SEGMENT REPORTING (Tables)

3 Months Ended

Jun. 30, 2024

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