Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

Note 16 — 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.

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

 

 

 

Banking Segment

 

 

 

Quarter Ended March 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Net interest income

 

$

55,092

 

 

$

50,655

 

Noninterest income

 

 

7,726

 

 

 

7,733

 

Segment revenues

 

 

62,818

 

 

 

58,388

 

Other revenues

 

 

—

 

 

 

—

 

Total consolidated revenues

 

 

62,818

 

 

 

58,388

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

Credit loss expense

 

 

2,721

 

 

 

227

 

Noninterest expenses

 

 

34,984

 

 

 

36,445

 

Income tax expense

 

 

7,441

 

 

 

6,552

 

Segment net income

 

 

17,672

 

 

 

15,164

 

 

 

 

 

 

 

 

Reconciliation of profit:

 

 

 

 

 

 

Adjustments and reconciling items

 

 

—

 

 

 

—

 

Consolidated net income

 

 

17,672

 

 

 

15,164

 

 

 

 

 

 

 

 

Segment assets

 

 

7,729,035

 

 

 

7,512,046

 

Other assets

 

 

—

 

 

 

—

 

Consolidated assets

 

$

7,729,035

 

 

$

7,512,046