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Note 24 - Segment Information
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 24 – Segment Information

 

The Company's reportable segment is determined by the Chief Executive Officer, who is designated the Chief Operating Decision Maker ("CODM"), based upon information about the Company's products and services offered, primarily banking operations. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business (such as branches and subsidiary banks), which are then aggregated if operating performance, products/services, and customers are similar. The CODM will evaluate the financial performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provision for credit losses, and payroll provide the significant expenses in the banking operation. All operations are domestic.    

 

Accounting policies for segments are the same as those described in Note 1a. Segment performance is evaluated using consolidated bank net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of significant segment totals to the financial statements:

 

  

Consolidated Bank

 
  

2024

  

2023

  

2022

 

(dollars in thousands)

            
             

Interest income

 $517,889  $490,065  $373,746 

Noninterest income

  16,563   14,131   13,288 

Total segment income

 $534,452  $504,196  $387,034 
             

Less:

            

Interest expense

  265,314   229,789   64,544 

Segment net interest income and noninterest income

  269,138   274,407   322,490 

Less:

            

Provision for credit losses

  13,800   8,200   17,750 

Salaries and employee benefits

  90,053   88,223   80,717 

Other segment items*

  61,590   55,613   45,509 

Income tax expense

  24,673   29,955   46,014 

Segment consolidated net income

 $79,022  $92,416  $132,500 
             

Other segment disclosures

            

Interest income

 $517,889  $490,065  $373,746 

Interest expense

  265,314   229,789   64,544 

Depreciation

  4,422   4,503   3,863 

Amortization of core deposit intangibles

  1,235   1,438   1,675 

Other significant noncash items:

            

Provision for credit losses

  13,800   8,200   17,750 

Segment assets

  9,870,788   9,848,491   9,640,575 

Total expenses for segment assets

  455,431   411,781   254,533 
             

Reconciliation of assets

            

Total assets for segment

 $9,870,788  $9,848,491  $9,640,575 

Other assets

  8,812   71,123   4,373 

Total consolidated assets

 $9,879,600  $9,855,603  $9,644,948 

 

*Other segment items for consolidated bank include expenses for occupancy and equipment, FDIC insurance, professional and consulting, marketing and advertising, merger expenses and other expenses.