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Note 22 - Segments
 6 Months Ended
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