Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Reporting

v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

Note 24 — Segment Reporting

The Company has one reportable segment, Banking, as determined by the Chief Financial Officer, who is designated the chief operating decision maker, based upon information provided about the Company's products and services offered, which are primarily banking operations. The Banking segment is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business. The chief operating decision maker uses net interest income, net interest margin, non-interest income, non-interest expense, credit loss expense, and net income to assess performance and in the determination of allocating resources. These metrics, coupled with monitoring of budget to actual results, are used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in our banking operations. Interest expense, provisions for credit losses, and salaries and benefits provide the significant expenses in our banking operations.

Accounting policies for the banking segment are the same as those described in Note 1 - Summary of Significant Accounting Policies. Segment performance is evaluated using consolidated net income.

The following table presents information reported internally for performance assessment by the chief operating decision maker for the following periods:

 

 

 

Banking Segment

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Net interest income

 

$

202,774

 

 

$

221,271

 

 

$

237,647

 

Noninterest income

 

 

31,585

 

 

 

34,179

 

 

 

34,200

 

Segment revenues

 

 

234,359

 

 

 

255,450

 

 

 

271,847

 

Other revenues

 

 

—

 

 

 

—

 

 

 

—

 

Total consolidated revenues

 

 

234,359

 

 

 

255,450

 

 

 

271,847

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

Credit loss expense

 

 

4,419

 

 

 

4,342

 

 

 

836

 

Noninterest expenses

 

 

141,335

 

 

 

136,527

 

 

 

130,284

 

Income tax expense

 

 

26,404

 

 

 

34,540

 

 

 

39,333

 

Segment net income

 

 

62,201

 

 

 

80,041

 

 

 

101,394

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of profit:

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net income

 

 

62,201

 

 

 

80,041

 

 

 

101,394

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

 

7,677,925

 

 

 

7,570,341

 

 

 

7,378,262

 

Other assets

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated assets

 

$

7,677,925

 

 

$

7,570,341

 

 

$

7,378,262