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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting  
Segment Reporting

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Note 23 — Segment Reporting

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The Company, through the Bank, provides a broad range of financial services to individuals and companies primarily in South Carolina, North Carolina, Florida, Alabama, Georgia, Virginia, Texas, Colorado and Tennessee. These services include, but not limited to, demand, time and savings deposits; lending and credit card servicing; ATM processing; mortgage banking services; correspondent banking services and wealth management and trust services. The Company’s operations are managed and financial performance is evaluated on an organization-wide basis. Accordingly, the Company’s banking and finance operations are not considered by management to constitute more than one reportable operating segment. This single segment is the General Banking Unit.

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The Company’s chief operating decision maker (“CODM”) is the Executive Committee. The CODM generally meets monthly, and membership includes the senior executive management team including the Chief Executive Officer, Chief Strategy Officer, President, Chief Financial Officer, Chief Operating Officer, Chief Risk Officer, among other executives.

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The CODM assesses performance of the General Banking Unit using a variety of figures, metrics and key performance indicators. However, the CODM primarily utilizes net income and Net Interest Margin (“NIM”) to make business decisions. The CODM monitors these profitability measures at each meeting, and is regularly featured in various investor presentations, earnings releases, and other internal management reports. These performance and profitability measures influence business decisions and allocation of resources within the General Banking Unit.

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The table below provides net income and NIM information about the General Banking Unit. The most significant expenses to the General Banking Unit are deposit and other borrowing interest expense as well as employee compensation.

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Three Months Ended

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Nine Months Ended

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September 30,

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September 30,

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(Dollars in thousands)

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2025

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2024

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2025

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2024

    

Net Income (GAAP)

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Interest income

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$

881,682

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$

544,178

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$

2,530,752

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$

1,592,557

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Interest expense

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281,985

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192,698

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808,560

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546,882

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Net interest income (a)

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599,697

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351,480

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1,722,192

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1,045,675

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Provision (recover) for credit losses

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5,085

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(6,971)

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113,152

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9,604

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Net interest income after provision for credit losses

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594,612

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358,451

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1,609,040

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1,036,071

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Total noninterest income

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Securities losses, net

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—

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—

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(228,811)

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—

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Gain on sale-leaseback, net of transaction costs

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—

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—

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229,279

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—

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Other operating noninterest income

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99,086

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74,934

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271,523

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221,717

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Total noninterest income

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99,086

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74,934

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271,991

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221,717

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Total noninterest expense

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Employee salaries

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136,630

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107,363

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408,253

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317,503

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Employee commissions

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15,656

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10,781

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41,210

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32,142

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Employee incentives

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32,612

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24,070

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95,001

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72,422

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Other salaries and benefits

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34,957

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23,441

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108,275

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77,649

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Deferred loan costs

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(20,707)

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(14,790)

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(57,618)

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(46,963)

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Salaries and employee benefits

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199,148

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150,865

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595,121

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452,753

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Occupancy expense

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40,874

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22,242

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117,874

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67,272

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Information services expense

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28,988

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23,280

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90,505

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68,777

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Professional fees

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4,994

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4,017

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14,361

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11,038

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Amortization of intangibles

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23,426

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5,327

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71,305

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17,069

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Business development and staff related

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8,907

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5,542

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22,600

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17,006

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FDIC assessment and other regulatory charges

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8,374

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7,482

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31,101

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23,787

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Merger and branch consolidation related expense

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20,889

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3,303

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113,274

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13,602

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FDIC special assessment

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—

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—

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—

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4,473

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Other operating expense

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36,742

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24,789

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100,088

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69,107

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Total noninterest expense

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372,342

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246,847

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1,156,229

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744,884

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Income before income tax provision

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321,356

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186,538

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724,802

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512,904

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Income tax provision

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74,715

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43,359

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173,857

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122,299

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Net income (GAAP)

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$

246,641

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$

143,179

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$

550,945

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$

390,605

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Net Interest Margin, Non-Tax Equivalent ("Non-TE") (GAAP)

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Average interest earning assets (b)

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$

58,727,110

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$

41,223,980

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$

57,982,690

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$

40,965,220

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Net interest margin, non-TE ((a)/(b)) (GAAP)

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4.05%

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3.39%

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3.97%

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3.41%

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