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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | 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 reclassified to reflect this consolidation. The Chief Operating Decision Maker (CODM) within the Company is the Chief Executive Officer, who also serves as Chair of the Executive Committee and as a member of the Board of Directors. The CODM regularly receives a package of period end reports and works with management in making the necessary operating decisions, including allocation of resources. This includes evaluation of performance as measured by net income for each segment. Each segment that is reported has strategic planning, budgeting, and forecasting sessions at least annually with the CODM through executive management. The following table presents selected financial information with respect to the Company’s reportable business segments for the years ended December 31, 2024, 2023 and 2022. Significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. There are no material intersegment sales or transfers:
| Year Ended December 31, 2024
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  |  |  | Premium Finance Division |  | Total
Interest income | $ | 962,918 |  |  | $ | 236,670 |  |  | $ | 75,264 |  |  |  |  | $ | 103,432 |  |  | $ | 1,378,284 |
Interest expense | 271,201 |  |  | 142,374 |  |  | 48,492 |  |  |  |  | 67,027 |  |  | 529,094 |
Net interest income | 691,717 |  |  | 94,296 |  |  | 26,772 |  |  |  |  | 36,405 |  |  | 849,190 |
Provision for credit losses | 60,434 |  |  | (2,799) |  |  | 275 |  |  |  |  | 883 |  |  | 58,793 |
Noninterest income | 121,972 |  |  | 167,031 |  |  | 4,209 |  |  |  |  | 45 |  |  | 293,257 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 243,795 |  |  | 92,436 |  |  | 3,216 |  |  |  |  | 8,194 |  |  | 347,641 |
Occupancy and equipment expenses | 44,568 |  |  | 3,965 |  |  | 26 |  |  |  |  | 225 |  |  | 48,784 |
Data processing and communications expenses | 54,121 |  |  | 5,048 |  |  | 160 |  |  |  |  | 370 |  |  | 59,699 |
Other expenses(1) | 96,049 |  |  | 50,209 |  |  | 976 |  |  |  |  | 4,436 |  |  | 151,670 |
Total noninterest expense | 438,533 |  |  | 151,658 |  |  | 4,378 |  |  |  |  | 13,225 |  |  | 607,794 |
Income before income tax expense | 314,722 |  |  | 112,468 |  |  | 26,328 |  |  |  |  | 22,342 |  |  | 475,860 |
Income tax expense | 83,503 |  |  | 23,618 |  |  | 5,529 |  |  |  |  | 4,525 |  |  | 117,175 |
Net income | $ | 231,219 |  |  | $ | 88,850 |  |  | $ | 20,799 |  |  |  |  | $ | 17,817 |  |  | $ | 358,685 |
Total assets | $ | 18,954,256 |  |  | $ | 4,828,842 |  |  | $ | 983,229 |  |  |  |  | $ | 1,495,723 |  |  | $ | 26,262,050 |
Goodwill | $ | 951,148 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 64,498 |  |  | $ | 1,015,646 |
Other intangible assets, net | $ | 67,721 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 3,040 |  |  | $ | 70,761 |
| Year Ended December 31, 2023
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  |  |  | Premium Finance Division |  | Total
Interest income | $ | 913,439 |  |  | $ | 212,106 |  |  | $ | 71,110 |  |  |  |  | $ | 83,780 |  |  | $ | 1,280,435 |
Interest expense | 224,543 |  |  | 123,804 |  |  | 47,271 |  |  |  |  | 49,773 |  |  | 445,391 |
Net interest income | 688,896 |  |  | 88,302 |  |  | 23,839 |  |  |  |  | 34,007 |  |  | 835,044 |
