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Segment Information | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Information | Segment InformationOur operations are conducted through two operating segments: Banking and Mortgage Operations. Corporate represents costs not allocated to the operating segments. Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses are incurred for which discrete financial information is available that is evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. Operating segments have been determined based on the products and services offered and reflect the manner in which financial information is currently evaluated by management. Each segment operates under the same banking charter, but is reported on a segmented basis for this report. Each of the operating segments is complementary to each other and because of the interrelationship of the segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. The Banking segment originates loans and provides deposits and fee based services to consumer, business, and mortgage lending customers. Products offered include a full range of commercial and consumer banking and financial services. The interest income on loans held-for-investment is recognized in the Banking segment, excluding newly originated residential first mortgages within the Mortgage Operations segment. The Mortgage Operations segment originates, sells, services, and manages market risk from changes in interest rates on one-to-four family residential mortgage loans to sell or hold on our balance sheet. Loans originated-to-sell comprise the majority of the lending activity. The Mortgage Operations segment recognizes interest income on loans that are held-for-sale and newly originated residential mortgages held-for-investment, the gains from one to four family residential mortgage sales, and revenue for servicing loans and other ancillary fees following a sales transaction. Revenue from servicing activities is earned on a contractual fee basis. The Mortgage Operations segment services loans for the held-for-investment portfolio, for which it earns revenue via an intercompany service fee allocation which appears as a cost to Banking in mortgage fees. Forward traded loan purchases and sales settlements as well as mortgage servicing rights and related fair value adjustments are reported in this segment. Corporate represents miscellaneous other expenses of a corporate nature as well as revenue and expenses not directly assigned or allocated to the Banking or Mortgage Operations segments. The majority of executive management’s time is spent managing operating segments; related costs have been allocated between the operating segments and Corporate. Revenues are comprised of net interest income before the provision (benefit) for credit losses and noninterest income. Noninterest expenses are allocated to each operating segment. Provision for credit losses is primarily allocated to the Banking segment. Allocation methodologies may be subject to periodic adjustment as management systems evolve and/or the business or product lines within the segments change. Significant segment totals are reconciled to the financial statements as follows for the three months ended September 30,:
| Banking |  | Mortgage Operations |  | Corporate |  | Total Segments
2023 |  |  |  |  |  |  |
Summary of Operations |  |  |  |  |  |  |
Net interest income (loss) | $ | 73,496 |  |  | $ | 1,171 |  |  | $ | (1,257) |  |  | $ | 73,410 |
Provision (benefit) for credit losses | 6,319 |  |  | (2,429) |  |  | — |  |  | 3,890 |
Noninterest income: |  |  |  |  |  |  |
Service charges on deposit accounts | 5,475 |  |  | — |  |  | — |  |  | 5,475 |
Credit and debit card fees | 2,996 |  |  | — |  |  | — |  |  | 2,996 |
Trust and investment advisory fees | 1,398 |  |  | — |  |  | — |  |  | 1,398 |
Income from mortgage banking services, net | (526) |  |  | 7,939 |  |  | — |  |  | 7,413 |
Other noninterest income | 1,368 |  |  | — |  |  | — |  |  | 1,368 |
Total noninterest income | 10,711 |  |  | 7,939 |  |  | — |  |  | 18,650 |
Noninterest expense: |  |  |  |  |  |  |
Salary and employee benefits | 27,701 |  |  | 5,844 |  |  | 423 |  |  | 33,968 |
Occupancy and equipment | 7,449 |  |  | 707 |  |  | 60 |  |  | 8,216 |
Other noninterest expenses | 9,990 |  |  | 3,820 |  |  | 182 |  |  | 13,992 |
Total noninterest expense | 45,140 |  |  | 10,371 |  |  | 665 |  |  | 56,176 |
Income (loss) before income taxes | $ | 32,748 |  |  | $ | 1,168 |  |  | $ | (1,922) |  |  | $ | 31,994 |
Other Information |  |  |  |  |  |  |
Depreciation expense | $ | 1,567 |  |  | $ | 57 |  |  | $ | — |  |  | $ | 1,624 |
Identifiable assets | $ | 6,824,853 |  |  | $ | 871,032 |  |  | $ | 60,990 |  |  | $ | 7,756,875 |
