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v3.25.1

OPERATING SEGMENTS | 3 Months Ended
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Mar. 31, 2025
OPERATING SEGMENTS |
OPERATING SEGMENTS | NOTE 17: OPERATING SEGMENTS ​ The Company’s banking operation is its only operating segment. The banking operation is principally engaged in the business of originating residential and commercial real estate loans, construction loans, commercial business loans and consumer loans and funding these loans by attracting deposits from the general public, accepting brokered deposits and borrowing from the Federal Home Loan Bank and others. The operating results of this segment are regularly reviewed by management to make decisions about resource allocations and to assess performance. The parent holding company does not have any significant operations other than ownership of the Bank, and the parent holding company’s only income is equity in the earnings of the Bank. Our chief executive officer is our chief operating decision maker. Our chief executive officer reviews actual net income versus budgeted net income, as well as comparison to other comparable financial reporting periods, to assess performance on a monthly basis and to make decisions about allocating capital and personnel. Financial results by operating segment (all attributed to the banking segment), including significant expense categories provided to the chief operating decision maker, are detailed below for the three months ended March 31, 2025 and 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended March 31,
​ |  | 2025 |  | 2024
​ | ​ | (In Thousands)
Interest income | ​ | $ | 80,243 | ​ | $ | 77,390
Interest expense | ​ |  | 30,909 | ​ |  | 32,574
Net interest income | ​ |  | 49,334 | ​ |  | 44,816
​ | ​ | ​ | ​ | ​ | ​ | ​
Credit loss expense | ​ |  | (348) | ​ |  | 630
Net interest income after credit loss expense | ​ |  | 49,682 | ​ |  | 44,186
​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest Income | ​ |  |  | ​ |  |
Commissions | ​ |  | 262 | ​ |  | 381
Overdraft and insufficient funds fees | ​ |  | 1,215 | ​ |  | 1,289
Point-of-sale and ATM fee income and service charges | ​ |  | 3,234 | ​ |  | 3,183
Net gain on loan sales | ​ |  | 601 | ​ |  | 677
Late charges and fees on loans | ​ |  | 243 | ​ |  | 167
Fees from debit card contracts | ​ |  | 501 | ​ |  | 755
Other income | ​ |  | 534 | ​ |  | 354
​ | ​ |  | 6,590 | ​ |  | 6,806
​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest Expense | ​ |  |  | ​ |  |
Salaries and incentives | ​ |  | 16,203 | ​ |  | 15,862
Employee benefits | ​ |  | 3,926 | ​ |  | 3,794
Net occupancy expense | ​ |  | 3,379 | ​ |  | 3,018
Technology, furniture and equipment expense | ​ |  | 5,154 | ​ |  | 4,821
Postage | ​ |  | 931 | ​ |  | 807
Insurance | ​ |  | 1,165 | ​ |  | 1,144
Advertising | ​ |  | 290 | ​ |  | 350
Office supplies and printing | ​ |  | 266 | ​ |  | 267
Telephone | ​ |  | 706 | ​ |  | 721
Legal, audit and other professional fees | ​ |  | 1,038 | ​ |  | 1,725
Expense (income) on other real estate and repossessions | ​ |  | (70) | ​ |  | 61
Acquired intangible asset amortization | ​ |  | 108 | ​ |  | 108
Travel meals and entertainment | ​ |  | 348 | ​ |  | 312
Other operating expenses | ​ |  | 1,378 | ​ |  | 1,432
​ | ​ |  | 34,822 | ​ |  | 34,422
​ | ​ | ​ | ​ | ​ | ​ | ​
Income Before Income Taxes | ​ |  | 21,450 | ​ |  | 16,570
Provision for Income Taxes | ​ |  | 4,290 | ​ |  | 3,163
Net Income | ​ | $ | 17,160 | ​ | $ | 13,407
​

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