$VEL
Velocity Financial, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022014903 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $63.82M $61.02M $51.72M
YoY Change 35.12% 28.82% 11.43%
Cost Of Revenue $3.314M $3.290M $2.479M
YoY Change 64.55% 71.18% 25.2%
Gross Profit $60.50M $57.73M $49.24M
YoY Change 33.81% 27.02% 10.82%
Gross Profit Margin 94.81% 94.61% 95.21%
Selling, General & Admin $7.897M $8.041M $6.866M
YoY Change 33.37% 39.33% 14.82%
% of Gross Profit 13.05% 13.93% 13.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $204.0K $195.0K $236.0K
YoY Change -27.14% -35.64% -21.33%
% of Gross Profit 0.34% 0.34% 0.48%
Operating Expenses $8.078M $10.26M $9.316M
YoY Change -2.59% 54.27% 34.62%
Operating Profit $52.43M $47.47M $39.92M
YoY Change 41.99% 22.36% 6.43%
Interest Expense -$38.57M -$32.93M -$28.13M
YoY Change 55.48% 32.4% 20.51%
% of Operating Profit -73.57% -69.37% -70.46%
Other Income/Expense, Net $195.0K $251.0K -$416.0K
YoY Change -116.44% -124.16% 89.09%
Pretax Income $14.05M $14.79M $11.38M
YoY Change 28.57% 14.78% -3.2%
Income Tax $3.759M $4.019M $3.024M
% Of Pretax Income 26.76% 27.17% 26.58%
Net Earnings $9.983M $10.65M $8.353M
YoY Change 24.45% 12.61% -12.77%
Net Earnings / Revenue 15.64% 17.45% 16.15%
Basic Earnings Per Share $0.31 $0.33
Diluted Earnings Per Share $0.29 $0.31 $243.1K
COMMON SHARES
Basic Shares Outstanding 32.42M 31.92M
Diluted Shares Outstanding 34.20M 34.06M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.37M $46.25M $35.97M
YoY Change -25.71% 66.72% 170.41%
Cash & Equivalents $26.37M $46.25M $35.97M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $1.628M
Receivables $18.33M $15.82M $13.16M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $44.71M $62.07M $49.12M
YoY Change -5.83% 59.83% 98.88%
LONG-TERM ASSETS
Property, Plant & Equipment $3.495M $3.632M $3.830M
YoY Change 4.39% 0.19% -7.6%
Goodwill $6.775M $6.775M $6.775M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.87M $24.41M $28.24M
YoY Change -29.09% 15.6% 106.15%
Total Long-Term Assets $3.603B $3.271B $2.763B
YoY Change 49.51% 46.75% 32.97%
TOTAL ASSETS
Total Short-Term Assets $44.71M $62.07M $49.12M
Total Long-Term Assets $3.603B $3.271B $2.763B
Total Assets $3.647B $3.333B $2.812B
YoY Change 48.44% 46.97% 33.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $75.15M $78.38M $92.20M
YoY Change -5.3% 11.9% 45.42%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $75.15M $78.38M $92.20M
YoY Change -5.3% 11.9% 45.42%
LONG-TERM LIABILITIES
Long-Term Debt $3.201B $2.895B $2.376B
YoY Change 56.5% 54.47% 37.34%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.201B $2.895B $2.376B
YoY Change 56.5% 54.47% 37.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.15M $78.38M $92.20M
Total Long-Term Liabilities $3.201B $2.895B $2.376B
Total Liabilities $3.277B $2.973B $2.468B
YoY Change 54.2% 52.93% 37.62%
SHAREHOLDERS EQUITY
Retained Earnings $68.17M $58.19M $44.42M
YoY Change 192.29%
Common Stock $325.0K $325.0K $323.0K
YoY Change 60.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $458.0K $458.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $366.8M $355.9M $341.1M
YoY Change
Total Liabilities & Shareholders Equity $3.647B $3.333B $2.812B
YoY Change 48.44% 46.97% 33.74%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $9.983M $10.65M $8.353M
YoY Change 24.45% 12.61% -12.77%
Depreciation, Depletion And Amortization $204.0K $195.0K $236.0K
YoY Change -27.14% -35.64% -21.33%
Cash From Operating Activities -$4.444M $1.264M $18.05M
YoY Change -123.79% -87.93% 2.95%
INVESTING ACTIVITIES
Capital Expenditures -$56.00K -$2.401M -$147.0K
YoY Change 9.8% 3281.69% -41.2%
Acquisitions
YoY Change
Other Investing Activities -$311.1M -$211.8M -$340.0M
YoY Change 76.18% 146.55% -2421.1%
Cash From Investing Activities -$311.2M -$214.2M -$340.2M
YoY Change 76.16% 149.14% -2462.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 301.1M 221.0M 324.7M
YoY Change 79.86% 163.24% -939.57%
NET CHANGE
Cash From Operating Activities -4.444M 1.264M 18.05M
Cash From Investing Activities -311.2M -214.2M -340.2M
Cash From Financing Activities 301.1M 221.0M 324.7M
Net Change In Cash -14.56M 8.001M 2.521M
YoY Change -254.57% -5.08% -137.4%
FREE CASH FLOW
Cash From Operating Activities -$4.444M $1.264M $18.05M
Capital Expenditures -$56.00K -$2.401M -$147.0K
Free Cash Flow -$4.388M $3.665M $18.20M
YoY Change -123.43% -65.25% 2.33%

Facts In Submission

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NetEarningsAttributableToCommonStockholders
10481000
CY2021Q2 vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
5882000
vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
13554000
vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
7995000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31917000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20087000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31904000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20087000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34057000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33960000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34130000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33684000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
