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Note 22 - Segments
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024, goodwill totaling $194 million was recorded on Bancorp’s consolidated balance sheets, of which $172 million is attributed to the commercial banking segment and $22 million is attributed to WM&T. The portion of total goodwill attributed to WM&T relates entirely to the CB acquisition. With the exception of goodwill attributed to WM&T through the CB acquisition, assets assigned to WM&T consist primarily of a CLI asset associated with the WM&T business added through the CB acquisition, 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 March 31, 2024

  

Three months ended March 31, 2023

 
  Commercial             Commercial          

(in thousands)

 

Banking

  

WM&T

  

Total

  

Banking

  

WM&T

  

Total

 
                         

Net interest income

 $59,794  $276  $60,070  $62,944  $128  $63,072 

Provision for credit losses

  1,425   —   1,425   2,625   —   2,625 

Wealth management and trust services

  —   10,771   10,771   —   9,527   9,527 

All other non-interest income

  12,500   —   12,500   12,520   —   12,520 

Non-interest expenses

  42,979   5,982   48,961   39,600   5,714   45,314 

Income before income tax expense

  27,890   5,065   32,955   33,239   3,941   37,180 

Income tax expense

  5,969   1,099   7,068   7,277   855   8,132 

Net income

 $21,921  $3,966  $25,887  $25,962  $3,086  $29,048 
                         

Segment assets

 $8,087,998  $35,130  $8,123,128  $7,631,031  $36,617  $7,667,648