SEGMENT REPORTING

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30, 2021
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	110,708	$	33,390	$	9,093	$	11,986	$	7,869	$	173,046
Interest expense	(2,816)		12,101		381		1,287		432		11,385
Net interest income	113,524		21,289		8,712		10,699		7,437		161,661
Provision for credit losses	(9,578)		1,678		(291)		(1,104)		(380)		(9,675)
Noninterest income	17,896		55,555		1,037		2,070		4		76,562
Noninterest expense
Salaries and employee benefits	40,020		36,373		264		1,320		1,694		79,671
Occupancy and equipment	10,196		1,590		—		116		77		11,979
Data processing and communications expenses	9,159		1,357		59		18		88		10,681
Other expenses	21,723		11,675		200		370		897		34,865
Total noninterest expense	81,098		50,995		523		1,824		2,756		137,196
Income before income tax expense	59,900		24,171		9,517		12,049		5,065		110,702
Income tax expense	17,784		5,076		1,999		2,530		1,633		29,022
Net income	$	42,116	$	19,095	$	7,518	$	9,519	$	3,432	$	81,680
Total assets	$	16,070,583	$	4,247,967	$	740,809	$	529,044	$	944,738	$	22,533,141
Goodwill	863,507		—		—		—		64,498		928,005
Other intangible assets, net	47,768		—		—		—		12,628		60,396

	Three Months Ended September 30, 2020
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	123,593	$	31,040	$	6,844	$	10,958	$	7,499	$	179,934
Interest expense	4,031		10,647		298		1,992		428		17,396
Net interest income	119,562		20,393		6,546		8,966		7,071		162,538
Provision for credit losses	487		15,051		495		4,297		(2,648)		17,682
Noninterest income	15,265		137,583		1,064		5,106		—		159,018
Noninterest expense
Salaries and employee benefits	39,718		53,500		266		1,572		1,642		96,698
Occupancy and equipment	11,955		1,676		1		97		76		13,805
Data processing and communications expenses	9,716		2,349		73		4		84		12,226
Other expenses	21,517		7,889		28		595		934		30,963
Total noninterest expense	82,906		65,414		368		2,268		2,736		153,692
Income (loss) before income tax expense	51,434		77,511		6,747		7,507		6,983		150,182
Income tax expense (benefit)	13,453		16,112		1,431		1,577		1,464		34,037
Net income (loss)	$	37,981	$	61,399	$	5,316	$	5,930	$	5,519	$	116,145
Total assets	$	13,098,562	$	3,632,999	$	1,002,027	$	1,338,794	$	801,469	$	19,873,851
Goodwill	863,507		—		—		—		64,498		928,005
Other intangible assets, net	60,568		—		—		—		15,596		76,164

	Nine Months Ended September 30, 2021
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	332,347	$	97,674	$	28,408	$	44,070	$	22,248	$	524,747
Interest expense	(4,663)		34,868		1,070		3,854		1,128		36,257
Net interest income	337,010		62,806		27,338		40,216		21,120		488,490
Provision for credit losses	(37,431)		2,772		(591)		(2,258)		(616)		(38,124)
Noninterest income	50,805		222,250		3,350		7,358		12		283,775
Noninterest expense
Salaries and employee benefits	120,557		131,009		872		3,639		5,084		261,161
Occupancy and equipment	29,366		4,619		2		354		231		34,572
Data processing and communications expenses	29,640		4,338		176		19		269		34,442
Other expenses	60,196		27,502		263		949		2,670		91,580
Total noninterest expense	239,759		167,468		1,313		4,961		8,254		421,755
Income before income tax expense	185,487		114,816		29,966		44,871		13,494		388,634
Income tax expense	50,436		24,111		6,293		9,423		3,402		93,665
Net income	$	135,051	$	90,705	$	23,673	$	35,448	$	10,092	$	294,969

	Nine Months Ended September 30, 2020
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	384,547	$	99,165	$	16,979	$	23,443	$	23,586	$	547,720
Interest expense	26,280		36,714		2,105		5,262		3,062		73,423
Net interest income	358,267		62,451		14,874		18,181		20,524		474,297
Provision for credit losses	123,289		17,471		889		5,716		(475)		146,890
Noninterest income	47,506		276,147		2,751		7,953		—		334,357
Noninterest expense
Salaries and employee benefits	121,762		134,600		685		5,660		5,105		267,812
Occupancy and equipment	33,981		5,133		3		291		232		39,640
Data processing and communications expenses	29,432		4,741		169		32		320		34,694
Other expenses	80,159		20,713		150		1,469		2,876		105,367
Total noninterest expense	265,334		165,187		1,007		7,452		8,533		447,513
Income (loss) before income tax expense	17,150		155,940		15,729		12,966		12,466		214,251
Income tax expense (benefit)	5,146		32,751		3,317		2,723		2,611		46,548
Net income (loss)	$	12,004	$	123,189	$	12,412	$	10,243	$	9,855	$	167,703