SEGMENT REPORTING

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 15 – 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, 2017 and 2016:

	Three Months Ended March 31, 2017
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium Finance Division		Total
Interest income	$	54,212	$	4,054	$	1,333	$	1,213	$	6,238	$	67,050
Interest expense		4,086		1,078		228		306		762		6,460
Net interest income		50,126		2,976		1,105		907		5,476		60,590
Provision for loan losses		1,982		8		(232)		48		30		1,836
Noninterest income		13,013		10,513		319		1,815		46		25,706
Noninterest expense
Salaries and employee benefits		18,844		7,216		147		591		996		27,794
Equipment and occupancy expenses		5,257		519		1		51		49		5,877
Data processing and telecommunications expenses		6,043		317		27		1		184		6,572
Other expenses		9,241		1,141		32		211		2,225		12,850
Total noninterest expense		39,385		9,193		207		854		3,454		53,093
Income before income tax expense		21,772		4,288		1,449		1,820		2,038		31,367
Income tax expense		6,856		1,501		507		637		713		10,214
Net income	$	14,916	$	2,787	$	942	$	1,183	$	1,325	$	21,153
Total assets	$	6,100,876	$	378,897	$	107,937	$	76,405	$	430,741	$	7,094,856
Goodwill		125,532		-		-		-		-		125,532
Other intangible assets, net		16,391		-		-		-		-		16,391

	Three Months Ended March 31, 2016
(dollars in thousands)	Banking Division		Retail Mortgage Division		Warehouse Lending Division		SBA Division		Premium Finance Division		Total
Interest income	$	49,779	$	3,020	$	1,019	$	741	$	-	$	54,559
Interest expense		3,296		590		92		145		-		4,123
Net interest income		46,483		2,430		927		596		-		50,436
Provision for loan losses		681		-		-		-		-		681
Noninterest income		12,735		9,624		333		1,594		-		24,286
Noninterest expense
Salaries and employee benefits		18,989		6,347		188		663		-		26,187
Equipment and occupancy expenses		5,150		488		1		61		-		5,700
Data processing and telecommunications expenses		5,820		272		20		1		-		6,113
Other expenses		16,436		956		25		183		-		17,600
Total noninterest expense		46,395		8,063		234		908		-		55,600
Income before income tax expense		12,142		3,991		1,026		1,282		-		18,441
Income tax expense		3,919		1,397		359		449		-		6,124
Net income	$	8,223	$	2,594	$	667	$	833	$	-	$	12,317
Total assets	$	5,634,850	$	260,038	$	137,461	$	65,422	$	-	$	6,097,771
Goodwill		121,512		-		-		-		-		121,512
Other intangible assets, net		21,892		-		-		-		-		21,892