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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 9 – SEGMENT REPORTING The Company has the following four reportable segments: Banking Division, Retail Mortgage Division, Warehouse Lending 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 Premium Finance Division derives its revenues from the origination and servicing of commercial insurance premium finance loans. The Banking, Retail Mortgage, Warehouse Lending 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. During the first quarter of 2024, the Company consolidated its former SBA Division into the Banking Division based on the similarity of products and services offered, customers served and materiality of its operating profit. Prior period segment information for the Banking Division was restated to reflect this consolidation. The following tables present selected financial information with respect to the Company’s reportable business segments for the three and six months ended June 30, 2024 and 2023:
| Three Months Ended June 30, 2024
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  |  |  | Premium Finance Division |  | Total
Interest income | $ | 243,857 |  |  | $ | 59,001 |  |  | $ | 19,380 |  |  |  |  | $ | 25,085 |  |  | $ | 347,323 |
Interest expense | 70,320 |  |  | 35,259 |  |  | 13,088 |  |  |  |  | 16,735 |  |  | 135,402 |
Net interest income | 173,537 |  |  | 23,742 |  |  | 6,292 |  |  |  |  | 8,350 |  |  | 211,921 |
Provision for credit losses | 20,888 |  |  | (2,882) |  |  | 359 |  |  |  |  | 408 |  |  | 18,773 |
Noninterest income | 37,527 |  |  | 50,145 |  |  | 1,028 |  |  |  |  | 11 |  |  | 88,711 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 59,923 |  |  | 25,254 |  |  | 1,124 |  |  |  |  | 1,900 |  |  | 88,201 |
Occupancy and equipment | 11,474 |  |  | 1,008 |  |  | 7 |  |  |  |  | 70 |  |  | 12,559 |
Data processing and communications expenses | 13,756 |  |  | 1,276 |  |  | 59 |  |  |  |  | 102 |  |  | 15,193 |
Other expenses | 24,614 |  |  | 13,397 |  |  | 298 |  |  |  |  | 1,095 |  |  | 39,404 |
Total noninterest expense | 109,767 |  |  | 40,935 |  |  | 1,488 |  |  |  |  | 3,167 |  |  | 155,357 |
Income before income tax expense | 80,409 |  |  | 35,834 |  |  | 5,473 |  |  |  |  | 4,786 |  |  | 126,502 |
Income tax expense | 26,090 |  |  | 7,525 |  |  | 1,149 |  |  |  |  | 953 |  |  | 35,717 |
Net income | $ | 54,319 |  |  | $ | 28,309 |  |  | $ | 4,324 |  |  |  |  | $ | 3,833 |  |  | $ | 90,785 |
Total assets | $ | 18,933,072 |  |  | $ | 5,100,837 |  |  | $ | 1,089,263 |  |  |  |  | $ | 1,397,556 |  |  | $ | 26,520,728 |
Goodwill | 951,148 |  |  | — |  |  | — |  |  |  |  | 64,498 |  |  | 1,015,646 |
Other intangible assets, net | 74,605 |  |  | — |  |  | — |  |  |  |  | 4,515 |  |  | 79,120 |
| Three Months Ended June 30, 2023
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  |  |  | Premium Finance Division |  | Total
Interest income | $ | 230,199 |  |  | $ | 52,867 |  |  | $ | 18,960 |  |  |  |  | $ | 19,926 |  |  | $ | 321,952 |
Interest expense | 56,427 |  |  | 31,450 |  |  | 12,794 |  |  |  |  | 11,741 |  |  | 112,412 |
Net interest income | 173,772 |  |  | 21,417 |  |  | 6,166 |  |  |  |  | 8,185 |  |  | 209,540 |
Provision for credit losses | 41,255 |  |  | 3,278 |  |  | 411 |  |  |  |  | 572 |  |  | 45,516 |
Noninterest income | 26,128 |  |  | 39,808 |  |  | 1,404 |  |  |  |  | 9 |  |  | 67,349 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 56,512 |  |  | 21,930 |  |  | 772 |  |  |  |  | 2,122 |  |  | 81,336 |
Occupancy and equipment | 11,215 |  |  | 1,224 |  |  | — |  |  |  |  | 83 |  |  | 12,522 |
Data processing and communications expenses | 11,944 |  |  | 1,397 |  |  | 44 |  |  |  |  | 66 |  |  | 13,451 |