219589000
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
231000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
254000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
3396000
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
223470000
CY2021Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
291000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
254000
CY2021Q2 us-gaap Profit Loss
ProfitLoss
9453000
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
233468000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
344490000
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
458000
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
418000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
251000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
3231000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
347932000
CY2022Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
555000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
254000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
10771000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
359512000
us-gaap Profit Loss
ProfitLoss
14002000
us-gaap Profit Loss
ProfitLoss
12849000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
401000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
603000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
664000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
565000
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
1009000
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-895000
vel Provision For Repurchase Of Loans
ProvisionForRepurchaseOfLoans
-235000
us-gaap Payments To Purchase Loans Held For Sale
PaymentsToPurchaseLoansHeldForSale
755000
vel Repayments On Loans Held For Sale
RepaymentsOnLoansHeldForSale
11000
vel Net Accretion Of Discount On Purchased Loans And Deferred Loan Origination Costs
NetAccretionOfDiscountOnPurchasedLoansAndDeferredLoanOriginationCosts
3981000
vel Net Accretion Of Discount On Purchased Loans And Deferred Loan Origination Costs
NetAccretionOfDiscountOnPurchasedLoansAndDeferredLoanOriginationCosts
3092000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-14000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
47000
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
4809000
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
4598000
vel Real Estate Acquired Through Foreclosure In Excess Of Recorded Investment
RealEstateAcquiredThroughForeclosureInExcessOfRecordedInvestment
1508000
us-gaap Proceeds From Sale Of Wholly Owned Real Estate And Real Estate Acquired In Settlement Of Loans
ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans
4076000
vel Purchase Of Real Estate Owned
PurchaseOfRealEstateOwned
2250000
vel Payments For Capitalized Real Estate Owned Improvements
PaymentsForCapitalizedRealEstateOwnedImprovements
29000
vel Proceeds Repayments From Advances For Construction
ProceedsRepaymentsFromAdvancesForConstruction
1338000
vel Proceeds Repayments From Advances For Construction
ProceedsRepaymentsFromAdvancesForConstruction
-667000
vel Real Estate Acquired Through Foreclosure In Excess Of Recorded Investment
RealEstateAcquiredThroughForeclosureInExcessOfRecordedInvestment
632000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
16956000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
10156000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-14000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-18000
vel Change In Valuation Of Real Estate Owned
ChangeInValuationOfRealEstateOwned
-93000
vel Change In Valuation Of Real Estate Owned
ChangeInValuationOfRealEstateOwned
1235000
vel Increase Decrease In Valuation Of Fair Value Loans
IncreaseDecreaseInValuationOfFairValueLoans
16000
vel Increase Decrease In Valuation Of Fair Value Loans
IncreaseDecreaseInValuationOfFairValueLoans
18000
vel Increase Decrease In Valuation Of Mortage Servicing Rights
IncreaseDecreaseInValuationOfMortageServicingRights
1286000
vel Increase Decrease In Valuation Of Held For Sale Loans
IncreaseDecreaseInValuationOfHeldForSaleLoans
2000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1620000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
162000
us-gaap Share Based Compensation
ShareBasedCompensation
1479000
us-gaap Share Based Compensation
ShareBasedCompensation
1030000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1408000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-6542000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
1680000
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
476000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
4882000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
1081000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-11141000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
6451000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
13100000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
20896000
us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
5021000
us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
3490000
vel Origination Of Loans Held For Investment
OriginationOfLoansHeldForInvestment
1033277000
vel Origination Of Loans Held For Investment
OriginationOfLoansHeldForInvestment
496497000
