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Segment Reporting
 12 Months Ended
Dec. 31, 2020
Segment Reporting  
Segment Reporting

NOTE 22 Segment Reporting

The Company determines reportable segments based on the services offered, the significance of the services offered, the significance of those services to the Company’s financial statements, and management’s regular review of the operating results of those services. The Company operates through four operating segments: Banking, Retirement and Benefit Services, Wealth Management, and Mortgage.

The financial information presented on each segment sets forth net interest income, provision for loan losses, direct noninterest income and direct noninterest expense before indirect allocations. Corporate Administration includes the indirect overhead expense and is set forth in the table below. The segment net income before taxes represents direct revenue and expense before indirect allocations and income taxes.

The following table presents key metrics related to the Company’s segments for the periods presented:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Year ended December 31, 2020

​

​

​

​

​

Retirement and

​

Wealth

​

​

​

​

Corporate

​

​

​

(dollars in thousands)

    

Banking

    

Benefit Services

    

Management

    

Mortgage

    

Administration

    

Consolidated

Net interest income

​

$

85,167

​

$

—

​

$

—

​

$

2,092

​

$

(3,413)

​

$

83,846

Provision for loan losses

​

​

10,900

​

​

—

​

​

—

​

​

—

​

​

—

​

​

10,900

Noninterest income

​

​

10,017

​

​

60,956

​

​

17,451

​

​

61,641

​

​

(694)

​

​

149,371

Noninterest expense

​

​

46,883

​

 

35,236

​

 

8,289

​

 

36,323

​

​

37,068

​

​

163,799

Net income before taxes

​

$

37,401

​

$

25,720

​

$

9,162

​

$

27,410

​

$

(41,175)

​

$

58,518

Total assets

    

$

2,827,792

​

$

47,758

​

$

3,009

​

$

125,078

​

$

10,134

​

$

3,013,771

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Year ended December 31, 2019

​

​

​

​

​

Retirement and

​

Wealth

​

​

​

​

Corporate

​

​

​

(dollars in thousands)

    

Banking

    

Benefit Services

    

Management

    

Mortgage

    

Administration

    

Consolidated

Net interest income

​

$

76,916

​

$

—

​

$

—

​

$

1,245

​

$

(3,610)

​

$

74,551

Provision for loan losses

​

 

7,312

​

 

—

​

 

—

​

 

—

​

 

—

​

 

7,312

Noninterest income

​

 

6,970

​

 

63,811

​

 

15,502

​

 

25,805

​

 

2,106

​

 

114,194

Noninterest expense

​

 

43,171

​

 

35,407

​

 

7,188

​

 

21,877

​

 

34,894

​

 

142,537

Net income before taxes

​

$

33,403

​

$

28,404

​

$

8,314

​

$

5,173

​

$

(36,398)

​

$

38,896

Total assets

    

$

2,259,614

​

$

39,021

​

$

128

​

$

47,703

​

$

10,412

​

$

2,356,878

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Year ended December 31, 2018

​

​

​

​

​

Retirement and

​

Wealth

​

​

​

​

Corporate

​

​

​

(dollars in thousands)

    

Banking

    

Benefit Services

    

Management

    

Mortgage

    

Administration

    

Consolidated

Net interest income

​

$

77,919

​

$

—

​

$

62

​

$

834

​

$

(3,591)

​

$

75,224

Provision for loan losses

​

 

8,599

​

 

—

​

 

—

​

 

11

​

 

—

​

 

8,610

Noninterest income

​

 

6,921

​

 

63,316

​

 

14,900

​

 

17,630

​

 

(18)

​

 

102,749

Noninterest expense

​

 

42,605

​

 

36,414

​

 

6,824

​

 

17,199

​

 

33,283

​

 

136,325

Net income before taxes

​

$

33,636

​

$

26,902

​

$

8,138

​

$

1,254

​

$

(36,892)

​

$

33,038

Total assets

    

$

2,120,249

​

$

41,492

​

$

3,235

​

$

14,600

​

$

(506)

​

$

2,179,070

​

Banking

The Banking division offers a complete line of loan, deposit, cash management, and treasury services through fourteen offices in North Dakota, Minnesota, and Arizona. These products and services are supported through web and mobile based applications. The majority of the Company’s assets and liabilities are in the Banking segments’ balance sheet.

Retirement and Benefit Services

Retirement and Benefit Services provides the following services nationally: recordkeeping and administration services to qualified retirement plans; ESOP trustee, recordkeeping, and administration; investment fiduciary services to retirement plans; health savings account, flex spending account, and Cobra recordkeeping and administration services to employers; payroll and HIRS services for employers. In addition, the division operates within the banking markets as well as in Lansing, Michigan, Littleton, Colorado.

Wealth Management

The Wealth Management division provides advisory and planning services, investment management, and trust and fiduciary services to clients across the Company’s footprint.

Mortgage

The mortgage division offers first and second mortgage loans through the Banking office locations.