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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | 22. Segment Reporting Historically, the Company operated as a single reportable segment, providing a full range of banking services to retail and commercial customers. However, in accordance with ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, and as the Bank has grown, management has reassessed its operating segment structure to enhance transparency in how financial performance is evaluated and resources are allocated by the CODM. The updated guidance enhances disclosures by requiring more detailed information on segment profitability and certain key performance metrics used by management. Segments are components of an enterprise that are regularly evaluated by the CODM to allocate resources and assess performance. The Company’s CODM is its Chief Executive Officer. As a result of this reassessment, as disclosed in Note 1, beginning with the fiscal year ended December 31, 2024, the Bank has determined that it now operates through two reportable segments: Banking – Provides commercial banking, retail banking, and wealth management services primarily to customers in its market area, offering a broad array of banking and financial services to retail, commercial, and municipal customers. Included in Banking is the revenue and expenses from the wealth management business and the parent holding company. The parent company’s principal activities include the direct and indirect ownership of banking and non-banking subsidiaries, as well as the issuance of debt and equity. The parent company’s principal sources of revenue are the management fees and dividends it receives from its subsidiaries. Banking also includes corporate shared service costs such as the majority of equity compensation expense, as well as other general and administrative shared services costs including pension, retirement plan and supplemental retirement plan costs. Currently there is no allocation of these costs to other operating segments. Retirement Plan Administration – Includes retirement plan and health savings account recordkeeping and administration, investment management, third-party administration, and actuarial services. Our CODM reviews actual net income versus budgeted net income to assess segment performance and to make decisions about allocating capital and personnel to the segments. The CODM regularly receives expense information at a level consistent with that disclosed in the Company’s consolidated statements of income. Reported segments and their financial information are not necessarily comparable to similar information reported by other financial institutions. Additionally, due to interrelationships among the various segments, the information presented is not indicative of how the segments would perform as independent entities. Changes in management structure, allocation methodologies, or procedures may result in future revisions to previously reported segment financial data. For the years ended December 31, 2023 and 2022, the Company only disclosed one reportable segment, as operations were assessed on a consolidated basis. Accordingly, prior year segment data has been retrospectively adjusted to conform to the current period presentation. The Company will continue to evaluate its segment disclosures in accordance with ASU 2023-07 and make necessary adjustments as business operations evolve. Information about reportable segments and reconciliation of the information to the consolidated financial statements follows:
|  | December 31, 2024 |
(In thousands) |  | Banking |  |  | Retirement Plan Administration |  |  | All Other(1) |  |  | Consolidated |
Net interest income |  | $ | 400,048 |  |  | $ | 74 |  |  | $ | - |  |  | $ | 400,122 |
Provision for loan losses |  |  | 19,607 |  |  |  | - |  |  |  | - |  |  |  | 19,607 |
Net interest income after provision for loan losses |  | $ | 380,441 |  |  | $ | 74 |  |  | $ | - |  |  | $ | 380,515 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts |  | $ | 17,087 |  |  | $ | - |  |  | $ | - |  |  | $ | 17,087 |
Card services income |  |  | 22,331 |  |  |  | - |  |  |  | - |  |  |  | 22,331 |
Retirement plan administration fees |  |  | - |  |  |  | 58,099 |  |  |  | (1,512 | ) |  |  | 56,587 |
Wealth management |  |  | 39,502 |  |  |  | 2,092 |  |  |  | 47 |  |  |  | 41,641 |
Insurance services |  |  | 1 |  |  |  | - |  |  |  | 17,031 |  |  |  | 17,032 |
Bank owned life insurance income |  |  | 8,325 |  |  |  | - |  |  |  | - |  |  |  | 8,325 |
Net securities gains (losses) |  |  | 2,789 |  |  |  | - |  |  |  | - |  |  |  | 2,789 |
Other |  |  | 19,091 |  |  |  | 527 |  |  |  | (8,586 | ) |  |  | 11,032 |
Total noninterest income |  | $ | 109,126 |  |  | $ | 60,718 |  |  | $ | 6,980 |  |  | $ | 176,824 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | $ | 188,157 |  |  | $ | 33,405 |  |  | $ | 10,925 |  |  | $ | 232,487 |