us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
224060000
us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
82856000
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
302098000
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
274042000
us-gaap Proceeds From Sale Of Wholly Owned Real Estate And Real Estate Acquired In Settlement Of Loans
ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans
9294000
vel Increase Decrease In Impounds And Deposits
IncreaseDecreaseInImpoundsAndDeposits
-3904000
vel Increase Decrease In Impounds And Deposits
IncreaseDecreaseInImpoundsAndDeposits
167000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
217000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
102000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-507879000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-139644000
vel Proceeds From Warehouse Repurchase Facilities
ProceedsFromWarehouseRepurchaseFacilities
951071000
vel Proceeds From Warehouse Repurchase Facilities
ProceedsFromWarehouseRepurchaseFacilities
414030000
vel Repayment Of Warehouse Repurchase Facilities
RepaymentOfWarehouseRepurchaseFacilities
1043666000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2012-07-09
CY2022Q2 us-gaap Minimum Net Worth Required For Compliance
MinimumNetWorthRequiredForCompliance
250000
vel Repayment Of Warehouse Repurchase Facilities
RepaymentOfWarehouseRepurchaseFacilities
337332000
us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
215000000
us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
175000000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
170844000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
79969000
vel Proceeds Of Securitizations Net
ProceedsOfSecuritizationsNet
879136000
vel Proceeds Of Securitizations Net
ProceedsOfSecuritizationsNet
251274000
vel Repayment Of Securitizations
RepaymentOfSecuritizations
308298000
vel Repayment Of Securitizations
RepaymentOfSecuritizations
273810000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
458000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
19299000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
15076000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
502642000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
134117000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
7863000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15369000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
47604000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
20293000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
55467000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
35662000
us-gaap Interest Paid Net
InterestPaidNet
49779000
us-gaap Interest Paid Net
InterestPaidNet
42898000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
21579000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4682000
us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
206319000
us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
80498000
us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
5485000
us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
8767000
vel Transfer Of Accrued Interest To Loans Held For Investment
TransferOfAccruedInterestToLoansHeldForInvestment
816000
vel Transfer Of Accrued Interest To Loans Held For Investment
TransferOfAccruedInterestToLoansHeldForInvestment
618000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
17136000
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
27000
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
73598000
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
4615000
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-indent:0.0%;display:flex;margin-top:12.0pt;line-height:1.15;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:4.537%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.537%;">(a)</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></div></div><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of consolidated income and expenses during the reporting period.</span></p>
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
55467000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
35662000
CY2022Q2 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
255202000
CY2021 vel Loans Held For Sale Deferred Loan Origination Costs
LoansHeldForSaleDeferredLoanOriginationCosts
-486000
CY2022Q2 us-gaap Loans Receivable Held For Sale Amount
LoansReceivableHeldForSaleAmount
0
CY2021Q4 us-gaap Loans Receivable Held For Sale Amount
LoansReceivableHeldForSaleAmount
87908000
CY2022Q2 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
272018000
CY2021Q4 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
400759000
CY2022Q2 vel Securitizations Issued
SecuritizationsIssued
2697542000
CY2021Q4 vel Securitizations Issued
SecuritizationsIssued
2172766000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46250000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27741000
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
9217000
CY2021Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
7921000
CY2021Q4 vel Loans Held For Sale Principal Balance
LoansHeldForSalePrincipalBalance
0
CY2020Q4 vel Loans Held For Sale Principal Balance
LoansHeldForSalePrincipalBalance
87422000
us-gaap Increase Decrease In Loans Held For Sale
