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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2025
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 or mortgage servicing rights. 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. The chief operating decision maker (CODM) within the Company is the Chief Executive Officer, who also serves as a member of the Board of Directors and as Chair of the Executive Committee of the Board. The CODM regularly receives a package of period-end reports and works with management in making necessary operating decisions, including the allocation of resources among the Company's segments. 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 tables present selected financial information with respect to the Company’s reportable business segments for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, 2025
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  |  |  | Premium Finance Division |  | Total
Interest income | $ | 239,211 |  |  | $ | 61,356 |  |  | $ | 18,174 |  |  |  |  | $ | 28,897 |  |  | $ | 347,638 |
Interest expense | 47,710 |  |  | 39,325 |  |  | 11,083 |  |  |  |  | 17,707 |  |  | 115,825 |
Net interest income | 191,501 |  |  | 22,031 |  |  | 7,091 |  |  |  |  | 11,190 |  |  | 231,813 |
Provision for credit losses | 677 |  |  | 1,010 |  |  | 369 |  |  |  |  | 716 |  |  | 2,772 |
Noninterest income | 29,275 |  |  | 37,726 |  |  | 1,893 |  |  |  |  | 17 |  |  | 68,911 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 62,001 |  |  | 24,358 |  |  | 618 |  |  |  |  | 2,331 |  |  | 89,308 |
Occupancy and equipment | 10,547 |  |  | 811 |  |  | 7 |  |  |  |  | 36 |  |  | 11,401 |
Data processing and communications expenses | 13,825 |  |  | 1,391 |  |  | 59 |  |  |  |  | 91 |  |  | 15,366 |
Other expenses(1) | 25,478 |  |  | 12,496 |  |  | 96 |  |  |  |  | 1,115 |  |  | 39,185 |
Total noninterest expense | 111,851 |  |  | 39,056 |  |  | 780 |  |  |  |  | 3,573 |  |  | 155,260 |
Income before income tax expense | 108,248 |  |  | 19,691 |  |  | 7,835 |  |  |  |  | 6,918 |  |  | 142,692 |
Income tax expense | 25,667 |  |  | 4,135 |  |  | 1,646 |  |  |  |  | 1,410 |  |  | 32,858 |
Net income | $ | 82,581 |  |  | $ | 15,556 |  |  | $ | 6,189 |  |  |  |  | $ | 5,508 |  |  | $ | 109,834 |
Total assets | $ | 19,143,429 |  |  | $ | 4,723,883 |  |  | $ | 1,114,158 |  |  |  |  | $ | 1,698,683 |  |  | $ | 26,680,153 |
Goodwill | 951,148 |  |  | — |  |  | — |  |  |  |  | 64,498 |  |  | 1,015,646 |
Other intangible assets, net | 60,952 |  |  | — |  |  | — |  |  |  |  | 1,630 |  |  | 62,582 |
| 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(1) | 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 |
(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, and loan servicing expenses.
| Six Months Ended June 30, 2025
(dollars in thousands) | Banking Division |  | Retail Mortgage Division |  | Warehouse Lending Division |  |  |  | Premium Finance Division |  | Total
Interest income | $ | 472,530 |  |  | $ | 119,288 |  |  | $ | 33,374 |  |  |  |  | $ | 56,224 |  |  | $ | 681,416 |
Interest expense | 96,816 |  |  | 75,413 |  |  | 20,381 |  |  |  |  | 35,154 |  |  | 227,764 |
Net interest income | 375,714 |  |  | 43,875 |  |  | 12,993 |  |  |  |  | 21,070 |  |  | 453,652 |
Provision for credit losses | 17,097 |  |  | 6,201 |  |  | 194 |  |  |  |  | 1,172 |  |  | 24,664 |
Noninterest income | 57,999 |  |  | 72,455 |  |  | 2,447 |  |  |  |  | 33 |  |  | 132,934 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits | 124,717 |  |  | 45,353 |  |  | 1,170 |  |  |  |  | 4,683 |  |  | 175,923 |
Occupancy and equipment | 20,351 |  |  | 1,640 |  |  | 14 |  |  |  |  | 73 |  |  | 22,078 |
Data processing and communications expenses | 27,216 |  |  | 2,688 |  |  | 97 |  |  |  |  | 220 |  |  | 30,221 |
Other expenses(1) | 51,163 |  |  | 24,459 |  |  | 366 |  |  |  |  | 2,084 |  |  | 78,072 |
Total noninterest expense | 223,447 |  |  | 74,140 |  |  | 1,647 |  |  |  |  | 7,060 |  |  | 306,294 |
Income before income tax expense | 193,169 |  |  | 35,989 |  |  | 13,599 |  |  |  |  | 12,871 |  |  | 255,628 |
Income tax expense | 44,821 |  |  | 7,558 |  |  | 2,856 |  |  |  |  | 2,624 |  |  | 57,859 |
Net income | $ | 148,348 |  |  | $ | 28,431 |  |  | $ | 10,743 |  |  |  |  | $ | 10,247 |  |  | $ | 197,769 |
| 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(1) | 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 |
(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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- Definition The entire disclosure for reporting segments including data and tables. 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