SEGMENT REPORTING

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 14 – 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 June 30, 2017 and 2016:

	Three Months Ended
	June 30, 2017
			Retail		Warehouse				Premium
	Banking		Mortgage		Lending		SBA		Finance
(dollars in thousands)	Division		Division		Division		Division		Division		Total
Interest income	$	56,694	$	4,974	$	1,613	$	1,258	$	6,872	$	71,411
Interest expense		4,894		1,504		359		373		1,124		8,254
Net interest income		51,800		3,470		1,254		885		5,748		63,157
Provision for loan losses		1,491		347		176		51		140		2,205
Noninterest income		12,954		13,053		438		1,718		26		28,189
Noninterest expense
Salaries and employee benefits		19,359		7,763		127		890		993		29,132
Equipment and occupancy expenses		5,427		610		1		54		54		6,146
Data processing and telecommunications expenses		6,378		440		25		2		183		7,028
Other expenses		10,209		888		54		259		2,023		13,433
Total noninterest expense		41,373		9,701		207		1,205		3,253		55,739
Income before income tax expense		21,890		6,475		1,309		1,347		2,381		33,402
Income tax expense		6,095		2,361		472		472		915		10,315
Net income	$	15,795	$	4,114	$	837	$	875	$	1,466	$	23,087
Total assets	$	6,186,980	$	475,599	$	174,149	$	80,909	$	480,221	$	7,397,858
Goodwill		125,532		-		-		-		-		125,532
Other intangible assets, net		15,378		-		-		-		-		15,378

	Three Months Ended
	June 30, 2016
			Retail		Warehouse				Premium
	Banking		Mortgage		Lending		SBA		Finance
(dollars in thousands)	Division		Division		Division		Division		Division		Total
Interest income	$	53,534	$	3,293	$	1,622	$	891	$	-	$	59,340
Interest expense		3,714		739		141		157		-		4,751
Net interest income		49,820		2,554		1,481		734		-		54,589
Provision for loan losses		733		93		-		63		-		889
Noninterest income		13,018		13,304		440		1,617		-		28,379
Noninterest expense
Salaries and employee benefits		18,428		8,304		108		691		-		27,531
Equipment and occupancy expenses		5,901		405		1		64		-		6,371
Data processing and telecommunications expenses		5,685		338		25		1		-		6,049
Other expenses		11,071		1,133		26		178		-		12,408
Total noninterest expense		41,085		10,180		160		934		-		52,359
Income before income tax expense		21,020		5,585		1,761		1,354		-		29,720
Income tax expense		6,626		1,955		616		474		-		9,671
Net income	$	14,394	$	3,630	$	1,145	$	880	$	-	$	20,049
Total assets	$	5,691,976	$	306,932	$	150,823	$	71,563	$	-	$	6,221,294
Goodwill		121,422		-		-		-		-		121,422
Other intangible assets, net		20,574		-		-		-		-		20,574

The following tables present selected financial information with respect to the Company’s reportable business segments for the six months ended June 30, 2017 and 2016:

	Six Months Ended
	June 30, 2017
			Retail		Warehouse				Premium
	Banking		Mortgage		Lending		SBA		Finance
(dollars in thousands)	Division		Division		Division		Division		Division		Total
Interest income	$	110,906	$	9,028	$	2,946	$	2,471	$	13,110	$	138,461
Interest expense		8,980		2,582		587		679		1,886		14,714
Net interest income		101,926		6,446		2,359		1,792		11,224		123,747
Provision for loan losses		3,473		355		(56)		99		170		4,041
Noninterest income		25,967		23,566		757		3,533		72		53,895
Noninterest expense
Salaries and employee benefits		38,203		14,979		274		1,481		1,989		56,926
Equipment and occupancy expenses		10,684		1,129		2		105		103		12,023
Data processing and telecommunications expenses		12,421		757		52		3		367		13,600
Other expenses		19,450		2,029		86		470		4,248		26,283
Total noninterest expense		80,758		18,894		414		2,059		6,707		108,832
Income before income tax expense		43,662		10,763		2,758		3,167		4,419		64,769
Income tax expense		12,951		3,862		979		1,109		1,628		20,529
Net income	$	30,711	$	6,901	$	1,779	$	2,058	$	2,791	$	44,240

	Six Months Ended
	June 30, 2016
			Retail		Warehouse				Premium
	Banking		Mortgage		Lending		SBA		Finance
(dollars in thousands)	Division		Division		Division		Division		Division		Total
Interest income	$	103,313	$	6,313	$	2,641	$	1,632	$	-	$	113,899
Interest expense		7,010		1,329		233		302		-		8,874
Net interest income		96,303		4,984		2,408		1,330		-		105,025
Provision for loan losses		1,414		93		-		63		-		1,570
Noninterest income		25,753		22,928		773		3,211		-		52,665
Noninterest expense
Salaries and employee benefits		37,417		14,651		296		1,354		-		53,718
Equipment and occupancy expenses		11,051		893		2		125		-		12,071
Data processing and telecommunications expenses		11,505		610		45		2		-		12,162
Other expenses		27,507		2,089		51		361		-		30,008
Total noninterest expense		87,480		18,243		394		1,842		-		107,959
Income before income tax expense		33,162		9,576		2,787		2,636		-		48,161
Income tax expense		10,545		3,352		975		923		-		15,795
Net income	$	22,617	$	6,224	$	1,812	$	1,713	$	-	$	32,366