Other expenses | 27,976 |  |  | 11,859 |  |  | 223 |  |  |  |  | 1,036 |  |  | 41,094 |
Total noninterest expense | 107,647 |  |  | 36,410 |  |  | 1,039 |  |  |  |  | 3,307 |  |  | 148,403 |
Income before income tax expense | 50,998 |  |  | 21,537 |  |  | 6,120 |  |  |  |  | 4,315 |  |  | 82,970 |
Income tax expense | 13,658 |  |  | 4,523 |  |  | 1,285 |  |  |  |  | 869 |  |  | 20,335 |
Net income | $ | 37,340 |  |  | $ | 17,014 |  |  | $ | 4,835 |  |  |  |  | $ | 3,446 |  |  | $ | 62,635 |
Total assets | $ | 18,532,088 |  |  | $ | 4,921,354 |  |  | $ | 1,152,690 |  |  |  |  | $ | 1,194,486 |  |  | $ | 25,800,618 |
Goodwill | 951,148 |  |  | — |  |  | — |  |  |  |  | 64,498 |  |  | 1,015,646 |
Other intangible assets, net | 89,335 |  |  | — |  |  | — |  |  |  |  | 7,465 |  |  | 96,800 |
| Six Months Ended June 30, 2024
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  |  |  | Premium Finance Division |  | Total
Interest income | $ | 478,979 |  |  | $ | 114,100 |  |  | $ | 35,863 |  |  |  |  | $ | 47,833 |  |  | $ | 676,775 |
Interest expense | 140,974 |  |  | 67,071 |  |  | 23,543 |  |  |  |  | 31,878 |  |  | 263,466 |
Net interest income | 338,005 |  |  | 47,029 |  |  | 12,320 |  |  |  |  | 15,955 |  |  | 413,309 |
Provision for credit losses | 40,015 |  |  | (550) |  |  | 504 |  |  |  |  | (91) |  |  | 39,878 |
Noninterest income | 63,890 |  |  | 88,910 |  |  | 1,768 |  |  |  |  | 21 |  |  | 154,589 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 118,839 |  |  | 46,327 |  |  | 2,012 |  |  |  |  | 3,953 |  |  | 171,131 |
Occupancy and equipment | 23,227 |  |  | 2,057 |  |  | 14 |  |  |  |  | 146 |  |  | 25,444 |
Data processing and communications expenses | 26,940 |  |  | 2,642 |  |  | 84 |  |  |  |  | 181 |  |  | 29,847 |
Other expenses | 49,061 |  |  | 25,927 |  |  | 535 |  |  |  |  | 2,123 |  |  | 77,646 |
Total noninterest expense | 218,067 |  |  | 76,953 |  |  | 2,645 |  |  |  |  | 6,403 |  |  | 304,068 |
Income before income tax expense | 143,813 |  |  | 59,536 |  |  | 10,939 |  |  |  |  | 9,664 |  |  | 223,952 |
Income tax expense | 42,118 |  |  | 12,503 |  |  | 2,297 |  |  |  |  | 1,937 |  |  | 58,855 |
Net income | $ | 101,695 |  |  | $ | 47,033 |  |  | $ | 8,642 |  |  |  |  | $ | 7,727 |  |  | $ | 165,097 |
| Six Months Ended June 30, 2023
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  |  |  | Premium Finance Division |  | Total
Interest income | $ | 442,789 |  |  | $ | 101,456 |  |  | $ | 35,574 |  |  |  |  | $ | 37,849 |  |  | $ | 617,668 |
Interest expense | 91,732 |  |  | 60,012 |  |  | 23,708 |  |  |  |  | 21,024 |  |  | 196,476 |
Net interest income | 351,057 |  |  | 41,444 |  |  | 11,866 |  |  |  |  | 16,825 |  |  | 421,192 |
Provision for credit losses | 88,291 |  |  | 6,131 |  |  | 217 |  |  |  |  | 606 |  |  | 95,245 |
Noninterest income | 50,631 |  |  | 70,866 |  |  | 1,884 |  |  |  |  | 18 |  |  | 123,399 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 114,263 |  |  | 42,090 |  |  | 1,574 |  |  |  |  | 4,319 |  |  | 162,246 |
Occupancy and equipment | 22,858 |  |  | 2,507 |  |  | 1 |  |  |  |  | 142 |  |  | 25,508 |
Data processing and communications expenses | 23,778 |  |  | 2,466 |  |  | 90 |  |  |  |  | 151 |  |  | 26,485 |
Other expenses | 47,421 |  |  | 23,606 |  |  | 425 |  |  |  |  | 2,133 |  |  | 73,585 |
Total noninterest expense | 208,320 |  |  | 70,669 |  |  | 2,090 |  |  |  |  | 6,745 |  |  | 287,824 |
Income before income tax expense | 105,077 |  |  | 35,510 |  |  | 11,443 |  |  |  |  | 9,492 |  |  | 161,522 |
Income tax expense | 26,687 |  |  | 7,457 |  |  | 2,403 |  |  |  |  | 1,919 |  |  | 38,466 |
Net income | $ | 78,390 |  |  | $ | 28,053 |  |  | $ | 9,040 |  |  |  |  | $ | 7,573 |  |  | $ | 123,056 |

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