SEGMENT REPORTING

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 10 – 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, 2021 and 2020:

	Three Months Ended March 31, 2021
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	112,379	$	30,199	$	10,327	$	18,034	$	7,011	$	177,950
Interest expense	(437)		11,215		421		1,399		375		12,973
Net interest income	112,816		18,984		9,906		16,635		6,636		164,977
Provision for credit losses	(23,904)		(4,553)		(145)		(547)		558		(28,591)
Noninterest income	16,738		97,640		980		2,611		4		117,973
Noninterest expense
Salaries and employee benefits	42,723		49,838		330		1,382		1,712		95,985
Equipment and occupancy expenses	10,120		1,476		1		106		78		11,781
Data processing and telecommunications expenses	10,201		1,546		49		1		87		11,884
Other expenses	19,710		8,189		33		295		921		29,148
Total noninterest expense	82,754		61,049		413		1,784		2,798		148,798
Income before income tax expense	70,704		60,128		10,618		18,009		3,284		162,743
Income tax expense	18,456		12,627		2,230		3,782		686		37,781
Net income	$	52,248	$	47,501	$	8,388	$	14,227	$	2,598	$	124,962
Total assets	$	14,591,933	$	4,086,210	$	886,004	$	1,055,068	$	807,912	$	21,427,127
Goodwill	863,507		—		—		—		64,498		928,005
Other intangible assets, net	53,745		—		—		—		14,103		67,848

	Three Months Ended March 31, 2020
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	132,301	$	33,411	$	4,850	$	3,728	$	8,478	$	182,768
Interest expense	13,926		15,655		1,548		1,547		2,147		34,823
Net interest income	118,375		17,756		3,302		2,181		6,331		147,945
Provision for credit losses	35,997		1,997		(9)		(903)		3,965		41,047
Noninterest income	17,773		34,369		960		1,277		—		54,379
Noninterest expense
Salaries and employee benefits	41,621		31,097		210		1,476		1,542		75,946
Equipment and occupancy expenses	10,347		1,504		1		97		79		12,028
Data processing and telecommunications expenses	10,797		986		41		13		117		11,954
Other expenses	30,645		5,875		34		515		1,056		38,125
Total noninterest expense	93,410		39,462		286		2,101		2,794		138,053
Income (loss) before income tax expense	6,741		10,666		3,985		2,260		(428)		23,224
Income tax expense (benefit)	275		2,408		837		475		(93)		3,902
Net income (loss)	$	6,466	$	8,258	$	3,148	$	1,785	$	(335)	$	19,322
Total assets	$	13,201,373	$	3,466,766	$	548,837	$	252,668	$	754,904	$	18,224,548
Goodwill	867,449		—		—		—		64,498		931,947
Other intangible assets, net	68,857		—		—		—		17,098		85,955