SEGMENT REPORTING

6 Months Ended

Jun. 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 six months ended June 30, 2024 and 2023:

	Three Months Ended June 30, 2024
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium  Finance  Division		Total
Interest income	$	243,857	$	59,001	$	19,380	$	25,085	$	347,323
Interest expense	70,320		35,259		13,088		16,735		135,402
Net interest income	173,537		23,742		6,292		8,350		211,921
Provision for credit losses	20,888		(2,882)		359		408		18,773
Noninterest income	37,527		50,145		1,028		11		88,711
Noninterest expense
Salaries and employee benefits	59,923		25,254		1,124		1,900		88,201
Occupancy and equipment	11,474		1,008		7		70		12,559
Data processing and communications expenses	13,756		1,276		59		102		15,193
Other expenses	24,614		13,397		298		1,095		39,404
Total noninterest expense	109,767		40,935		1,488		3,167		155,357
Income before income tax expense	80,409		35,834		5,473		4,786		126,502
Income tax expense	26,090		7,525		1,149		953		35,717
Net income	$	54,319	$	28,309	$	4,324	$	3,833	$	90,785
Total assets	$	18,933,072	$	5,100,837	$	1,089,263	$	1,397,556	$	26,520,728
Goodwill	951,148		—		—		64,498		1,015,646
Other intangible assets, net	74,605		—		—		4,515		79,120

	Three Months Ended June 30, 2023
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium  Finance  Division		Total
Interest income	$	230,199	$	52,867	$	18,960	$	19,926	$	321,952
Interest expense	56,427		31,450		12,794		11,741		112,412
Net interest income	173,772		21,417		6,166		8,185		209,540
Provision for credit losses	41,255		3,278		411		572		45,516
Noninterest income	26,128		39,808		1,404		9		67,349
Noninterest expense
Salaries and employee benefits	56,512		21,930		772		2,122		81,336
Occupancy and equipment	11,215		1,224		—		83		12,522
Data processing and communications expenses	11,944		1,397		44		66		13,451
Other expenses	27,976		11,859		223		1,036		41,094
Total noninterest expense	107,647		36,410		1,039		3,307		148,403
Income before income tax expense	50,998		21,537		6,120		4,315		82,970
Income tax expense	13,658		4,523		1,285		869		20,335
Net income	$	37,340	$	17,014	$	4,835	$	3,446	$	62,635
Total assets	$	18,532,088	$	4,921,354	$	1,152,690	$	1,194,486	$	25,800,618
Goodwill	951,148		—		—		64,498		1,015,646
Other intangible assets, net	89,335		—		—		7,465		96,800

	Six Months Ended June 30, 2024
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium  Finance  Division		Total
Interest income	$	478,979	$	114,100	$	35,863	$	47,833	$	676,775
Interest expense	140,974		67,071		23,543		31,878		263,466
Net interest income	338,005		47,029		12,320		15,955		413,309
Provision for credit losses	40,015		(550)		504		(91)		39,878
Noninterest income	63,890		88,910		1,768		21		154,589
Noninterest expense
Salaries and employee benefits	118,839		46,327		2,012		3,953		171,131
Occupancy and equipment	23,227		2,057		14		146		25,444
Data processing and communications expenses	26,940		2,642		84		181		29,847
Other expenses	49,061		25,927		535		2,123		77,646
Total noninterest expense	218,067		76,953		2,645		6,403		304,068
Income before income tax expense	143,813		59,536		10,939		9,664		223,952
Income tax expense	42,118		12,503		2,297		1,937		58,855
Net income	$	101,695	$	47,033	$	8,642	$	7,727	$	165,097

	Six Months Ended June 30, 2023
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		Premium  Finance  Division		Total
Interest income	$	442,789	$	101,456	$	35,574	$	37,849	$	617,668
Interest expense	91,732		60,012		23,708		21,024		196,476
Net interest income	351,057		41,444		11,866		16,825		421,192
Provision for credit losses	88,291		6,131		217		606		95,245
Noninterest income	50,631		70,866		1,884		18		123,399
Noninterest expense
Salaries and employee benefits	114,263		42,090		1,574		4,319		162,246
Occupancy and equipment	22,858		2,507		1		142		25,508
Data processing and communications expenses	23,778		2,466		90		151		26,485
Other expenses	47,421		23,606		425		2,133		73,585
Total noninterest expense	208,320		70,669		2,090		6,745		287,824
Income before income tax expense	105,077		35,510		11,443		9,492		161,522
Income tax expense	26,687		7,457		2,403		1,919		38,466
Net income	$	78,390	$	28,053	$	9,040	$	7,573	$	123,056