Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.25.0.1
SEGMENT REPORTING (Tables)
 9 Months Ended
Dec. 31, 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 December 31, 2024
STATEMENT OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income
 $ 120,700  $ 8,598  $ —  $ 14,138  $ 143,436 
Net gain/(loss) on trading securities 20,905  66,773  3,319  (1,433) 89,564 
Interest income 72,828  135,222  15,378  1,260  224,688 
Insurance underwriting income —  —  177,472  —  177,472 
Net (loss)/gain on foreign exchange operations
 (2,621) (14,621) 2,301  18,886  3,945 
Net gain on derivatives
 1,078  10,770  —  41  11,889 
Other income/(expense), net 441  (372) (639) 4,766  4,196 
TOTAL REVENUE, NET 213,331  206,370  197,831  37,658  655,190 
Fee and commission expense 11,583  4,099  74,840  3,405  93,927 
Interest expense 15,774  101,864  2,963  10,535  131,136 
Insurance claims incurred, net of reinsurance —  —  104,511  —  104,511 
Payroll and bonuses 26,368  16,916  9,650  24,461  77,395 
Professional services 1,635  412  595  8,313  10,955 
Stock compensation expense 8,328  2,174  1,549  1,366  13,417 
Advertising expense 14,803  1,239  77  5,353  21,472 
General and administrative expense 10,048  11,237  4,374  47,778  73,437 
Provision for allowance expected credit losses 1,391  27,754  1,103  364  30,612 
TOTAL EXPENSE 89,930  165,695  199,662  101,575  556,862 
INCOME BEFORE INCOME TAX $ 123,401  $ 40,675  $ (1,831) $ (63,917) $ 98,328 
Income tax (expense)/benefit (21,105) (6,223) (3,360) 10,497  (20,191)
NET INCOME/ (LOSS) $ 102,296  $ 34,452  $ (5,191) $ (53,420) $ 78,137 
Nine months ended December 31, 2024
STATEMENT OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income
 $ 327,283  $ 13,592  $ 147  $ 38,954  $ 379,976 
Net gain/(loss) on trading securities 31,874  69,616  7,053  (2,764) 105,779 
Interest income 188,465  423,271  45,342  3,938  661,016 
Insurance underwriting income —  —  467,224  —  467,224 
Net gain/(loss) on foreign exchange operations 9,722  (35,882) 3,696  40,977  18,513 
Net gain on derivative 2,409  28,241  —  41  30,691 
Other income/(expense), net 3,291  243  (193) 20,265  23,606 
TOTAL REVENUE, NET 563,044  499,081  523,269  101,411  1,686,805 
Fee and commission expense 25,224  9,950  213,888  15,849  264,911 
Interest expense 69,067  298,205  8,796  25,451  401,519 
Insurance claims incurred, net of reinsurance —  —  218,504  —  218,504 
Payroll and bonuses 67,534  46,757  24,266  62,572  201,129 
Professional services 5,891  576  1,302  18,699  26,468 
Stock compensation expense 19,925  6,305  4,353  5,505  36,088 
Advertising expense 41,449  3,132  541  13,600  58,722 
General and administrative expense 28,956  36,101  17,173  89,552  171,782 
Provision/(Recovery of) for allowance for expected credit losses 1,484  36,775  1,500  (490) 39,269 
TOTAL EXPENSE 259,530  437,801  490,323  230,738  1,418,392 
INCOME BEFORE INCOME TAX $ 303,514  $ 61,280  $ 32,946  $ (129,327) $ 268,413 
Income tax (expense)/benefit (45,940) (9,641) (9,544) 23,596  (41,529)
NET INCOME
 $ 257,574  $ 51,639  $ 23,402  $ (105,731) $ 226,884 
Three months ended December 31, 2023
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income
 $ 103,406  $ 1,502  $ 38  $ 15,213  $ 120,159 
Net (loss)/gain on trading securities (722) (5,630) 329  934  (5,089)
Interest income 66,169  144,070  14,700  1,506  226,445 
Insurance underwriting income —  —  79,017  —  79,017 
Net (loss)/gain on foreign exchange operations (3,388) 41,648  27  538  38,825 
Net loss on derivative (1,257) (41,311) —  —  (42,568)
Other income/(expense), net 1,049  42  1,827  (1,073) 1,845 
TOTAL REVENUE, NET 165,257  140,321  95,938  17,118  418,634 
Fee and commission expense 6,482  3,851  29,328  3,157  42,818 
Interest expense 19,718  102,753  6,925  1,827  131,223 
Insurance claims incurred, net of reinsurance —  —  40,989  —  40,989 
Payroll and bonuses 23,607  6,472  4,538  10,466  45,083 
Professional services 1,424  102  227  4,464  6,217 
Stock compensation expense 693  48  29  269  1,039 
Advertising expense 7,274  1,078  230  2,484  11,066 
General and administrative expense 9,962  7,159  1,166  13,819  32,106 
Provision/(Recovery of) for allowance for expected credit losses 4,200  (7,547) (633) 454  (3,526)
TOTAL EXPENSE 73,360  113,916  82,799  36,940  307,015 
INCOME BEFORE INCOME TAX $ 91,897  $ 26,405  $ 13,139  $ (19,822) $ 111,619 
Income tax expense (9,603) —  (8) (5,933) (15,544)
NET INCOME
 $ 82,294  $ 26,405  $ 13,131  $ (25,755) $ 96,075 
Nine months ended December 31, 2023
STATEMENTS OF OPERATIONS
 Brokerage Banking Insurance Other Total
Fee and commission income
 $ 255,052  $ 24,194  $ 82  $ 51,237  $ 330,565 
Net gain/(loss) on trading securities 25,555  39,360  13,146  (563) 77,498 
Interest income 158,284  376,464  49,399  4,710  588,857 
Insurance underwriting income —  —  181,882  —  181,882 
Net gain/(loss) on foreign exchange operations 1,732  54,098  (641) (759) 54,430 
Net (loss)/gain on derivative (960) (71,406) —  571  (71,795)
Other income, net 2,913  14  3,042  3,019  8,988 
TOTAL REVENUE, NET 442,576  422,724  246,910  58,215  1,170,425 
Fee and commission expense 18,782  12,972  65,182  6,180  103,116 
Interest expense 69,271  265,163  25,386  5,830  365,650 
Insurance claims incurred, net of reinsurance —  —  96,491  —  96,491 
Payroll and bonuses 49,797  28,987  11,433  26,494  116,711 
Professional services 5,376  392  401  18,624  24,793 
Stock compensation expense 2,141  162  97  903  3,303 
Advertising expense 18,130  3,834  611  5,230  27,805 
General and administrative expense 31,688  20,332  3,738  30,453  86,211 
Provision for allowance for expected credit losses 3,568  9,206  679  2,009  15,462 
TOTAL EXPENSE 198,753  341,048  204,018  95,723  839,542 
INCOME BEFORE INCOME TAX $ 243,823  $ 81,676  $ 42,892  $ (37,508) $ 330,883 
Income tax (expense)/benefit (20,074) —  22  (31,356) (51,408)
NET INCOME
 $ 223,749  $ 81,676  $ 42,914  $ (68,864) $ 279,475 

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.
December 31, 2024
Brokerage Banking Insurance Other Total
Total assets $ 3,232,400  $ 4,863,748  $ 664,321  $ 374,576  $ 9,135,045 
Total liabilities 2,443,186  4,314,126  512,685  602,303  7,872,300 
Net assets $ 789,214  $ 549,622  $ 151,636  $ (227,727) $ 1,262,745 
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