v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We conduct our operations through a single business segment. Substantially all of our interest and fees on loans and long-lived assets relate to our operations. Pursuant to FASB ASC 280, Segment Reporting, operating segments represent components of an enterprise for which separate financial information is available that is regularly evaluated by the chief operating decision maker in determining how to allocate resources and in assessing performance. The chief operating decision maker uses a variety of measures to assess the performance of the business as a whole, depending on the nature of the activity. The Company generates revenue from several business channels. Those streams are organized by the types of partners we work with to reach our customers, with success principally measured based on interest and fees on loans, loan receivables, active accounts and other sales metrics. Detailed profitability information of the nature that could be used to allocate resources and assess the performance and operations for each sales platform individually, however, is not used by our chief operating decision maker. Expense activities, including funding costs, credit losses and operating expenses, are not measured for each platform but instead are managed for the Company as a whole.
The following table represents segment information for the three months ended March 31, 2025 and 2024 (in thousands):
Three months ended March 31,
20252024
Interest income on loans$273,031 148,079 
Interest income on cash and debt securities32,315 15,780 
Total interest income305,346 163,859 
Total interest expense123,618 70,189 
Net interest income181,728 93,670 
Provision for credit losses638 (320)
Net interest income after provision181,090 93,990 
Non-interest income:
Wealth management income7,328 7,488 
Insurance Agency Income5,651 4,793 
Other non-interest income (1)
14,051 8,526 
Total non-interest income27,030 20,807 
Non-interest expense:
Compensation and employee benefits62,366 40,048 
Net occupancy expense13,927 8,520 
Data processing expense9,605 6,783 
Other non-interest expense (2)
30,369 16,476 
Total non-interest expense116,267 71,827 
Income tax expense27,825 10,888 
Net income$64,028 $32,082 
(1) Other non-interest income items include fees and commissions, BOLI and other miscellaneous income.
(2) Other non-interest expense items include merger-related expenses in the prior year, amortization of intangibles and other miscellaneous expenses.
Our segment assets represent our total assets as presented on the Consolidated Statements of Financial Position.