SEGMENT REPORTING

3 Months Ended

Mar. 31, 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. 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 months ended March 31, 2025 and 2024:

	Three Months Ended March 31, 2025
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium  Finance  Division		Total
Interest income	$	233,319	$	57,932	$	15,200	$	27,327	$	333,778
Interest expense	49,106		36,088		9,298		17,447		111,939
Net interest income	184,213		21,844		5,902		9,880		221,839
Provision for credit losses	16,420		5,191		(175)		456		21,892
Noninterest income	28,724		34,729		554		16		64,023
Noninterest expense
Salaries and employee benefits	62,716		20,995		552		2,352		86,615
Occupancy and equipment	9,804		829		7		37		10,677
Data processing and communications expenses	13,391		1,297		38		129		14,855
Other expenses(1)	25,685		11,963		270		969		38,887
Total noninterest expense	111,596		35,084		867		3,487		151,034
Income before income tax expense	84,921		16,298		5,764		5,953		112,936
Income tax expense	19,154		3,423		1,210		1,214		25,001
Net income	$	65,767	$	12,875	$	4,554	$	4,739	$	87,935
Total assets	$	19,291,312	$	4,762,848	$	911,361	$	1,549,419	$	26,514,940
Goodwill	951,148		—		—		64,498		1,015,646
Other intangible assets, net	64,330		—		—		2,328		66,658

	Three Months Ended March 31, 2024
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium  Finance  Division		Total
Interest income	$	235,122	$	55,099	$	16,483	$	22,748	$	329,452
Interest expense	70,654		31,812		10,455		15,143		128,064
Net interest income	164,468		23,287		6,028		7,605		201,388
Provision for credit losses	19,127		2,332		145		(499)		21,105
Noninterest income	26,363		38,765		740		10		65,878
Noninterest expense
Salaries and employee benefits	58,916		21,073		888		2,053		82,930
Occupancy and equipment	11,753		1,049		7		76		12,885
Data processing and communications expenses	13,184		1,366		25		79		14,654
Other expenses(1)	24,447		12,530		237		1,028		38,242
Total noninterest expense	108,300		36,018		1,157		3,236		148,711
Income before income tax expense	63,404		23,702		5,466		4,878		97,450
Income tax expense	16,028		4,978		1,148		984		23,138
Net income	$	47,376	$	18,724	$	4,318	$	3,894	$	74,312
Total assets	$	18,553,964	$	4,971,058	$	897,460	$	1,232,963	$	25,655,445
Goodwill	951,148		—		—		64,498		1,015,646
Other intangible assets, net	78,275		—		—		5,252		83,527

(1) Other expenses for each reportable segment include credit resolution-related expenses, advertising and marketing expenses, amortization of intangible assets, and loan servicing expenses.