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Note 9 - BUSINESS SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2025
BUSINESS SEGMENT INFORMATION |
BUSINESS SEGMENT INFORMATION | NOTE 9 – BUSINESS SEGMENT INFORMATION Selected financial and descriptive information is required to be disclosed for reportable operating segments, applying a “management perspective” as the basis for identifying reportable segments. The management perspective is determined by the view that management takes of the segments within the Company when making operating decisions, allocating resources, and measuring performance. The segments of the Company have been defined by the structure of the Company’s internal organization, focusing on the financial information that the Company’s operating decision-makers routinely use to make decisions about operating matters. The chief operating decision maker consists of the Chief Executive Officer and President/Chief Financial Officer of the Company. The chief operating decision maker reviews financial reports that detail the interest income, interest expense, provision for credit losses, noninterest income, salaries and benefits expense, occupancy expense, other noninterest expenses, income tax expense and net income from continuing operations and compares the actual results to the amounts budgeted and the reason for variances. The results of this review allow the Company’s chief operating decision maker to make operating decisions and allocate resources. Capital markets revenue is considered a significant source of noninterest income. Salaries and benefits expense and occupancy expense are considered significant noninterest expenses. The Company’s Commercial Banking business is geographically divided by markets into the operating segments which are the four subsidiary banks wholly owned by the Company: QCBT, CRBT, CSB, and GB. Each of these operating segments offers similar products and services, but is managed separately due to different pricing, product demand, and consumer markets. Each offers commercial, consumer, and mortgage loans and deposit services. The Company's All Other segment includes the corporate operations of the parent and operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds. Selected financial information on the Company's business segments is presented as follows as of and for the three months ended March 31, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial Banking | ​ | ​ | ​ | Intercompany | ​ | Consolidated
​ |  | QCBT |  | CRBT |  | CSB |  | GB |  | All other |  | Eliminations |  | Total
​ | ​ | (dollars in thousands)
Three Months Ended March 31, 2025 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Interest and dividend income | ​ | $ | 35,937 | ​ | $ | 31,932 | ​ | $ | 20,008 | ​ | $ | 29,343 | ​ | $ | 87 | ​ | $ | (634) | ​ | $ | 116,673
Interest expense | ​ | ​ | 17,313 | ​ | ​ | 12,466 | ​ | ​ | 8,102 | ​ | ​ | 15,562 | ​ | ​ | 4,286 | ​ | ​ | (1,042) | ​ | ​ | 56,687
Net interest income | ​ |  | 18,624 | ​ |  | 19,466 | ​ |  | 11,906 | ​ | ​ | 13,781 | ​ |  | (4,199) | ​ |  | 408 | ​ |  | 59,986
Provision for credit losses | ​ |  | 1,412 | ​ |  | 86 | ​ |  | 1,362 | ​ | ​ | 1,374 | ​ |  | — | ​ |  | — | ​ |  | 4,234
Noninterest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital markets revenue | ​ | ​ | — | ​ | ​ | 5,603 | ​ | ​ | 62 | ​ | ​ | 851 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,516
Other segment revenue items | ​ | ​ | 5,211 | ​ | ​ | 2,395 | ​ | ​ | 1,502 | ​ | ​ | 1,674 | ​ | ​ | 31,716 | ​ | ​ | (32,122) | ​ | ​ | 10,376
Total noninterest income | ​ | ​ | 5,211 | ​ | ​ | 7,998 | ​ | ​ | 1,564 | ​ | ​ | 2,525 | ​ | ​ | 31,716 | ​ | ​ | (32,122) | ​ | ​ | 16,892
Noninterest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits expense | ​ | ​ | 7,409 | ​ | ​ | 7,861 | ​ | ​ | 4,873 | ​ | ​ | 6,504 | ​ | ​ | 717 | ​ | ​ | — | ​ | ​ | 27,364
Occupancy expense | ​ | ​ | 1,539 | ​ | ​ | 1,596 | ​ | ​ | 1,238 | ​ | ​ | 1,597 | ​ | ​ | 485 | ​ | ​ | — | ​ | ​ | 6,455
Other segment expense items | ​ | ​ | 4,034 | ​ | ​ | 3,552 | ​ | ​ | 2,105 | ​ | ​ | 3,076 | ​ | ​ | 598 | ​ | ​ | (645) | ​ | ​ | 12,720
Total noninterest expense | ​ | ​ | 12,982 | ​ | ​ | 13,009 | ​ | ​ | 8,216 | ​ | ​ | 11,177 | ​ | ​ | 1,800 | ​ | ​ | (645) | ​ | ​ | 46,539
Income tax expense | ​ | ​ | 897 | ​ | ​ | 764 | ​ | ​ | (246) | ​ | ​ | (416) | ​ | ​ | (691) | ​ | ​ | — | ​ | ​ | 308
