Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.24.3
SEGMENT REPORTING (Tables)
 6 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of segment reporting information, by segment
The following tables summarize the Company's Statement of Operations by its reportable segments for the periods presented. There are no revenues from transactions between the segments and intercompany balances have been eliminated in disclosures.
Three months ended September 30, 2024
STATEMENT OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income
 $ 108,640  $ 2,198  $ 32  $ 10,181  $ 121,051 
Net gain on trading securities 10,095  52,850  3,595  1,777  68,317 
Interest income 52,848  141,986  14,265  1,225  210,324 
Insurance underwriting income —  —  160,344  —  160,344 
Net gain/(loss) on foreign exchange operations 2,386  (1,566) 275  5,384  6,479 
Net gain on derivative 455  5,853  —  —  6,308 
Other income/(expense), net 373  188  (336) 7,852  8,077 
TOTAL REVENUE, NET 174,797  201,509  178,175  26,419  580,900 
Fee and commission expense 7,964  3,325  74,161  5,387  90,837 
Interest expense 18,672  96,454  1,950  7,589  124,665 
Insurance claims incurred, net of reinsurance —  —  66,684  —  66,684 
Payroll and bonuses 15,915  23,724  7,755  18,816  66,210 
Professional services 1,867  68  430  5,880  8,245 
Stock compensation expense 6,282  2,175  1,929  1,670  12,056 
Advertising expense 14,702  829  114  4,404  20,049 
General and administrative expense 8,695  12,479  7,581  24,485  53,240 
Provision for allowance/(recovery of) expected credit losses 422  10,142  72  (209) 10,427 
TOTAL EXPENSE 74,519  149,196  160,676  68,022  452,413 
INCOME BEFORE INCOME TAX $ 100,278  $ 52,313  $ 17,499  $ (41,603) $ 128,487 
Income tax (expense)/benefit
 (14,631) (6,643) (2,709) 9,984  (13,999)
NET INCOME
 $ 85,647  $ 45,670  $ 14,790  $ (31,619) $ 114,488 
Six months ended September 30, 2024
STATEMENT OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income
 $ 206,583  $ 4,994  $ 147  $ 24,816  $ 236,540 
Net gain/(loss) on trading securities 10,969  2,843  3,734  (1,331) 16,215 
Interest income 115,637  288,049  29,964  2,678  436,328 
Insurance underwriting income —  —  289,752  —  289,752 
Net gain/(loss) on foreign exchange operations 12,343  (21,261) 1,395  22,091  14,568 
Net gain on derivative 1,331  17,471  —  —  18,802 
Other income, net
 2,850  615  446  15,499  19,410 
TOTAL REVENUE, NET 349,713  292,711  325,438  63,753  1,031,615 
Fee and commission expense 13,641  5,851  139,048  12,444  170,984 
Interest expense 53,293  196,341  5,833  14,916  270,383 
Insurance claims incurred, net of reinsurance —  —  113,993  —  113,993 
Payroll and bonuses 41,166  29,841  14,616  38,111  123,734 
Professional services 4,256  164  707  10,386  15,513 
Stock compensation expense 11,597  4,131  2,804  4,139  22,671 
Advertising expense 26,646  1,893  464  8,247  37,250 
General and administrative expense 18,908  24,864  12,799  41,774  98,345 
Provision for allowance/(recovery of) expected credit losses 93  9,021  397  (854) 8,657 
TOTAL EXPENSE 169,600  272,106  290,661  129,163  861,530 
INCOME BEFORE INCOME TAX $ 180,113  $ 20,605  $ 34,777  $ (65,410) $ 170,085 
Income tax (expense)/benefit (24,835) (3,418) (6,184) 13,099  (21,338)
NET INCOME
 $ 155,278  $ 17,187  $ 28,593  $ (52,311) $ 148,747 
Three months ended September 30, 2023
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income
 $ 87,674  $ 9,526  $ 2  $ 14,501  $ 111,703 
