SEGMENT REPORTING

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 9 – 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, 2023 and 2022:

	Three Months Ended March 31, 2023
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	208,215	$	48,589	$	16,614	$	4,375	$	17,923	$	295,716
Interest expense	32,887		28,562		10,914		2,418		9,283		84,064
Net interest income	175,328		20,027		5,700		1,957		8,640		211,652
Provision for credit losses	47,140		2,853		(194)		(104)		34		49,729
Noninterest income	23,898		31,058		480		605		9		56,050
Noninterest expense
Salaries and employee benefits	56,442		20,160		802		1,309		2,197		80,910
Occupancy and equipment	11,606		1,283		1		37		59		12,986
Data processing and communications expenses	11,797		1,069		46		37		85		13,034
Other expenses	19,023		11,747		202		422		1,097		32,491
Total noninterest expense	98,868		34,259		1,051		1,805		3,438		139,421
Income before income tax expense	53,218		13,973		5,323		861		5,177		78,552
Income tax expense	12,848		2,934		1,118		181		1,050		18,131
Net income	$	40,370	$	11,039	$	4,205	$	680	$	4,127	$	60,421
Total assets	$	18,870,145	$	4,879,135	$	936,169	$	272,844	$	1,130,091	$	26,088,384
Goodwill	951,148		—		—		—		64,498		1,015,646
Other intangible assets, net	93,285		—		—		—		8,203		101,488

	Three Months Ended March 31, 2022
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium  Finance  Division		Total
Interest income	$	129,290	$	32,832	$	6,813	$	6,780	$	7,659	$	183,374
Interest expense	(4,455)		13,537		366		769		613		10,830
Net interest income	133,745		19,295		6,447		6,011		7,046		172,544
Provision for credit losses	5,226		1,587		(222)		(143)		(217)		6,231
Noninterest income	21,364		61,649		1,401		2,491		6		86,911
Noninterest expense
Salaries and employee benefits	49,195		31,614		283		1,271		1,918		84,281
Occupancy and equipment	11,074		1,471		1		99		82		12,727
Data processing and communications expenses	11,230		1,172		47		28		95		12,572
Other expenses	20,045		12,645		218		380		952		34,240
Total noninterest expense	91,544		46,902		549		1,778		3,047		143,820
Income before income tax expense	58,339		32,455		7,521		6,867		4,222		109,404
Income tax expense	16,996		6,815		1,579		1,442		874		27,706
Net income	$	41,343	$	25,640	$	5,942	$	5,425	$	3,348	$	81,698
Total assets	$	17,409,973	$	4,197,613	$	703,558	$	313,219	$	935,929	$	23,560,292
Goodwill	957,847		—		—		—		64,498		1,022,345
Other intangible assets, net	109,604		—		—		—		11,153		120,757