| Banking |  | Mortgage Operations |  | Corporate |  | Total Segments
2022 |  |  |  |  |  |  |
Summary of Operations |  |  |  |  |  |  |
Net interest income (loss) | $ | 68,159 |  |  | $ | 1,492 |  |  | $ | (1,165) |  |  | $ | 68,486 |
Provision for credit losses | 3,223 |  |  | 527 |  |  | — |  |  | 3,750 |
Noninterest income: |  |  |  |  |  |  |
Service charges on deposit accounts | 4,807 |  |  | — |  |  | — |  |  | 4,807 |
Credit and debit card fees | 3,103 |  |  | — |  |  | — |  |  | 3,103 |
Trust and investment advisory fees | 1,552 |  |  | — |  |  | — |  |  | 1,552 |
Income from mortgage banking services, net | (701) |  |  | 14,486 |  |  | — |  |  | 13,785 |
Other noninterest income | 1,706 |  |  | — |  |  | — |  |  | 1,706 |
Total noninterest income | 10,467 |  |  | 14,486 |  |  | — |  |  | 24,953 |
Noninterest expense: |  |  |  |  |  |  |
Salary and employee benefits | 23,210 |  |  | 8,922 |  |  | 376 |  |  | 32,508 |
Occupancy | 7,190 |  |  | 988 |  |  | 38 |  |  | 8,216 |
Other noninterest expenses | 11,146 |  |  | 3,314 |  |  | 364 |  |  | 14,824 |
Total noninterest expense | 41,546 |  |  | 13,224 |  |  | 778 |  |  | 55,548 |
Income (loss) before income taxes | $ | 33,857 |  |  | $ | 2,227 |  |  | $ | (1,943) |  |  | $ | 34,141 |
Other Information |  |  |  |  |  |  |
Depreciation expense | $ | 1,839 |  |  | $ | 81 |  |  | $ | — |  |  | $ | 1,920 |
Identifiable assets | $ | 6,315,984 |  |  | $ | 693,473 |  |  | $ | 43,460 |  |  | $ | 7,052,917 |
Significant segment totals are reconciled to the financial statements as follows for the nine months ended September 30,:
| Banking |  | Mortgage Operations |  | Corporate |  | Total Segments
2023 |  |  |  |  |  |  |
Summary of Operations |  |  |  |  |  |  |
Net interest income (loss) | $ | 220,608 |  |  | $ | 4,532 |  |  | $ | (3,778) |  |  | $ | 221,362 |
Provision (benefit) for credit losses | 12,382 |  |  | (710) |  |  | — |  |  | 11,672 |
Noninterest income: |  |  |  |  |  |  |
Service charges on deposit accounts | 15,848 |  |  | — |  |  | — |  |  | 15,848 |
Credit and debit card fees | 9,033 |  |  | 1 |  |  | — |  |  | 9,034 |
Trust and investment advisory fees | 4,337 |  |  | — |  |  | — |  |  | 4,337 |
Income from mortgage banking services, net | (1,126) |  |  | 27,627 |  |  | — |  |  | 26,501 |
Other noninterest income | 6,151 |  |  | — |  |  | — |  |  | 6,151 |
Total noninterest income | 34,243 |  |  | 27,628 |  |  | — |  |  | 61,871 |
Noninterest expense: |  |  |  |  |  |  |
Salary and employee benefits | 81,667 |  |  | 19,868 |  |  | 1,538 |  |  | 103,073 |
Occupancy and equipment | 22,105 |  |  | 2,088 |  |  | 145 |  |  | 24,338 |
Other noninterest expenses | 30,293 |  |  | 11,155 |  |  | 1,626 |  |  | 43,074 |
Total noninterest expense | 134,065 |  |  | 33,111 |  |  | 3,309 |  |  | 170,485 |
Income (loss) before income taxes | $ | 108,404 |  |  | $ | (241) |  |  | $ | (7,087) |  |  | $ | 101,076 |
Other Information |  |  |  |  |  |  |
Depreciation expense | $ | 4,870 |  |  | $ | 177 |  |  | $ | — |  |  | $ | 5,047 |
Identifiable assets | $ | 6,824,853 |  |  | $ | 871,032 |  |  | $ | 60,990 |  |  | $ | 7,756,875 |
| Banking |  | Mortgage Operations |  | Corporate |  | Total Segments
2022 |  |  |  |  |  |  |
Summary of Operations |  |  |  |  |  |  |
Net interest income (loss) | $ | 167,606 |  |  | $ | 5,193 |  |  | $ | (4,443) |  |  | $ | 168,356 |
Provision for credit losses | 9,853 |  |  | 2,597 |  |  | — |  |  | 12,450 |
Noninterest income: |  |  |  |  |  |  |
Service charges on deposit accounts | 13,111 |  |  | — |  |  | — |  |  | 13,111 |
Credit and debit card fees | 8,508 |  |  | — |  |  | — |  |  | 8,508 |
Trust and investment advisory fees | 5,408 |  |  | — |  |  | — |  |  | 5,408 |
Income from mortgage banking services, net | (1,972) |  |  | 41,989 |  |  | — |  |  | 40,017 |
Other noninterest income | 3,913 |  |  | (9) |  |  | — |  |  | 3,904 |
Total noninterest income | 28,968 |  |  | 41,980 |  |  | — |  |  | 70,948 |
Noninterest expense: |  |  |  |  |  |  |
Salary and employee benefits | 69,880 |  |  | 30,854 |  |  | 1,247 |  |  | 101,981 |
Occupancy | 19,937 |  |  | 2,826 |  |  | 39 |  |  | 22,802 |
Other noninterest expenses | 46,203 |  |  | 10,439 |  |  | 2,258 |  |  | 58,900 |
Total noninterest expense | 136,020 |  |  | 44,119 |  |  | 3,544 |  |  | 183,683 |
Income (loss) before income taxes | $ | 50,701 |  |  | $ | 457 |  |  | $ | (7,987) |  |  | $ | 43,171 |
Other Information |  |  |  |  |  |  |
Depreciation expense | $ | 5,011 |  |  | $ | 294 |  |  | $ | — |  |  | $ | 5,305 |
Identifiable assets | $ | 6,315,984 |  |  | $ | 693,473 |  |  | $ | 43,460 |  |  | $ | 7,052,917 |

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