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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting At June 30, 2025, the Corporation had three reportable business segments, Banking, Wealth Management and Insurance. The parent holding company and intercompany eliminations are included in the "Other" segment. Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated as follows:
● | The Banking segment provides financial services to individuals, businesses, municipalities and non-profit organizations. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing.
● | The Wealth Management segment offers investment advisory, financial planning and trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships.
● | The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting.
The following tables provide reportable segment-specific information, as well as the Other Segment, and reconciliations to the condensed consolidated financial information for the three and six months ended June 30, 2025 and 2024.
| Three Months Ended
| June 30, 2025
(Dollars in thousands) | Banking |  | Wealth Management |  | Insurance |  | Other |  | Consolidated
Interest income | $ | 105,691 |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | 105,706 |
Interest expense | 43,883 |  |  | — |  |  | — |  |  | 2,282 |  |  | 46,165 |
Net interest income (expense) | 61,808 |  |  | 15 |  |  | — |  |  | (2,282) |  |  | 59,541 |
Noninterest income | 8,524 |  |  | 7,667 |  |  | 5,270 |  |  | 40 |  |  | 21,501 |
Total revenue | 70,332 |  |  | 7,682 |  |  | 5,270 |  |  | (2,242) |  |  | 81,042 |
Provision for credit losses | 5,694 |  |  | — |  |  | — |  |  | — |  |  | 5,694 |
Less: (1) |  |  |  |  |  |  |  |  |
Salaries, benefits and commissions | 18,379 |  |  | 4,502 |  |  | 3,587 |  |  | 5,068 |  |  | 31,536 |
Net occupancy | 2,182 |  |  | 128 |  |  | 154 |  |  | 275 |  |  | 2,739 |
Equipment | 889 |  |  | 10 |  |  | 27 |  |  | 117 |  |  | 1,043 |
Data processing | 2,585 |  |  | 374 |  |  | 144 |  |  | 1,305 |  |  | 4,408 |
Professional fees | 600 |  |  | 187 |  |  | 15 |  |  | 795 |  |  | 1,597 |
Marketing and advertising | 335 |  |  | 30 |  |  | 10 |  |  | 123 |  |  | 498 |
Deposit insurance premiums | 1,074 |  |  | — |  |  | — |  |  | — |  |  | 1,074 |
Intangible expense | 49 |  |  | — |  |  | 82 |  |  | — |  |  | 131 |
Other segment items (2) | 5,717 |  |  | 544 |  |  | 170 |  |  | 875 |  |  | 7,306 |
Intersegment expense (revenue) (3) | 6,211 |  |  | 131 |  |  | 117 |  |  | (6,459) |  |  | — |
Income (loss) before income taxes | $ | 26,617 |  |  | $ | 1,776 |  |  | $ | 964 |  |  | $ | (4,341) |  |  | $ | 25,016 |
Income tax expense (benefit) | 5,368 |  |  | 358 |  |  | 213 |  |  | (901) |  |  | 5,038 |
Net income (loss) | $ | 21,249 |  |  | $ | 1,418 |  |  | $ | 751 |  |  | $ | (3,440) |  |  | $ | 19,978 |
Net capital expenditures | $ | 860 |  |  | $ | 2 |  |  | $ | 24 |  |  | $ | 236 |  |  | $ | 1,122 |
| Three Months Ended
| June 30, 2024
(Dollars in thousands) | Banking |  | Wealth Management |  | Insurance |  | Other |  | Consolidated
Interest income | $ | 99,804 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 99,832 |
Interest expense | 46,523 |  |  | — |  |  | — |  |  | 2,282 |  |  | 48,805 |
Net interest income (expense) | 53,281 |  |  | 19 |  |  | — |  |  | (2,273) |  |  | 51,027 |
Noninterest income | 9,014 |  |  | 6,752 |  |  | 5,186 |  |  | 28 |  |  | 20,980 |
Total revenue | 62,295 |  |  | 6,771 |  |  | 5,186 |  |  | (2,245) |  |  | 72,007 |
Provision for credit losses | 707 |  |  | — |  |  | — |  |  | — |  |  | 707 |
Less: (1) |  |  |  |  |  |  |  |  |