Net income (loss) from continuing operations | ​ | $ | 8,544 | ​ | $ | 13,605 | ​ | $ | 4,138 | ​ | $ | 4,171 | ​ | $ | 26,408 | ​ | $ | (31,069) | ​ | $ | 25,797
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | ​ | $ | 2,791 | ​ | $ | 14,980 | ​ | $ | 9,888 | ​ | $ | 110,936 | ​ | $ | — | ​ | $ | — | ​ | $ | 138,595
Intangibles | ​ |  | — | ​ |  | 568 | ​ |  | 733 | ​ |  | 9,099 | ​ |  | — | ​ |  | — | ​ |  | 10,400
Total assets | ​ |  | 2,777,634 | ​ |  | 2,617,143 | ​ |  | 1,583,646 | ​ |  | 2,331,944 | ​ |  | 1,355,245 | ​ |  | (1,512,833) | ​ |  | 9,152,779
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended March 31, 2024 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Interest and dividend income | ​ | $ | 35,730 | ​ | $ | 29,769 | ​ | $ | 19,246 | ​ | $ | 30,543 | ​ | $ | 64 | ​ | $ | (303) | ​ | $ | 115,049
Interest expense | ​ | ​ | 18,767 | ​ | ​ | 12,861 | ​ | ​ | 8,171 | ​ | ​ | 17,029 | ​ | ​ | 4,173 | ​ | ​ | (651) | ​ | ​ | 60,350
Net interest income | ​ |  | 16,963 | ​ |  | 16,908 | ​ |  | 11,075 | ​ | ​ | 13,514 | ​ |  | (4,109) | ​ |  | 348 | ​ |  | 54,699
Provision for credit losses | ​ |  | 3,225 | ​ |  | (234) | ​ |  | 186 | ​ |  | (208) | ​ |  | — | ​ |  | — | ​ |  | 2,969
Noninterest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital markets revenue | ​ | ​ | — | ​ | ​ | 15,205 | ​ | ​ | — | ​ | ​ | 1,252 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,457
Other segment revenue items | ​ | ​ | 4,652 | ​ | ​ | 3,001 | ​ | ​ | 1,264 | ​ | ​ | 1,830 | ​ | ​ | 33,605 | ​ | ​ | (33,951) | ​ | ​ | 10,401
Total noninterest income | ​ | ​ | 4,652 | ​ | ​ | 18,206 | ​ | ​ | 1,264 | ​ | ​ | 3,082 | ​ | ​ | 33,605 | ​ | ​ | (33,951) | ​ | ​ | 26,858
Noninterest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Salaries and benefits expense | ​ | ​ | 8,133 | ​ | ​ | 9,447 | ​ | ​ | 4,519 | ​ | ​ | 7,161 | ​ | ​ | 2,600 | ​ | ​ | — | ​ | ​ | 31,860
Occupancy expense | ​ | ​ | 1,497 | ​ | ​ | 1,585 | ​ | ​ | 1,246 | ​ | ​ | 1,712 | ​ | ​ | 474 | ​ | ​ | — | ​ | ​ | 6,514
Other segment expense items | ​ | ​ | 3,766 | ​ | ​ | 3,518 | ​ | ​ | 1,964 | ​ | ​ | 3,028 | ​ | ​ | 644 | ​ | ​ | (604) | ​ | ​ | 12,316
Total noninterest expense | ​ | ​ | 13,396 | ​ | ​ | 14,550 | ​ | ​ | 7,729 | ​ | ​ | 11,901 | ​ | ​ | 3,718 | ​ | ​ | (604) | ​ | ​ | 50,690
Income tax expense | ​ | ​ | 90 | ​ | ​ | 2,755 | ​ | ​ | (25) | ​ | ​ | (103) | ​ | ​ | (1,545) | ​ | ​ | — | ​ | ​ | 1,172
Net income (loss) from continuing operations | ​ | $ | 4,903 | ​ | $ | 18,043 | ​ | $ | 4,449 | ​ | $ | 5,006 | ​ | $ | 27,323 | ​ | $ | (32,998) | ​ | $ | 26,726
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | ​ | $ | 3,223 | ​ | $ | 14,980 | ​ | $ | 9,888 | ​ | $ | 110,936 | ​ | $ | — | ​ | $ | — | ​ | $ | 139,027
Intangibles | ​ |  | — | ​ |  | 819 | ​ |  | 1,289 | ​ |  | 11,023 | ​ |  | — | ​ |  | — | ​ |  | 13,131
Total assets | ​ |  | 2,618,727 | ​ |  | 2,423,936 | ​ |  | 1,445,230 | ​ |  | 2,327,985 | ​ |  | 1,235,181 | ​ |  | (1,451,510) | ​ |  | 8,599,549
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Intercompany eliminations included in the selected financial information on the Company’s business segments consist of equity in net income of each subsidiary bank and investment in each subsidiary bank as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Commercial Banking | ​
​ | ​ | QCBT |  | CRBT |  | CSB |  | GB |  | Total | ​
​ | ​ | (dollars in thousands) | ​
Three Months Ended March 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other segment revenue items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in net income of subsidiary bank | ​ | $ | 8,543 | ​ | $ | 13,605 | ​ | $ | 4,137 | ​ | $ | 4,172 | ​ | $ | 30,457 | ​
Total assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in subsidiary bank | ​ | ​ | 289,980 | ​ | ​ | 438,716 | ​ | ​ | 177,664 | ​ | ​ | 385,073 | ​ | ​ | 1,291,433 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other segment revenue items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity in net income of subsidiary bank | ​ | $ | 4,903 | ​ | $ | 18,043 | ​ | $ | 4,449 | ​ | $ | 5,006 | ​ | $ | 32,401 | ​
Total assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in subsidiary bank | ​ | ​ | 263,814 | ​ | ​ | 369,195 | ​ | ​ | 156,946 | ​ | ​ | 359,296 | ​ | ​ | 1,149,251 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​

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- Definition The entire disclosure for reporting segments including data and tables. 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