Net gain/(loss) on trading securities 17,110  30,470  3,713  (522) 50,771 
Interest income 59,906  133,300  18,691  1,166  213,063 
Insurance underwriting income —  —  57,976  —  57,976 
Net gain/(loss) on foreign exchange operations 5,009  (7,390) (239) (1,076) (3,696)
Net gain on derivative 302  679  —  397  1,378 
Other income, net 1,248  164  452  2,522  4,386 
TOTAL REVENUE, NET 171,249  166,749  80,595  16,988  435,581 
Fee and commission expense 6,442  5,138  18,430  1,604  31,614 
Interest expense 28,315  99,711  10,042  1,313  139,381 
Insurance claims incurred, net of reinsurance —  —  33,988  —  33,988 
Payroll and bonuses 13,691  13,003  3,569  9,735  39,998 
Professional services 1,625  210  48  10,068  11,951 
Stock compensation expense 659  52  31  289  1,031 
Advertising expense 6,068  720  236  1,615  8,639 
General and administrative expense 13,269  6,775  1,323  8,263  29,630 
(Recovery of)/provision for allowance for expected credit losses (872) 5,469  90  (25) 4,662 
TOTAL EXPENSE 69,197  131,078  67,757  32,862  300,894 
INCOME BEFORE INCOME TAX $ 102,052  $ 35,671  $ 12,838  $ (15,874) $ 134,687 
Income tax expense (7,792) —  (7) (11,409) (19,208)
NET INCOME
 $ 94,260  $ 35,671  $ 12,831  $ (27,283) $ 115,479 
Six months ended September 30, 2023
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income
 $ 151,646  $ 22,692  $ 44  $ 36,024  $ 210,406 
Net gain/(loss) on trading securities 26,277  44,990  12,817  (1,497) 82,587 
Interest income 92,115  232,394  34,699  3,204  362,412 
Insurance underwriting income —  —  102,865  —  102,865 
Net gain/(loss) on foreign exchange operations 5,120  12,450  (668) (1,297) 15,605 
Net gain/(loss) on derivative 297  (30,095) —  571  (29,227)
Other income/(expense), net 1,864  (28) 1,215  4,092  7,143 
TOTAL REVENUE, NET 277,319  282,403  150,972  41,097  751,791 
Fee and commission expense 12,300  9,121  35,854  3,023  60,298 
Interest expense 49,553  162,410  18,461  4,003  234,427 
Insurance claims incurred, net of reinsurance —  —  55,502  —  55,502 
Payroll and bonuses 26,190  22,515  6,895  16,028  71,628 
Professional services 3,952  290  174  14,160  18,576 
Stock compensation expense 1,448  114  68  634  2,264 
Advertising expense 10,856  2,756  381  2,746  16,739 
General and administrative expense 21,726  13,173  2,572  16,634  54,105 
(Recovery of)/provision for allowance for expected credit losses (632) 16,753  1,312  1,555  18,988 
TOTAL EXPENSE 125,393  227,132  121,219  58,783  532,527 
INCOME BEFORE INCOME TAX $ 151,926  $ 55,271  $ 29,753  $ (17,686) $ 219,264 
Income tax (expense)/benefit (10,471) —  30  (25,423) (35,864)
NET INCOME
 $ 141,455  $ 55,271  $ 29,783  $ (43,109) $ 183,400 

The following tables summarize the Company's total assets and total liabilities by its business segments as of the dates presented. Intercompany balances have been eliminated for separate disclosure.
September 30, 2024
Brokerage Banking Insurance Other Total
Total assets $ 2,934,402  $ 4,961,573  $ 564,499  $ 355,781  $ 8,816,255 
Total liabilities 2,248,040  4,519,951  405,239  379,789  7,553,019 
Net assets $ 686,362  $ 441,622  $ 159,260  $ (24,008) $ 1,263,236 
March 31, 2024
Brokerage Banking Insurance Other Total
Total assets $ 2,586,803  $ 4,939,626  $ 529,517  $ 245,984  $ 8,301,930 
Total liabilities 1,973,887  4,389,745  402,865  368,475  7,134,972 
Net assets $ 612,916  $ 549,881  $ 126,652  $ (122,491) $ 1,166,958