SEGMENT REPORTING

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30, 2024
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium  Finance  Division		Total
Interest income	$	255,241	$	60,789	$	10,400	$	28,716	$	355,146
Interest expense	78,447		37,236		6,747		18,656		141,086
Net interest income	176,794		23,553		3,653		10,060		214,060
Provision for credit losses	5,566		254		(170)		457		6,107
Noninterest income	27,800		41,498		400		11		69,709
Noninterest expense
Salaries and employee benefits	62,634		23,233		621		2,212		88,700
Occupancy and equipment	10,725		957		6		28		11,716
Data processing and communications expenses	13,922		1,184		32		83		15,221
Other expenses	22,619		12,164		217		1,140		36,140
Total noninterest expense	109,900		37,538		876		3,463		151,777
Income before income tax expense	89,128		27,259		3,347		6,151		125,885
Income tax expense	18,992		5,724		703		1,254		26,673
Net income	$	70,136	$	21,535	$	2,644	$	4,897	$	99,212
Total assets	$	19,387,331	$	4,899,282	$	597,670	$	1,515,499	$	26,399,782
Goodwill	951,148		—		—		64,498		1,015,646
Other intangible assets, net	71,164		—		—		3,777		74,941

	Three Months Ended September 30, 2023
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium  Finance  Division		Total
Interest income	$	233,214	$	54,532	$	19,357	$	23,450	$	330,553
Interest expense	63,657		31,727		13,349		14,069		122,802
Net interest income	169,557		22,805		6,008		9,381		207,751
Provision for credit losses	22,510		2,399		(589)		139		24,459
Noninterest income	26,824		35,691		662		4		63,181
Noninterest expense
Salaries and employee benefits	57,435		21,231		924		2,308		81,898
Occupancy and equipment	11,473		1,182		1		89		12,745
Data processing and communications expenses	11,818		1,052		30		73		12,973
Other expenses	20,431		12,153		219		1,027		33,830
Total noninterest expense	101,157		35,618		1,174		3,497		141,446
Income before income tax expense	72,714		20,479		6,085		5,749		105,027
Income tax expense	18,163		4,301		1,278		1,170		24,912
Net income	$	54,551	$	16,178	$	4,807	$	4,579	$	80,115
Total assets	$	18,634,055	$	4,980,246	$	859,517	$	1,224,012	$	25,697,830
Goodwill	951,148		—		—		64,498		1,015,646
Other intangible assets, net	85,648		—		—		6,727		92,375

	Nine Months Ended September 30, 2024
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium  Finance  Division		Total
Interest income	$	734,220	$	174,889	$	46,263	$	76,549	$	1,031,921
Interest expense	219,421		104,307		30,290		50,534		404,552
Net interest income	514,799		70,582		15,973		26,015		627,369
Provision for credit losses	45,581		(296)		334		366		45,985
Noninterest income	91,690		130,408		2,168		32		224,298
Noninterest expense
Salaries and employee benefits	181,473		69,560		2,633		6,165		259,831
Occupancy and equipment	33,952		3,014		20		174		37,160
Data processing and communications expenses	40,862		3,826		116		264		45,068
Other expenses	71,680		38,091		752		3,263		113,786
Total noninterest expense	327,967		114,491		3,521		9,866		455,845
Income before income tax expense	232,941		86,795		14,286		15,815		349,837
Income tax expense	61,110		18,227		3,000		3,191		85,528
Net income	$	171,831	$	68,568	$	11,286	$	12,624	$	264,309

	Nine Months Ended September 30, 2023
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium  Finance  Division		Total
Interest income	$	676,003	$	155,988	$	54,931	$	61,299	$	948,221
Interest expense	155,389		91,739		37,057		35,093		319,278
Net interest income	520,614		64,249		17,874		26,206		628,943
Provision for credit losses	110,801		8,530		(372)		745		119,704
Noninterest income	77,455		106,557		2,546		22		186,580
Noninterest expense
Salaries and employee benefits	171,698		63,321		2,498		6,627		244,144
Occupancy and equipment	34,331		3,689		2		231		38,253
Data processing and communications expenses	35,596		3,518		120		224		39,458
Other expenses	67,852		35,759		644		3,160		107,415
Total noninterest expense	309,477		106,287		3,264		10,242		429,270
Income before income tax expense	177,791		55,989		17,528		15,241		266,549
Income tax expense	44,850		11,758		3,681		3,089		63,378
Net income	$	132,941	$	44,231	$	13,847	$	12,152	$	203,171