Salaries, benefits and commissions | 17,967 |  |  | 4,547 |  |  | 3,369 |  |  | 4,304 |  |  | 30,187 |
Net occupancy | 2,253 |  |  | 79 |  |  | 157 |  |  | 190 |  |  | 2,679 |
Equipment | 986 |  |  | 11 |  |  | 23 |  |  | 68 |  |  | 1,088 |
Data processing | 3,109 |  |  | 376 |  |  | 133 |  |  | 543 |  |  | 4,161 |
Professional fees | 837 |  |  | 111 |  |  | 9 |  |  | 509 |  |  | 1,466 |
Marketing and advertising | 320 |  |  | 74 |  |  | 5 |  |  | 316 |  |  | 715 |
Deposit insurance premiums | 1,098 |  |  | — |  |  | — |  |  | — |  |  | 1,098 |
Intangible expense | 79 |  |  | — |  |  | 109 |  |  | — |  |  | 188 |
Other segment items (2) | 5,138 |  |  | 694 |  |  | 183 |  |  | 1,111 |  |  | 7,126 |
Intersegment expense (revenue) (3) | 5,715 |  |  | 52 |  |  | 123 |  |  | (5,890) |  |  | — |
Income (loss) before income taxes | $ | 24,086 |  |  | $ | 827 |  |  | $ | 1,075 |  |  | $ | (3,396) |  |  | $ | 22,592 |
Income tax expense (benefit) | 4,734 |  |  | 298 |  |  | 236 |  |  | (783) |  |  | 4,485 |
Net income (loss) | $ | 19,352 |  |  | $ | 529 |  |  | $ | 839 |  |  | $ | (2,613) |  |  | $ | 18,107 |
Net capital expenditures | $ | 685 |  |  | $ | 5 |  |  | $ | 58 |  |  | $ | 59 |  |  | $ | 807 |
| Six Months Ended
| June 30, 2025
(Dollars in thousands) | Banking |  | Wealth Management |  | Insurance |  | Other |  | Consolidated
Interest income | $ | 209,091 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 209,122 |
Interest expense | 88,237 |  |  | — |  |  | — |  |  | 4,563 |  |  | 92,800 |
Net interest income (expense) | 120,854 |  |  | 31 |  |  | — |  |  | (4,563) |  |  | 116,322 |
Noninterest income | 16,165 |  |  | 15,500 |  |  | 12,176 |  |  | 75 |  |  | 43,916 |
Total revenue | 137,019 |  |  | 15,531 |  |  | 12,176 |  |  | (4,488) |  |  | 160,238 |
Provision for credit losses | 8,005 |  |  | — |  |  | — |  |  | — |  |  | 8,005 |
Less: (1) |  |  |  |  |  |  |  |  |
Salaries, benefits and commissions | 36,828 |  |  | 8,858 |  |  | 7,263 |  |  | 9,413 |  |  | 62,362 |
Net occupancy | 4,470 |  |  | 250 |  |  | 333 |  |  | 539 |  |  | 5,592 |
Equipment | 1,876 |  |  | 20 |  |  | 52 |  |  | 217 |  |  | 2,165 |
Data processing | 5,157 |  |  | 727 |  |  | 288 |  |  | 2,600 |  |  | 8,772 |
Professional fees | 1,176 |  |  | 510 |  |  | 29 |  |  | 1,679 |  |  | 3,394 |
Marketing and advertising | 494 |  |  | 58 |  |  | 22 |  |  | 277 |  |  | 851 |
Deposit insurance premiums | 2,225 |  |  | — |  |  | — |  |  | — |  |  | 2,225 |
Intangible expense | 96 |  |  | — |  |  | 165 |  |  | — |  |  | 261 |
Other segment items (2) | 10,906 |  |  | 1,074 |  |  | 386 |  |  | 1,672 |  |  | 14,038 |
Intersegment expense (revenue) (3) | 13,085 |  |  | 259 |  |  | 234 |  |  | (13,578) |  |  | — |
Income (loss) before income taxes | $ | 52,701 |  |  | $ | 3,775 |  |  | $ | 3,404 |  |  | $ | (7,307) |  |  | $ | 52,573 |
Income tax expense (benefit) | 10,444 |  |  | 764 |  |  | 756 |  |  | (1,764) |  |  | 10,200 |
Net income (loss) | $ | 42,257 |  |  | $ | 3,011 |  |  | $ | 2,648 |  |  | $ | (5,543) |  |  | $ | 42,373 |
Net capital expenditures | $ | 2,350 |  |  | $ | 9 |  |  | $ | 30 |  |  | $ | 598 |  |  | $ | 2,987 |
| Six Months Ended
| June 30, 2024
(Dollars in thousands) | Banking |  | Wealth Management |  | Insurance |  | Other |  | Consolidated
Interest income | $ | 198,386 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 18 |  |  | $ | 198,441 |
Interest expense | 91,384 |  |  | — |  |  | — |  |  | 4,563 |  |  | 95,947 |
Net interest income (expense) | 107,002 |  |  | 37 |  |  | — |  |  | (4,545) |  |  | 102,494 |