IncreaseDecreaseInLoansHeldForSale
0
vel Loans Held For Sale Deferred Loan Origination Costs
LoansHeldForSaleDeferredLoanOriginationCosts
0
CY2022Q2 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
243430000
CY2022Q2 vel Financing Receivable Nonaccrual With Allowance For Loan Loss
FinancingReceivableNonaccrualWithAllowanceForLoanLoss
11772000
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1164000
CY2022Q2 us-gaap Financing Receivable Nonaccrual Percent Past Due1
FinancingReceivableNonaccrualPercentPastDue1
0.099
CY2022Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
160000
CY2021Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
276418000
CY2021Q4 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
263026000
CY2021Q4 vel Financing Receivable Nonaccrual With Allowance For Loan Loss
FinancingReceivableNonaccrualWithAllowanceForLoanLoss
13392000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1406000
CY2021Q4 us-gaap Financing Receivable Nonaccrual Percent Past Due1
FinancingReceivableNonaccrualPercentPastDue1
0.105
CY2021Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
165000
CY2022Q2 us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
878000
CY2022Q2 vel Financing Receivable Amortized Cost
FinancingReceivableAmortizedCost
3123704000
CY2021Q2 vel Financing Receivable Amortized Cost
FinancingReceivableAmortizedCost
2087716000
CY2021Q2 us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
1378000
vel Financing Receivable Amortized Cost
FinancingReceivableAmortizedCost
3123704000
us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
2022000
vel Financing Receivable Amortized Cost
FinancingReceivableAmortizedCost
2087716000
us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
2850000
CY2022Q2 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeCashBasisMethod
8700000
CY2021Q2 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeCashBasisMethod
9900000
us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeCashBasisMethod
16000000.0
us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Cash Basis Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeCashBasisMethod
16700000
CY2022Q2 us-gaap Financing Receivable Nonaccrual Interest Income
FinancingReceivableNonaccrualInterestIncome
0
us-gaap Financing Receivable Nonaccrual Interest Income
FinancingReceivableNonaccrualInterestIncome
0
CY2022Q2 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
260800000
CY2021Q2 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
337900000
us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
271300000
us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
337500000
vel Stress Scenario Descriptions
StressScenarioDescriptions
For the June 30, 2022 estimate, the Company considered a severe stress scenario with a six-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management concluded that applying the severe stress scenario was appropriate given the uncertainty around future COVID cases, the war between Russia and Ukraine, spike in inflation, continued disruption in the supply chain, and concerns of a recession.
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
4663000
CY2022Q2 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
279000
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
37000
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
4905000
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1164000
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
3741000
CY2022Q2 vel Financing Receivable Individually Evaluated For Impairment Amortized Cost
FinancingReceivableIndividuallyEvaluatedForImpairmentAmortizedCost
255202000
CY2022Q2 vel Financing Receivable Collectively Evaluated For Impairment Amortized Cost
FinancingReceivableCollectivelyEvaluatedForImpairmentAmortizedCost
2868502000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5881000
CY2021Q2 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-1000000
CY2021Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
918000
CY2021Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
3963000
CY2021Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1949000
CY2021Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
2014000
CY2021Q2 vel Financing Receivable Individually Evaluated For Impairment Amortized Cost
FinancingReceivableIndividuallyEvaluatedForImpairmentAmortizedCost
318974000
CY2021Q2 vel Financing Receivable Collectively Evaluated For Impairment Amortized Cost
FinancingReceivableCollectivelyEvaluatedForImpairmentAmortizedCost
1768742000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
1009000
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
366000
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
4905000
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
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CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
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CY2022Q2 vel Financing Receivable Individually Evaluated For Impairment Amortized Cost
FinancingReceivableIndividuallyEvaluatedForImpairmentAmortizedCost
255202000
CY2022Q2 vel Financing Receivable Collectively Evaluated For Impairment Amortized Cost
FinancingReceivableCollectivelyEvaluatedForImpairmentAmortizedCost
