,646
Net income	$	254,626	$	(68,565)	$	186,061	$	(63,086)	$	122,975

The following table presents the financial performance and results by segment for the six months ended June 30, 2020:


	Origination		Servicing		Total Segments		All Other		Total
Revenue
Loan origination fees and gain on sale of loans, net	$	730,459	$	2,834	$	733,293	$	—	$	733,293
Loan servicing and other fees	—		76,310		76,310		—		76,310
Valuation adjustment of mortgage servicing rights	—		(204,810)		(204,810)		—		(204,810)
Interest income (expense)	6,434		(2,608)		3,826		(4,319)		(493)
Other income, net	17		3		20		977		997
Net revenue	736,910		(128,271)		608,639		(3,342)		605,297
Expenses
Salaries, incentive compensation and benefits	345,433		12,076		357,509		20,389		377,898
General and administrative	42,017		3,741		45,758		2,434		48,192
Occupancy, equipment and communication	23,563		1,651		25,214		1,986		27,200
Depreciation and amortization	2,438		311		2,749		944		3,693
Provision for foreclosure losses	—		1,860		1,860		—		1,860
Income tax benefit	—		—		—		36,465		36,465
Net income	$	323,459	$	(147,910)	$	175,549	$	(65,560)	$	109,989