Noninterest income | 19,973 |  |  | 14,105 |  |  | 12,474 |  |  | 23 |  |  | 46,575 |
Total revenue | 126,975 |  |  | 14,142 |  |  | 12,474 |  |  | (4,522) |  |  | 149,069 |
Provision for credit losses | 2,139 |  |  | — |  |  | — |  |  | — |  |  | 2,139 |
Less: (1) |  |  |  |  |  |  |  |  |
Salaries, benefits and commissions | 37,132 |  |  | 8,689 |  |  | 6,821 |  |  | 8,883 |  |  | 61,525 |
Net occupancy | 4,742 |  |  | 159 |  |  | 318 |  |  | 332 |  |  | 5,551 |
Equipment | 2,006 |  |  | 20 |  |  | 46 |  |  | 127 |  |  | 2,199 |
Data processing | 6,580 |  |  | 729 |  |  | 259 |  |  | 1,088 |  |  | 8,656 |
Professional fees | 1,527 |  |  | 270 |  |  | 32 |  |  | 1,325 |  |  | 3,154 |
Marketing and advertising | 433 |  |  | 106 |  |  | 16 |  |  | 576 |  |  | 1,131 |
Deposit insurance premiums | 2,233 |  |  | — |  |  | — |  |  | — |  |  | 2,233 |
Intangible expense | 157 |  |  | — |  |  | 218 |  |  | — |  |  | 375 |
Other segment items (2) | 10,218 |  |  | 1,309 |  |  | 330 |  |  | 2,101 |  |  | 13,958 |
Intersegment expense (revenue) (3) | 11,164 |  |  | 104 |  |  | 247 |  |  | (11,515) |  |  | — |
Income (loss) before income taxes | $ | 48,644 |  |  | $ | 2,756 |  |  | $ | 4,187 |  |  | $ | (7,439) |  |  | $ | 48,148 |
Income tax expense (benefit) | 9,692 |  |  | 711 |  |  | 925 |  |  | (1,592) |  |  | 9,736 |
Net income (loss) | $ | 38,952 |  |  | $ | 2,045 |  |  | $ | 3,262 |  |  | $ | (5,847) |  |  | $ | 38,412 |
Net capital expenditures | $ | (778) |  |  | $ | 11 |  |  | $ | 67 |  |  | $ | 107 |  |  | $ | (593) |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. (2) Other segment items for each reportable segment includes: Banking - loan and lease financing related fees, deposit and card service fees, and certain overhead expenses. Wealth Management - referral fees, clearing broker fees, and certain overhead expenses. Insurance - certain overhead expenses. Other - Board of Director fees, retirement costs, and certain overhead expenses. (3) Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. The following tables show significant components of segment net assets as of June 30, 2025 and December 31, 2024.
| At June 30, 2025
(Dollars in thousands) | Banking |  | Wealth Management |  | Insurance |  | Other |  | Consolidated
Other segment disclosures: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 74,289 |  |  | $ | 51,968 |  |  | $ | 34,108 |  |  | $ | — |  |  | $ | 160,365 |
Loans and leases, including loans held for sale, net of allowance for credit losses | 6,731,970 |  |  | — |  |  | — |  |  | — |  |  | 6,731,970 |
Goodwill | 138,476 |  |  | 15,434 |  |  | 21,600 |  |  | — |  |  | 175,510 |
Other segment assets | 841,531 |  |  | 2,606 |  |  | 2,844 |  |  | 24,230 |  |  | 871,211 |
Total segment assets | $ | 7,786,266 |  |  | $ | 70,008 |  |  | $ | 58,552 |  |  | $ | 24,230 |  |  | $ | 7,939,056 |
| At December 31, 2024
(Dollars in thousands) | Banking |  | Wealth Management |  | Insurance |  | Other |  | Consolidated
Other segment disclosures: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 247,023 |  |  | $ | 50,149 |  |  | $ | 31,672 |  |  | $ | — |  |  | $ | 328,844 |
Loans and leases, including loans held for sale, net of allowance for credit losses | 6,756,145 |  |  | — |  |  | — |  |  | — |  |  | 6,756,145 |
Goodwill | 138,476 |  |  | 15,434 |  |  | 21,600 |  |  | — |  |  | 175,510 |
Other segment assets | 839,359 |  |  | 3,485 |  |  | 2,828 |  |  | 22,246 |  |  | 867,918 |
Total segment assets | $ | 7,981,003 |  |  | $ | 69,068 |  |  | $ | 56,100 |  |  | $ | 22,246 |  |  | $ | 8,128,417 |

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