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CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
987000
CY2021Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2021Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
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CY2021Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
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CY2021Q2 vel Financing Receivable Individually Evaluated For Impairment Amortized Cost
FinancingReceivableIndividuallyEvaluatedForImpairmentAmortizedCost
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CY2021Q2 vel Financing Receivable Collectively Evaluated For Impairment Amortized Cost
FinancingReceivableCollectivelyEvaluatedForImpairmentAmortizedCost
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CY2022Q2 vel Loan Principal Payments Due From Servicers Current
LoanPrincipalPaymentsDueFromServicersCurrent
43202000
CY2022Q2 vel Other Loan Servicing Receivables Current
OtherLoanServicingReceivablesCurrent
14438000
CY2022Q2 vel Loan Servicing Receivables Current
LoanServicingReceivablesCurrent
57640000
CY2022Q2 vel Corporate And Escrow Advances Receivable Current
CorporateAndEscrowAdvancesReceivableCurrent
18048000
CY2022Q2 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
75688000
CY2021Q4 vel Loan Principal Payments Due From Servicers Current
LoanPrincipalPaymentsDueFromServicersCurrent
43509000
CY2021Q4 vel Other Loan Servicing Receivables Current
OtherLoanServicingReceivablesCurrent
11448000
CY2021Q4 vel Loan Servicing Receivables Current
LoanServicingReceivablesCurrent
54957000
CY2021Q4 vel Corporate And Escrow Advances Receivable Current
CorporateAndEscrowAdvancesReceivableCurrent
19373000
CY2021Q4 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
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CY2022Q2 vel Servicing Asset At Unpaid Principal Balance Amount
ServicingAssetAtUnpaidPrincipalBalanceAmount
505100000
CY2021Q4 vel Servicing Asset At Unpaid Principal Balance Amount
ServicingAssetAtUnpaidPrincipalBalanceAmount
520600000
us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueDiscountRate
0.081
CY2021 us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueDiscountRate
0.080
us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Prepayment Speed
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValuePrepaymentSpeed
0.022
CY2021 us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Prepayment Speed
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValuePrepaymentSpeed
0.032
CY2021Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
7152000
CY2021 vel Servicing Asset At Fair Value Acquired
ServicingAssetAtFairValueAcquired
7152000
vel Servicing Rights Fair Value Adjustments
ServicingRightsFairValueAdjustments
1286000
CY2022Q2 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
8438000
CY2021Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
7152000
vel Number Of Active Securitizations
NumberOfActiveSecuritizations
23
us-gaap Proceeds From Issuance Of Trust Preferred Securities
ProceedsFromIssuanceOfTrustPreferredSecurities
4900000000
vel Securitizations Effective Interest Rate
SecuritizationsEffectiveInterestRate
0.0408
CY2022Q2 vel Securitizations Average Outstanding Balance
SecuritizationsAverageOutstandingBalance
2175263000
CY2021Q2 vel Securitizations Average Outstanding Balance
SecuritizationsAverageOutstandingBalance
1545969000
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
32934000
CY2021Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
24875000
vel Securitizations Effective Interest Rate
SecuritizationsEffectiveInterestRate
0.0483
vel Securitizations Average Interest Rate
SecuritizationsAverageInterestRate
0.0338
vel Securitizations Debt Issue Cost Amortization Interest Rate
SecuritizationsDebtIssueCostAmortizationInterestRate
0.0070
vel Securitizations Average Interest Rate
SecuritizationsAverageInterestRate
0.0412
vel Securitizations Debt Issue Cost Amortization Interest Rate
SecuritizationsDebtIssueCostAmortizationInterestRate
0.0071
vel Lines Of Credit Fund Maximum Percentage Of Principle Balance Of Mortgage Loans
LinesOfCreditFundMaximumPercentageOfPrincipleBalanceOfMortgageLoans
1
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
210204000
CY2022Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
750000000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
302800000
CY2021Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
653000000
CY2022Q2 vel Debt Instrument Average Rate
DebtInstrumentAverageRate
0.0459
CY2022Q2 vel Debt Issuance Cost Amortization Percentage
DebtIssuanceCostAmortizationPercentage
0.0057
CY2021Q2 vel Debt Instrument Average Rate
DebtInstrumentAverageRate
0.0444
CY2021Q2 vel Debt Issuance Cost Amortization Percentage
DebtIssuanceCostAmortizationPercentage
0.0121
vel Debt Instrument Average Rate
DebtInstrumentAverageRate
0.0423
vel Debt Issuance Cost Amortization Percentage
DebtIssuanceCostAmortizationPercentage
0.0057
vel Debt Instrument Average Rate
DebtInstrumentAverageRate
0.0458
vel Debt Issuance Cost Amortization Percentage
DebtIssuanceCostAmortizationPercentage
0.0122
CY2022Q2 us-gaap Interest Expense Now Accounts Money Market Accounts And Savings Deposits
InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits
