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Note 22 - Segments | 6 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
(22) | Segments
Bancorp’s principal activities include commercial banking and WM&T. Commercial banking provides a full range of loan and deposit products to individual consumers and businesses. Commercial banking also includes Bancorp’s mortgage banking and investment products sales activity. WM&T provides investment management, financial & retirement planning and trust & estate services, as well as retirement plan management for businesses and corporations in all markets in which Bancorp operates. The magnitude of WM&T revenue distinguishes Bancorp from other community banks of similar asset size. Financial information for each business segment reflects that which is specifically identifiable or allocated based on an internal allocation method. Income taxes are allocated based on the effective federal income tax rate adjusted for any tax-exempt activity. All tax-exempt activity and provision have been allocated fully to the commercial banking segment. Measurement of performance of business segments is based on the management structure of Bancorp and is not necessarily comparable with similar information for any other financial institution. Information presented is also not necessarily indicative of the segments’ operations if they were independent entities. The majority of the net assets of Bancorp are involved in the commercial banking segment. As of June 30, 2022, goodwill totaling $203 million was recorded on Bancorp’s consolidated balance sheets, of which $175 million is attributed to the commercial banking segment and $28 million is attributed to WM&T. The portion of total goodwill attributed to WM&T relates entirely to the CB acquisition, which generated $67 million in total goodwill. With the exception of goodwill attributed to WM&T through the CB acquisition, assets assigned to WM&T consist primarily of net premises and equipment and a receivable related to fees earned that have not been collected. Selected financial information by business segment follows:
|  | Three months ended June 30, 2022 |  |  | Three months ended June 30, 2021 |
(in thousands) |  | Commercial Banking |  |  | WM&T |  |  | Total |  |  | Commercial Banking |  |  | WM&T |  |  | Total |
Net interest income |  | $ | 56,888 |  |  | $ | 96 |  |  | $ | 56,984 |  |  | $ | 41,516 |  |  | $ | 68 |  |  | $ | 41,584 |
Provision for credit losses |  |  | (200 | ) |  |  | — |  |  |  | (200 | ) |  |  | 4,147 |  |  |  | — |  |  |  | 4,147 |
Wealth management and trust services |  |  | — |  |  |  | 9,495 |  |  |  | 9,495 |  |  |  | — |  |  |  | 6,858 |  |  |  | 6,858 |
All other non-interest income |  |  | 12,445 |  |  |  | — |  |  |  | 12,445 |  |  |  | 8,930 |  |  |  | — |  |  |  | 8,930 |
Non-interest expenses |  |  | 38,876 |  |  |  | 5,799 |  |  |  | 44,675 |  |  |  | 44,481 |  |  |  | 3,696 |  |  |  | 48,177 |
Income before income tax expense |  |  | 30,657 |  |  |  | 3,792 |  |  |  | 34,449 |  |  |  | 1,818 |  |  |  | 3,230 |  |  |  | 5,048 |
Income tax expense |  |  | 6,724 |  |  |  | 823 |  |  |  | 7,547 |  |  |  | 190 |  |  |  | 674 |  |  |  | 864 |
Net income |  |  | 23,933 |  |  |  | 2,969 |  |  |  | 26,902 |  |  |  | 1,628 |  |  |  | 2,556 |  |  |  | 4,184 |
Less net income attributable to NCI |  |  | 108 |  |  |  | — |  |  |  | 108 |  |  |  | — |  |  |  | — |  |  |  | — |
Net income attributable to stockholders |  | $ | 23,825 |  |  | $ | 2,969 |  |  | $ | 26,794 |  |  | $ | 1,628 |  |  | $ | 2,556 |  |  | $ | 4,184 |
Segment assets |  | $ | 7,550,846 |  |  | $ | 32,259 |  |  | $ | 7,583,105 |  |  | $ | 6,084,185 |  |  | $ | 3,887 |  |  | $ | 6,088,072 |
|  | Six months ended June 30, 2022 |  |  | Six months ended June 30, 2021 |
(in thousands) |  | Commercial Banking |  |  | WM&T |  |  | Total |  |  | Commercial Banking |  |  | WM&T |  |  | Total |
Net interest income |  | $ | 105,541 |  |  | $ | 203 |  |  | $ | 105,744 |  |  | $ | 79,258 |  |  | $ | 151 |  |  | $ | 79,409 |
Provision for credit losses |  |  | 2,079 |  |  |  | — |  |  |  | 2,079 |  |  |  | 2,672 |  |  |  | — |  |  |  | 2,672 |
Wealth management and trust services |  |  | — |  |  |  | 17,738 |  |  |  | 17,738 |  |  |  | — |  |  |  | 13,106 |  |  |  | 13,106 |
All other non-interest income |  |  | 23,405 |  |  |  | — |  |  |  | 23,405 |  |  |  | 16,526 |  |  |  | — |  |  |  | 16,526 |
Non-interest expenses |  |  | 90,566 |  |  |  | 10,406 |  |  |  | 100,972 |  |  |  | 66,177 |  |  |  | 6,973 |  |  |  | 73,150 |
Income before income tax expense |  |  | 36,301 |  |  |  | 7,535 |  |  |  | 43,836 |  |  |  | 26,935 |  |  |  | 6,284 |  |  |  | 33,219 |
Income tax expense |  |  | 7,357 |  |  |  | 1,635 |  |  |  | 8,992 |  |  |  | 4,988 |  |  |  | 1,337 |  |  |  | 6,325 |
Net income |  |  | 28,944 |  |  |  | 5,900 |  |  |  | 34,844 |  |  |  | 21,947 |  |  |  | 4,947 |  |  |  | 26,894 |
Less net income attributable to NCI |  |  | 144 |  |  |  | — |  |  |  | 144 |  |  |  | — |  |  |  | — |  |  |  | — |
Net income attributable to stockholders |  | $ | 28,800 |  |  | $ | 5,900 |  |  | $ | 34,700 |  |  | $ | 21,947 |  |  | $ | 4,947 |  |  | $ | 26,894 |
Segment assets |  | $ | 7,550,846 |  |  | $ | 32,259 |  |  | $ | 7,583,105 |  |  | $ | 6,084,185 |  |  | $ | 3,887 |  |  | $ | 6,088,072 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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