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SEGMENT REPORTING | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 9 – SEGMENT REPORTING The Company has the following five reportable segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division and Premium Finance Division. The Banking Division derives its revenues from the delivery of full-service financial services, including commercial loans, consumer loans and deposit accounts. The Retail Mortgage Division derives its revenues from the origination, sales and servicing of one-to-four family residential mortgage loans. The Warehouse Lending Division derives its revenues from the origination and servicing of warehouse lines to other businesses that are secured by underlying one-to-four family residential mortgage loans. The SBA Division derives its revenues from the origination, sales and servicing of SBA loans. The Premium Finance Division derives its revenues from the origination and servicing of commercial insurance premium finance loans. The Banking, Retail Mortgage, Warehouse Lending, SBA and Premium Finance Divisions are managed as separate business units because of the different products and services they provide. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material intersegment sales or transfers. The following tables present selected financial information with respect to the Company’s reportable business segments for the three months ended March 31, 2023 and 2022:
| Three Months Ended March 31, 2023
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  | SBA Division |  | Premium Finance Division |  | Total
Interest income | $ | 208,215 |  |  | $ | 48,589 |  |  | $ | 16,614 |  |  | $ | 4,375 |  |  | $ | 17,923 |  |  | $ | 295,716 |
Interest expense | 32,887 |  |  | 28,562 |  |  | 10,914 |  |  | 2,418 |  |  | 9,283 |  |  | 84,064 |
Net interest income | 175,328 |  |  | 20,027 |  |  | 5,700 |  |  | 1,957 |  |  | 8,640 |  |  | 211,652 |
Provision for credit losses | 47,140 |  |  | 2,853 |  |  | (194) |  |  | (104) |  |  | 34 |  |  | 49,729 |
Noninterest income | 23,898 |  |  | 31,058 |  |  | 480 |  |  | 605 |  |  | 9 |  |  | 56,050 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 56,442 |  |  | 20,160 |  |  | 802 |  |  | 1,309 |  |  | 2,197 |  |  | 80,910 |
Occupancy and equipment | 11,606 |  |  | 1,283 |  |  | 1 |  |  | 37 |  |  | 59 |  |  | 12,986 |
Data processing and communications expenses | 11,797 |  |  | 1,069 |  |  | 46 |  |  | 37 |  |  | 85 |  |  | 13,034 |
Other expenses | 19,023 |  |  | 11,747 |  |  | 202 |  |  | 422 |  |  | 1,097 |  |  | 32,491 |
Total noninterest expense | 98,868 |  |  | 34,259 |  |  | 1,051 |  |  | 1,805 |  |  | 3,438 |  |  | 139,421 |
Income before income tax expense | 53,218 |  |  | 13,973 |  |  | 5,323 |  |  | 861 |  |  | 5,177 |  |  | 78,552 |
Income tax expense | 12,848 |  |  | 2,934 |  |  | 1,118 |  |  | 181 |  |  | 1,050 |  |  | 18,131 |
Net income | $ | 40,370 |  |  | $ | 11,039 |  |  | $ | 4,205 |  |  | $ | 680 |  |  | $ | 4,127 |  |  | $ | 60,421 |
Total assets | $ | 18,870,145 |  |  | $ | 4,879,135 |  |  | $ | 936,169 |  |  | $ | 272,844 |  |  | $ | 1,130,091 |  |  | $ | 26,088,384 |
Goodwill | 951,148 |  |  | — |  |  | — |  |  | — |  |  | 64,498 |  |  | 1,015,646 |
Other intangible assets, net | 93,285 |  |  | — |  |  | — |  |  | — |  |  | 8,203 |  |  | 101,488 |
| Three Months Ended March 31, 2022
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  | SBA Division |  | Premium Finance Division |  | Total
Interest income | $ | 129,290 |  |  | $ | 32,832 |  |  | $ | 6,813 |  |  | $ | 6,780 |  |  | $ | 7,659 |  |  | $ | 183,374 |
Interest expense | (4,455) |  |  | 13,537 |  |  | 366 |  |  | 769 |  |  | 613 |  |  | 10,830 |
Net interest income | 133,745 |  |  | 19,295 |  |  | 6,447 |  |  | 6,011 |  |  | 7,046 |  |  | 172,544 |
Provision for credit losses | 5,226 |  |  | 1,587 |  |  | (222) |  |  | (143) |  |  | (217) |  |  | 6,231 |
Noninterest income | 21,364 |  |  | 61,649 |  |  | 1,401 |  |  | 2,491 |  |  | 6 |  |  | 86,911 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 49,195 |  |  | 31,614 |  |  | 283 |  |  | 1,271 |  |  | 1,918 |  |  | 84,281 |
Occupancy and equipment | 11,074 |  |  | 1,471 |  |  | 1 |  |  | 99 |  |  | 82 |  |  | 12,727 |
Data processing and communications expenses | 11,230 |  |  | 1,172 |  |  | 47 |  |  | 28 |  |  | 95 |  |  | 12,572 |
Other expenses | 20,045 |  |  | 12,645 |  |  | 218 |  |  | 380 |  |  | 952 |  |  | 34,240 |
Total noninterest expense | 91,544 |  |  | 46,902 |  |  | 549 |  |  | 1,778 |  |  | 3,047 |  |  | 143,820 |
Income before income tax expense | 58,339 |  |  | 32,455 |  |  | 7,521 |  |  | 6,867 |  |  | 4,222 |  |  | 109,404 |
Income tax expense | 16,996 |  |  | 6,815 |  |  | 1,579 |  |  | 1,442 |  |  | 874 |  |  | 27,706 |
Net income | $ | 41,343 |  |  | $ | 25,640 |  |  | $ | 5,942 |  |  | $ | 5,425 |  |  | $ | 3,348 |  |  | $ | 81,698 |
Total assets | $ | 17,409,973 |  |  | $ | 4,197,613 |  |  | $ | 703,558 |  |  | $ | 313,219 |  |  | $ | 935,929 |  |  | $ | 23,560,292 |
Goodwill | 957,847 |  |  | — |  |  | — |  |  | — |  |  | 64,498 |  |  | 1,022,345 |
Other intangible assets, net | 109,604 |  |  | — |  |  | — |  |  | — |  |  | 11,153 |  |  | 120,757 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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