28752000
CY2021Q2 us-gaap Interest Expense Now Accounts Money Market Accounts And Savings Deposits
InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits
20566000
us-gaap Interest Expense Now Accounts Money Market Accounts And Savings Deposits
InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits
52308000
us-gaap Interest Expense Now Accounts Money Market Accounts And Savings Deposits
InterestExpenseNOWAccountsMoneyMarketAccountsAndSavingsDeposits
41399000
CY2022Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
4182000
CY2021Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
4309000
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
21322000
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
11658000
us-gaap Interest Expense Debt
InterestExpenseDebt
73630000
us-gaap Interest Expense Debt
InterestExpenseDebt
53057000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20087000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2022Q2 vel Repurchase Liability
RepurchaseLiability
376000
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2021Q4 vel Repurchase Liability
RepurchaseLiability
141000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10645000
vel Diluted Effect Of Stock Option
DilutedEffectOfStockOption
2000
CY2022Q2 vel Diluted Effect Of Unvested Restricted Stock Awards
DilutedEffectOfUnvestedRestrictedStockAwards
150000
CY2021Q2 vel Diluted Effect Of Unvested Restricted Stock Awards
DilutedEffectOfUnvestedRestrictedStockAwards
197000
CY2021Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
480000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31904000
CY2022Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
125250
CY2022Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
800000
CY2021Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
500000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
5300000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4700000
CY2022Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2022Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
33647
CY2022Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
13.61
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10645000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9453000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13766000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12849000
CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
164000
CY2021Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
3571000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
212000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
4854000
CY2022Q2 vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
10481000
CY2021Q2 vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
5882000
vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
13554000
vel Net Earnings Attributable To Common Stockholders
NetEarningsAttributableToCommonStockholders
7995000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31917000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20087000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
9453000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
13766000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
12849000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31917000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20087000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31904000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20087000
CY2022Q2 vel Dilutive Effect Of Warrants
DilutiveEffectOfWarrants
1986000
CY2021Q2 vel Dilutive Effect Of Warrants
DilutiveEffectOfWarrants
1985000
vel Dilutive Effect Of Warrants
DilutiveEffectOfWarrants
2057000
vel Dilutive Effect Of Warrants
DilutiveEffectOfWarrants
1786000
CY2022Q2 vel Diluted Effect Of Stock Option
DilutedEffectOfStockOption
4000
CY2021Q2 vel Diluted Effect Of Stock Option
DilutedEffectOfStockOption
3000
vel Diluted Effect Of Stock Option
DilutedEffectOfStockOption
4000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34130000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33684000
vel Diluted Effect Of Unvested Restricted Stock Awards
DilutedEffectOfUnvestedRestrictedStockAwards
165000
vel Diluted Effect Of Unvested Restricted Stock Awards
DilutedEffectOfUnvestedRestrictedStockAwards
121000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34057000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33960000
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
125477000
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1001000
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
773000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1001000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
773000
CY2022Q2 vel Percentage Of Common Stock Held By Warrant Holder And Affiliates
PercentageOfCommonStockHeldByWarrantHolderAndAffiliates
0.49
CY2022Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
39615000
CY2022Q2 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
10600000
CY2021Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
12000000.0
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1200000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1400000

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