Provision for credit losses | 132,789 |  |  | 9,535 |  |  | (440) |  |  |  |  | 772 |  |  | 142,656 |
Noninterest income | 102,177 |  |  | 137,145 |  |  | 3,475 |  |  |  |  | 31 |  |  | 242,828 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 228,399 |  |  | 80,317 |  |  | 2,794 |  |  |  |  | 8,600 |  |  | 320,110 |
Occupancy and equipment expenses | 46,232 |  |  | 4,899 |  |  | 5 |  |  |  |  | 314 |  |  | 51,450 |
Data processing and communications expenses | 48,155 |  |  | 4,836 |  |  | 171 |  |  |  |  | 324 |  |  | 53,486 |
Other expenses(1) | 100,752 |  |  | 47,393 |  |  | 873 |  |  |  |  | 4,217 |  |  | 153,235 |
Total noninterest expense | 423,538 |  |  | 137,445 |  |  | 3,843 |  |  |  |  | 13,455 |  |  | 578,281 |
Income before income tax expense | 234,746 |  |  | 78,467 |  |  | 23,911 |  |  |  |  | 19,811 |  |  | 356,935 |
Income tax expense | 62,297 |  |  | 16,478 |  |  | 5,021 |  |  |  |  | 4,034 |  |  | 87,830 |
Net income | $ | 172,449 |  |  | $ | 61,989 |  |  | $ | 18,890 |  |  |  |  | $ | 15,777 |  |  | $ | 269,105 |
Total assets | $ | 18,291,626 |  |  | $ | 4,916,753 |  |  | $ | 825,415 |  |  |  |  | $ | 1,169,905 |  |  | $ | 25,203,699 |
Goodwill | $ | 951,148 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 64,498 |  |  | $ | 1,015,646 |
Other intangible assets, net | $ | 81,959 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 5,990 |  |  | $ | 87,949 |
| Year Ended December 31, 2022
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  |  |  | Premium Finance Division |  | Total
Interest income | $ | 648,309 |  |  | $ | 155,533 |  |  | $ | 43,521 |  |  |  |  | $ | 46,523 |  |  | $ | 893,886 |
Interest expense | (12,698) |  |  | 76,339 |  |  | 16,794 |  |  |  |  | 12,425 |  |  | 92,860 |
Net interest income | 661,007 |  |  | 79,194 |  |  | 26,727 |  |  |  |  | 34,098 |  |  | 801,026 |
Provision for credit losses | 61,549 |  |  | 12,351 |  |  | (1,074) |  |  |  |  | (1,129) |  |  | 71,697 |
Noninterest income | 97,815 |  |  | 182,039 |  |  | 4,537 |  |  |  |  | 33 |  |  | 284,424 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 202,128 |  |  | 107,810 |  |  | 1,973 |  |  |  |  | 7,808 |  |  | 319,719 |
Occupancy and equipment expenses | 45,441 |  |  | 5,579 |  |  | 4 |  |  |  |  | 337 |  |  | 51,361 |
Data processing and communications expenses | 44,073 |  |  | 4,580 |  |  | 187 |  |  |  |  | 388 |  |  | 49,228 |
Other expenses(1) | 87,340 |  |  | 48,224 |  |  | 830 |  |  |  |  | 3,953 |  |  | 140,347 |
Total noninterest expense | 378,982 |  |  | 166,193 |  |  | 2,994 |  |  |  |  | 12,486 |  |  | 560,655 |
Income before income tax expense | 318,291 |  |  | 82,689 |  |  | 29,344 |  |  |  |  | 22,774 |  |  | 453,098 |
Income tax expense | 78,343 |  |  | 17,364 |  |  | 6,162 |  |  |  |  | 4,689 |  |  | 106,558 |
Net income | $ | 239,948 |  |  | $ | 65,325 |  |  | $ | 23,182 |  |  |  |  | $ | 18,085 |  |  | $ | 346,540 |
Total assets | $ | 18,105,049 |  |  | $ | 4,739,612 |  |  | $ | 1,016,192 |  |  |  |  | $ | 1,192,433 |  |  | $ | 25,053,286 |
Goodwill | $ | 951,148 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 64,498 |  |  | $ | 1,015,646 |
Other intangible assets, net | $ | 97,254 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 8,940 |  |  | $ | 106,194 |
(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, and loan servicing expenses.

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