Technology and data services |  |  | 37,365 |  |  |  | 1,112 |  |  |  | 662 |  |  |  | 39,139 |
Occupancy |  |  | 29,985 |  |  |  | 1,067 |  |  |  | 257 |  |  |  | 31,309 |
Professional fees and outside services |  |  | 18,611 |  |  |  | 1,826 |  |  |  | (1,305 | ) |  |  | 19,132 |
Office supplies and postage |  |  | 7,020 |  |  |  | 437 |  |  |  | 68 |  |  |  | 7,525 |
FDIC assessment |  |  | 6,765 |  |  |  | - |  |  |  | - |  |  |  | 6,765 |
Advertising |  |  | 3,312 |  |  |  | 52 |  |  |  | 22 |  |  |  | 3,386 |
Amortization of intangible assets |  |  | 6,419 |  |  |  | 1,871 |  |  |  | 153 |  |  |  | 8,443 |
Loan collection and other real estate owned, net |  |  | 2,505 |  |  |  | - |  |  |  | - |  |  |  | 2,505 |
Acquisition expenses |  |  | 1,531 |  |  |  | - |  |  |  | - |  |  |  | 1,531 |
Other |  |  | 32,594 |  |  |  | 1,138 |  |  |  | (8,073 | ) |  |  | 25,659 |
Total noninterest expense |  | $ | 334,264 |  |  | $ | 40,908 |  |  | $ | 2,709 |  |  | $ | 377,881 |
Income before income tax expense |  | $ | 155,303 |  |  | $ | 19,884 |  |  | $ | 4,271 |  |  | $ | 179,458 |
Income tax expense |  |  | 34,117 |  |  |  | 4,293 |  |  |  | 407 |  |  |  | 38,817 |
Net income |  | $ | 121,186 |  |  | $ | 15,591 |  |  | $ | 3,864 |  |  | $ | 140,641 |
Goodwill |  | $ | 324,250 |  |  | $ | 23,877 |  |  | $ | 14,536 |  |  | $ | 362,663 |
Intangible assets, net |  |  | 27,553 |  |  |  | 7,533 |  |  |  | 1,274 |  |  |  | 36,360 |
Total assets |  |  | 15,475,117 |  |  |  | 53,584 |  |  |  | (1,742,035 | ) |  |  | 13,786,666 |
(1) | Included in All Other is the revenue and expenses from certain other non-bank subsidiaries of the parent, including the insurance subsidiary, along with eliminating amounts that do not meet the definition of an operating segment.
|  | December 31, 2023 |
(In thousands) |  | Banking |  |  | Retirement Plan Administration |  |  | All Other(1) |  |  | Consolidated |
Net interest income |  | $ | 378,165 |  |  | $ | 54 |  |  | $ | - |  |  | $ | 378,219 |
Provision for loan losses |  |  | 25,274 |  |  |  | - |  |  |  | - |  |  |  | 25,274 |
Net interest income after provision for loan losses |  | $ | 352,891 |  |  | $ | 54 |  |  | $ | - |  |  | $ | 352,945 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts |  | $ | 15,425 |  |  | $ | - |  |  | $ | - |  |  | $ | 15,425 |
Card services income |  |  | 20,829 |  |  |  | - |  |  |  | - |  |  |  | 20,829 |
Retirement plan administration fees |  |  | - |  |  |  | 48,579 |  |  |  | (1,358 | ) |  |  | 47,221 |
Wealth management |  |  | 32,770 |  |  |  | 1,952 |  |  |  | 41 |  |  |  | 34,763 |
Insurance services |  |  | 2 |  |  |  | - |  |  |  | 15,665 |  |  |  | 15,667 |
Bank owned life insurance income |  |  | 6,750 |  |  |  | - |  |  |  | - |  |  |  | 6,750 |
Net securities gains (losses) |  |  | (9,315 | ) |  |  | - |  |  |  | - |  |  |  | (9,315 | )
Other |  |  | 19,882 |  |  |  | 657 |  |  |  | (9,701 | ) |  |  | 10,838 |
Total noninterest income |  | $ | 86,343 |  |  | $ | 51,188 |  |  | $ | 4,647 |  |  | $ | 142,178 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | $ | 154,972 |  |  | $ | 29,377 |  |  | $ | 9,901 |  |  | $ | 194,250 |
Technology and data services |  |  | 36,428 |  |  |  | 1,135 |  |  |  | 600 |  |  |  | 38,163 |
Occupancy |  |  | 27,097 |  |  |  | 1,048 |  |  |  | 263 |  |  |  | 28,408 |
Professional fees and outside services |  |  | 16,879 |  |  |  | 1,899 |  |  |  | (1,177 | ) |  |  | 17,601 |
Office supplies and postage |  |  | 6,460 |  |  |  | 372 |  |  |  | 85 |  |  |  | 6,917 |
FDIC assessment |  |  | 6,257 |  |  |  | - |  |  |  | - |  |  |  | 6,257 |
Advertising |  |  | 2,903 |  |  |  | 38 |  |  |  | 113 |  |  |  | 3,054 |
Amortization of intangible assets |  |  | 3,053 |  |  |  | 1,603 |  |  |  | 78 |  |  |  | 4,734 |
Loan collection and other real estate owned, net |  |  | 2,618 |  |  |  | - |  |  |  | - |  |  |  | 2,618 |
Acquisition expenses |  |  | 9,978 |  |  |  | - |  |  |  | - |  |  |  | 9,978 |
Other |  |  | 37,801 |  |  |  | 1,005 |  |  |  | (9,122 | ) |  |  | 29,684 |
Total noninterest expense |  | $ | 304,446 |  |  | $ | 36,477 |  |  | $ | 741 |  |  | $ | 341,664 |
Income before income tax expense |  | $ | 134,788 |  |  | $ | 14,765 |  |  | $ | 3,906 |  |  | $ | 153,459 |
Income tax expense |  |  | 31,038 |  |  |  | 3,065 |  |  |  | 574 |  |  |  | 34,677 |
Net income |  | $ | 103,750 |  |  | $ | 11,700 |  |  | $ | 3,332 |  |  | $ | 118,782 |
Goodwill |  | $ | 324,250 |  |  | $ | 23,224 |  |  | $ | 14,377 |  |  | $ | 361,851 |
Intangible assets, net |  |  | 33,972 |  |  |  | 6,114 |  |  |  | 357 |  |  |  | 40,443 |
Total assets |  |  | 14,905,900 |  |  |  | 36,553 |  |  |  | (1,633,413 | ) |  |  | 13,309,040 |
(1) | Included in All Other is the revenue and expenses from certain other non-bank subsidiaries of the parent, including the insurance subsidiary, along with eliminating amounts that do not meet the definition of an operating segment.
