Schedule of segment reporting information, by segment |
The following tables summarize the Group's Statement of Operations by its reportable segments. There are no revenues from transactions between the segments and intercompany balances have been eliminated for separate disclosure:
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Three months ended June 30, 2024 |
STATEMENTS OF OPERATIONS |
Brokerage |
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Banking |
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Insurance |
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Other |
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Total |
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Fee and commission income |
$ |
97,943 |
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$ |
2,796 |
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$ |
115 |
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$ |
14,635 |
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$ |
115,489 |
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Net gain/(loss) on trading securities |
874 |
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(50,007) |
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|
139 |
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(3,108) |
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(52,102) |
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Interest income |
62,789 |
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|
146,063 |
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15,699 |
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|
1,453 |
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|
226,004 |
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Insurance underwriting income |
— |
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— |
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|
129,408 |
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— |
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|
129,408 |
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Net gain/(loss) on foreign exchange operations |
9,957 |
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(19,695) |
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1,120 |
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16,707 |
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8,089 |
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Net gain on derivative |
876 |
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11,618 |
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— |
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— |
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12,494 |
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Other income, net |
2,477 |
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|
427 |
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|
782 |
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7,647 |
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11,333 |
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TOTAL REVENUE, NET |
174,916
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91,202
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147,263
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37,334
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450,715
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Fee and commission expense |
5,677 |
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|
2,526 |
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|
64,887 |
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7,057 |
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80,147 |
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Interest expense |
34,621 |
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|
99,887 |
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3,883 |
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7,327 |
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|
145,718 |
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Insurance claims incurred, net of reinsurance |
— |
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— |
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47,309 |
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— |
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|
47,309 |
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Payroll and bonuses |
25,251 |
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6,117 |
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6,861 |
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19,295 |
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57,524 |
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Professional services |
2,389 |
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96 |
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277 |
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4,506 |
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7,268 |
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Stock compensation expense |
5,315 |
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1,956 |
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|
875 |
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2,469 |
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10,615 |
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Advertising expense |
11,944 |
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1,064 |
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350 |
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3,843 |
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17,201 |
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General and administrative expense |
10,213 |
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12,385 |
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5,218 |
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17,289 |
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45,105 |
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(Recovery of)/provision for allowance for expected credit losses |
(329) |
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(1,121) |
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325 |
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(645) |
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(1,770) |
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TOTAL EXPENSE |
95,081
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122,910
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129,985
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61,141
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409,117
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INCOME BEFORE INCOME TAX |
$ |
79,835
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$ |
(31,708) |
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$ |
17,278
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$ |
(23,807) |
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$ |
41,598
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Income tax (expense)/benefit |
(10,204) |
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|
3,225 |
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(3,475) |
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3,115 |
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(7,339) |
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NET INCOME |
$ |
69,631
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$ |
(28,483) |
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$ |
13,803
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$ |
(20,692) |
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$ |
34,259
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Three months ended June 30, 2023 |
STATEMENTS OF OPERATIONS |
Brokerage |
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Banking |
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Insurance |
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Other |
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Total |
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Fee and commission income |
$ |
63,972 |
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$ |
13,166 |
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$ |
42 |
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$ |
21,523 |
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$ |
98,703 |
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Net gain/(loss) on trading securities |
9,167 |
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14,520 |
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9,104 |
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(975) |
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31,816 |
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Interest income |
32,209 |
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99,094 |
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16,008 |
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2,038 |
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149,349 |
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Insurance underwriting income |
— |
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— |
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44,889 |
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— |
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44,889 |
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Net gain/(loss) on foreign exchange operations |
111 |
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|
19,840 |
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(429) |
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(221) |
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19,301 |
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Net (loss)/gain on derivative |
(5) |
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(30,774) |
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— |
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|
174 |
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(30,605) |
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Other income/(expense), net |
616 |
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(192) |
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|
763 |
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1,570 |
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2,757 |
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TOTAL REVENUE, NET |
106,070
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115,654
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70,377
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24,109
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316,210
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Fee and commission expense |
5,858 |
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3,983 |
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17,424 |
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1,419 |
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28,684 |
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Interest expense |
21,238 |
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|
62,699 |
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8,419 |
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2,690 |
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|
95,046 |
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Insurance claims incurred, net of reinsurance |
— |
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— |
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21,514 |
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— |
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21,514 |
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Payroll and bonuses |
12,499 |
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9,512 |
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3,326 |
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6,293 |
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31,630 |
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Professional services |
2,327 |
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80 |
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126 |
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4,092 |
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6,625 |
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Stock compensation expense |
789 |
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62 |
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37 |
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345 |
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1,233 |
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Advertising expense |
4,788 |
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2,036 |
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145 |
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1,131 |
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8,100 |
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General and administrative expense |
8,457 |
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6,398 |
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1,249 |
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8,371 |
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24,475 |
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Provision for allowance for expected credit losses |
240 |
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11,284 |
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1,222 |
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1,580 |
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14,326 |
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TOTAL EXPENSE |
56,196
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96,054
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53,462
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25,921
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231,633
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INCOME BEFORE INCOME TAX |
$ |
49,874
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$ |
19,600
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$ |
16,915
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$ |
(1,812) |
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$ |
84,577
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Income tax (expense)/benefit |
(2,679) |
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— |
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37 |
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(14,014) |
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(16,656) |
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NET INCOME |
$ |
47,195
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$ |
19,600
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$ |
16,952
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$ |
(15,826) |
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$ |
67,921
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The following tables summarize the Company's total assets and total liabilities by its business segments. Intercompany balances have been eliminated for separate disclosure:
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June 30, 2024 |
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Brokerage |
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Banking |
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Insurance |
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Other |
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Total |
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Total assets |
$ |
2,887,774 |
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$ |
4,788,782 |
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$ |
545,868 |
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$ |
261,136 |
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$ |
8,483,560 |
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Total liabilities |
2,175,457 |
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4,384,736 |
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411,274 |
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359,914 |
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7,331,381 |
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Net assets |
$ |
712,317
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$ |
404,046
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$ |
134,594
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$ |
(98,778) |
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$ |
1,152,179
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March 31, 2024 |
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Brokerage |
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Banking |
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Insurance |
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Other |
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Total |
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Total assets |
$ |
2,586,803 |
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$ |
4,939,626 |
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$ |
529,517 |
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$ |
245,984 |
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$ |
8,301,930 |
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Total liabilities |
1,973,887 |
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4,389,745 |
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|
402,865 |
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|
368,475 |
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7,134,972 |
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Net assets |
$ |
612,916
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|
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$ |
549,881
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$ |
126,652
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$ |
(122,491) |
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$ |
1,166,958
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