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Segment Reporting
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Reporting

(17.) SEGMENT REPORTING

The Company has one reportable segment, Banking, which includes all of the Company’s retail and commercial banking operations. This reportable segment has been identified and organized based on the nature of the underlying products and services applicable to the segment, the type of customers to whom those products and services are offered and the distribution channel through which those products and services are made available.

All other segments that do not meet the quantitative threshold for separate reporting have been grouped as “All Other.” This “All Other” grouping includes the activities of SDN, a full-service insurance agency that provides a broad range of insurance services to both personal and business clients, and Courier Capital and HNP Capital, our investment advisor and wealth management firms that provide customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans, and Holding Company amounts, which are the primary differences between segment amounts and consolidated totals, along with amounts to eliminate balances and transactions between segments.

The following tables present information regarding our business segments as of and for the periods indicated (in thousands).

 

 

 

Banking

 

 

All Other

 

 

Consolidated
Totals

 

September 30, 2022

 

 

 

 

 

 

 

 

 

Goodwill

 

$

48,536

 

 

$

18,535

 

 

$

67,071

 

Other intangible assets, net

 

 

—

 

 

 

6,582

 

 

 

6,582

 

Total assets

 

 

5,576,899

 

 

 

47,583

 

 

 

5,624,482

 

December 31, 2021

 

 

 

 

 

 

 

 

 

Goodwill

 

$

48,536

 

 

$

18,535

 

 

$

67,071

 

Other intangible assets, net

 

 

3

 

 

 

7,326

 

 

 

7,329

 

Total assets

 

 

5,481,889

 

 

 

38,890

 

 

 

5,520,779

 

 

 

 

 

Banking

 

 

All Other (1)

 

 

Consolidated
Totals

 

Three months ended September 30, 2022

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

44,129

 

 

$

(1,061

)

 

$

43,068

 

Provision for credit losses

 

 

(4,314

)

 

 

—

 

 

 

(4,314

)

Noninterest income

 

 

8,900

 

 

 

3,752

 

 

 

12,652

 

Noninterest expense

 

 

(29,355

)

 

 

(3,472

)

 

 

(32,827

)

Income (loss) before income taxes

 

 

19,360

 

 

 

(781

)

 

 

18,579

 

Income tax (expense) benefit

 

 

(5,295

)

 

 

570

 

 

 

(4,725

)

Net income (loss)

 

$

14,065

 

 

$

(211

)

 

$

13,854

 

Nine months ended September 30, 2022

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

127,405

 

 

$

(3,182

)

 

$

124,223

 

Provision for credit losses

 

 

(7,196

)

 

 

—

 

 

 

(7,196

)

Noninterest income

 

 

23,228

 

 

 

12,106

 

 

 

35,334

 

Noninterest expense

 

 

(84,119

)

 

 

(11,730

)

 

 

(95,849

)

Income (loss) before income taxes

 

 

59,318

 

 

 

(2,806

)

 

 

56,512

 

Income tax (expense) benefit

 

 

(13,170

)

 

 

1,143

 

 

 

(12,027

)

Net income (loss)

 

$

46,148

 

 

$

(1,663

)

 

$

44,485

 

 

(1) Reflects activity from the acquisition of assets of North Woods since August 2, 2021 (the date of acquisition).

 

(17.) SEGMENT REPORTING (Continued)

 

 

 

Banking

 

 

All Other (1)

 

 

Consolidated
Totals

 

Three months ended September 30, 2021

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

39,333

 

 

$

(1,060

)

 

$

38,273

 

Benefit for credit losses

 

 

541

 

 

 

—

 

 

 

541

 

Noninterest income

 

 

7,733

 

 

 

4,350

 

 

 

12,083

 

Noninterest expense

 

 

(24,351

)

 

 

(4,818

)

 

 

(29,169

)

Income (loss) before income taxes

 

$

23,256

 

 

$

(1,528

)

 

$

21,728

 

Income tax (expense) benefit

 

 

(4,748

)

 

 

195

 

 

 

(4,553

)

Net income (loss)

 

$

18,508

 

 

$

(1,333

)

 

$

17,175

 

Nine months ended September 30, 2021

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

117,039

 

 

$

(3,177

)

 

$

113,862

 

Provision for credit losses

 

 

7,144

 

 

 

—

 

 

 

7,144

 

Noninterest income

 

 

23,611

 

 

 

11,621

 

 

 

35,232

 

Noninterest expense

 

 

(70,183

)

 

 

(12,670

)

 

 

(82,853

)

Income (loss) before income taxes

 

 

77,611

 

 

 

(4,226

)

 

 

73,385

 

Income tax (expense) benefit

 

 

(16,563

)

 

 

1,263

 

 

 

(15,300

)

Net income (loss)

 

$

61,048

 

 

$

(2,963

)

 

$

58,085

 

 

(1) Reflects activity from the acquisitions of assets of Landmark since February 1, 2021 (the date of acquisition) and North Woods since August 2, 2021 (the date of acquisition).