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Segment Reporting
 12 Months Ended
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.