|  | December 31, 2022 |
(In thousands) |  | Banking |  |  | Retirement Plan Administration |  |  | All Other(1) |  |  | Consolidated |
Net interest income |  | $ | 362,179 |  |  | $ | 11 |  |  | $ | - |  |  | $ | 362,190 |
Provision for loan losses |  |  | 17,147 |  |  |  | - |  |  |  | - |  |  |  | 17,147 |
Net interest income after provision for loan losses |  | $ | 345,032 |  |  | $ | 11 |  |  | $ | - |  |  | $ | 345,043 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service charges on deposit accounts |  | $ | 14,630 |  |  | $ | - |  |  | $ | - |  |  | $ | 14,630 |
Card services income |  |  | 29,058 |  |  |  | - |  |  |  | - |  |  |  | 29,058 |
Retirement plan administration fees |  |  | - |  |  |  | 49,291 |  |  |  | (1,179 | ) |  |  | 48,112 |
Wealth management |  |  | 31,309 |  |  |  | 1,958 |  |  |  | 44 |  |  |  | 33,311 |
Insurance services |  |  | 2 |  |  |  | - |  |  |  | 14,694 |  |  |  | 14,696 |
Bank owned life insurance income |  |  | 6,044 |  |  |  | - |  |  |  | - |  |  |  | 6,044 |
Net securities gains (losses) |  |  | (1,131 | ) |  |  | - |  |  |  | - |  |  |  | (1,131 | )
Other |  |  | 14,753 |  |  |  | 491 |  |  |  | (4,386 | ) |  |  | 10,858 |
Total noninterest income |  | $ | 94,665 |  |  | $ | 51,740 |  |  | $ | 9,173 |  |  | $ | 155,578 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | $ | 151,521 |  |  | $ | 26,870 |  |  | $ | 9,439 |  |  | $ | 187,830 |
Technology and data services |  |  | 34,024 |  |  |  | 1,212 |  |  |  | 476 |  |  |  | 35,712 |
Occupancy |  |  | 25,068 |  |  |  | 959 |  |  |  | 255 |  |  |  | 26,282 |
Professional fees and outside services |  |  | 16,047 |  |  |  | 1,794 |  |  |  | (1,031 | ) |  |  | 16,810 |
Office supplies and postage |  |  | 5,716 |  |  |  | 355 |  |  |  | 69 |  |  |  | 6,140 |
FDIC assessment |  |  | 3,197 |  |  |  | - |  |  |  | - |  |  |  | 3,197 |
Advertising |  |  | 2,657 |  |  |  | 34 |  |  |  | 131 |  |  |  | 2,822 |
Amortization of intangible assets |  |  | 583 |  |  |  | 1,617 |  |  |  | 63 |  |  |  | 2,263 |
Loan collection and other real estate owned, net |  |  | 2,647 |  |  |  | - |  |  |  | - |  |  |  | 2,647 |
Acquisition expenses |  |  | 967 |  |  |  | - |  |  |  | - |  |  |  | 967 |
Other |  |  | 22,681 |  |  |  | 1,058 |  |  |  | (3,944 | ) |  |  | 19,795 |
Total noninterest expense |  | $ | 265,108 |  |  | $ | 33,899 |  |  | $ | 5,458 |  |  | $ | 304,465 |
Income before income tax expense |  | $ | 174,589 |  |  | $ | 17,852 |  |  | $ | 3,715 |  |  | $ | 196,156 |
Income tax expense |  |  | 40,054 |  |  |  | 3,619 |  |  |  | 488 |  |  |  | 44,161 |
Net income |  | $ | 134,535 |  |  | $ | 14,233 |  |  | $ | 3,227 |  |  | $ | 151,995 |
Goodwill |  | $ | 244,509 |  |  | $ | 22,318 |  |  | $ | 14,377 |  |  | $ | 281,204 |
Intangible assets, net |  |  | 1,183 |  |  |  | 5,873 |  |  |  | 285 |  |  |  | 7,341 |
Total assets |  |  | 13,067,505 |  |  |  | 45,917 |  |  |  | (1,374,126 | ) |  |  | 11,739,296 |
(1) | Included in All Other is the revenue and expenses from certain other non-bank subsidiaries of the parent, including the insurance subsidiary, along with eliminating amounts that do not meet the definition of an operating segment.

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