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SEGMENT REPORTING (Tables) | 3 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of segment reporting information, by segment | The following tables summarize the Group's Statement of Operations by its reportable segments. There are no revenues from transactions between the segments and intercompany balances have been eliminated for separate disclosure:
| Three months ended June 30, 2024
STATEMENTS OF OPERATIONS | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fee and commission income | $ | 97,943 |  |  | $ | 2,796 |  |  | $ | 115 |  |  | $ | 14,635 |  |  | $ | 115,489 |
Net gain/(loss) on trading securities | 874 |  |  | (50,007) |  |  | 139 |  |  | (3,108) |  |  | (52,102) |
Interest income | 62,789 |  |  | 146,063 |  |  | 15,699 |  |  | 1,453 |  |  | 226,004 |
Insurance underwriting income | — |  |  | — |  |  | 129,408 |  |  | — |  |  | 129,408 |
Net gain/(loss) on foreign exchange operations | 9,957 |  |  | (19,695) |  |  | 1,120 |  |  | 16,707 |  |  | 8,089 |
Net gain on derivative | 876 |  |  | 11,618 |  |  | — |  |  | — |  |  | 12,494 |
Other income, net | 2,477 |  |  | 427 |  |  | 782 |  |  | 7,647 |  |  | 11,333 |
TOTAL REVENUE, NET | 174,916 |  |  | 91,202 |  |  | 147,263 |  |  | 37,334 |  |  | 450,715 |
Fee and commission expense | 5,677 |  |  | 2,526 |  |  | 64,887 |  |  | 7,057 |  |  | 80,147 |
Interest expense | 34,621 |  |  | 99,887 |  |  | 3,883 |  |  | 7,327 |  |  | 145,718 |
Insurance claims incurred, net of reinsurance | — |  |  | — |  |  | 47,309 |  |  | — |  |  | 47,309 |
Payroll and bonuses | 25,251 |  |  | 6,117 |  |  | 6,861 |  |  | 19,295 |  |  | 57,524 |
Professional services | 2,389 |  |  | 96 |  |  | 277 |  |  | 4,506 |  |  | 7,268 |
Stock compensation expense | 5,315 |  |  | 1,956 |  |  | 875 |  |  | 2,469 |  |  | 10,615 |
Advertising expense | 11,944 |  |  | 1,064 |  |  | 350 |  |  | 3,843 |  |  | 17,201 |
General and administrative expense | 10,213 |  |  | 12,385 |  |  | 5,218 |  |  | 17,289 |  |  | 45,105 |
(Recovery of)/provision for allowance for expected credit losses | (329) |  |  | (1,121) |  |  | 325 |  |  | (645) |  |  | (1,770) |
TOTAL EXPENSE | 95,081 |  |  | 122,910 |  |  | 129,985 |  |  | 61,141 |  |  | 409,117 |
INCOME BEFORE INCOME TAX | $ | 79,835 |  |  | $ | (31,708) |  |  | $ | 17,278 |  |  | $ | (23,807) |  |  | $ | 41,598 |
Income tax (expense)/benefit | (10,204) |  |  | 3,225 |  |  | (3,475) |  |  | 3,115 |  |  | (7,339) |
NET INCOME | $ | 69,631 |  |  | $ | (28,483) |  |  | $ | 13,803 |  |  | $ | (20,692) |  |  | $ | 34,259 |
| Three months ended June 30, 2023
STATEMENTS OF OPERATIONS | Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Fee and commission income | $ | 63,972 |  |  | $ | 13,166 |  |  | $ | 42 |  |  | $ | 21,523 |  |  | $ | 98,703 |
Net gain/(loss) on trading securities | 9,167 |  |  | 14,520 |  |  | 9,104 |  |  | (975) |  |  | 31,816 |
Interest income | 32,209 |  |  | 99,094 |  |  | 16,008 |  |  | 2,038 |  |  | 149,349 |
Insurance underwriting income | — |  |  | — |  |  | 44,889 |  |  | — |  |  | 44,889 |
Net gain/(loss) on foreign exchange operations | 111 |  |  | 19,840 |  |  | (429) |  |  | (221) |  |  | 19,301 |
Net (loss)/gain on derivative | (5) |  |  | (30,774) |  |  | — |  |  | 174 |  |  | (30,605) |
Other income/(expense), net | 616 |  |  | (192) |  |  | 763 |  |  | 1,570 |  |  | 2,757 |
TOTAL REVENUE, NET | 106,070 |  |  | 115,654 |  |  | 70,377 |  |  | 24,109 |  |  | 316,210 |
Fee and commission expense | 5,858 |  |  | 3,983 |  |  | 17,424 |  |  | 1,419 |  |  | 28,684 |
Interest expense | 21,238 |  |  | 62,699 |  |  | 8,419 |  |  | 2,690 |  |  | 95,046 |
Insurance claims incurred, net of reinsurance | — |  |  | — |  |  | 21,514 |  |  | — |  |  | 21,514 |
Payroll and bonuses | 12,499 |  |  | 9,512 |  |  | 3,326 |  |  | 6,293 |  |  | 31,630 |
Professional services | 2,327 |  |  | 80 |  |  | 126 |  |  | 4,092 |  |  | 6,625 |
Stock compensation expense | 789 |  |  | 62 |  |  | 37 |  |  | 345 |  |  | 1,233 |
Advertising expense | 4,788 |  |  | 2,036 |  |  | 145 |  |  | 1,131 |  |  | 8,100 |
General and administrative expense | 8,457 |  |  | 6,398 |  |  | 1,249 |  |  | 8,371 |  |  | 24,475 |
Provision for allowance for expected credit losses | 240 |  |  | 11,284 |  |  | 1,222 |  |  | 1,580 |  |  | 14,326 |
TOTAL EXPENSE | 56,196 |  |  | 96,054 |  |  | 53,462 |  |  | 25,921 |  |  | 231,633 |
INCOME BEFORE INCOME TAX | $ | 49,874 |  |  | $ | 19,600 |  |  | $ | 16,915 |  |  | $ | (1,812) |  |  | $ | 84,577 |
Income tax (expense)/benefit | (2,679) |  |  | — |  |  | 37 |  |  | (14,014) |  |  | (16,656) |
NET INCOME | $ | 47,195 |  |  | $ | 19,600 |  |  | $ | 16,952 |  |  | $ | (15,826) |  |  | $ | 67,921 |
The following tables summarize the Company's total assets and total liabilities by its business segments. Intercompany balances have been eliminated for separate disclosure:
| June 30, 2024
| Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Total assets | $ | 2,887,774 |  |  | $ | 4,788,782 |  |  | $ | 545,868 |  |  | $ | 261,136 |  |  | $ | 8,483,560 |
Total liabilities | 2,175,457 |  |  | 4,384,736 |  |  | 411,274 |  |  | 359,914 |  |  | 7,331,381 |
Net assets | $ | 712,317 |  |  | $ | 404,046 |  |  | $ | 134,594 |  |  | $ | (98,778) |  |  | $ | 1,152,179 |
| March 31, 2024
| Brokerage |  | Banking |  | Insurance |  | Other |  | Total
Total assets | $ | 2,586,803 |  |  | $ | 4,939,626 |  |  | $ | 529,517 |  |  | $ | 245,984 |  |  | $ | 8,301,930 |
Total liabilities | 1,973,887 |  |  | 4,389,745 |  |  | 402,865 |  |  | 368,475 |  |  | 7,134,972 |
Net assets | $ | 612,916 |  |  | $ | 549,881 |  |  | $ | 126,652 |  |  | $ | (122,491) |  |  | $ | 1,166,958 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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