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Segment Reporting
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting

(16.) 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,” which include the activities of SDN, Courier Capital and HNP, prior to the May 1, 2023 merger. Refer to “Nature of Operations” under Note 1. Basis of Presentation and Summary of Significant Accounting Policies for further details on the merger. SDN is a full-service insurance agency that provides a broad range of insurance services to both personal and business clients, and Courier Capital and HNP are 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. Also included in “All Other” are 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

 

June 30, 2023

 

 

 

 

 

 

 

 

 

Goodwill

 

$

48,536

 

 

$

18,535

 

 

$

67,071

 

Other intangible assets, net

 

 

—

 

 

 

5,879

 

 

 

5,879

 

Total assets

 

 

6,100,251

 

 

 

41,047

 

 

 

6,141,298

 

December 31, 2022

 

 

 

 

 

 

 

 

 

Goodwill

 

$

48,536

 

 

$

18,535

 

 

$

67,071

 

Other intangible assets, net

 

 

—

 

 

 

6,343

 

 

 

6,343

 

Total assets

 

 

5,756,441

 

 

 

40,831

 

 

 

5,797,272

 

 

 

 

 

Banking

 

 

All Other

 

 

Consolidated
Totals

 

Three months ended June 30, 2023

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

43,397

 

 

$

(1,060

)

 

$

42,337

 

Provision for credit losses

 

 

(3,230

)

 

 

—

 

 

 

(3,230

)

Noninterest income

 

 

7,498

 

 

 

3,968

 

 

 

11,466

 

Noninterest expense

 

 

(29,971

)

 

 

(3,811

)

 

 

(33,782

)

Income (loss) before income taxes

 

 

17,694

 

 

 

(903

)

 

 

16,791

 

Income tax (expense) benefit

 

 

(2,879

)

 

 

461

 

 

 

(2,418

)

Net income (loss)

 

$

14,815

 

 

$

(442

)

 

$

14,373

 

Six months ended June 30, 2023

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

86,272

 

 

$

(2,120

)

 

$

84,152

 

Provision for credit losses

 

 

(7,444

)

 

 

—

 

 

 

(7,444

)

Noninterest income

 

 

13,873

 

 

 

8,517

 

 

 

22,390

 

Noninterest expense

 

 

(59,744

)

 

 

(7,699

)

 

 

(67,443

)

Income (loss) before income taxes

 

 

32,957

 

 

 

(1,302

)

 

 

31,655

 

Income tax (expense) benefit

 

 

(5,509

)

 

 

316

 

 

 

(5,193

)

Net income (loss)

 

$

27,448

 

 

$

(986

)

 

$

26,462

 

 

(16.) SEGMENT REPORTING (Continued)

 

 

 

Banking

 

 

All Other

 

 

Consolidated
Totals

 

Three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

42,658

 

 

$

(1,061

)

 

$

41,597

 

Provision for credit losses

 

 

(563

)

 

 

—

 

 

 

(563

)

Noninterest income

 

 

7,701

 

 

 

3,659

 

 

 

11,360

 

Noninterest expense

 

 

(28,892

)

 

 

(3,995

)

 

 

(32,887

)

Income (loss) before income taxes

 

$

20,904

 

 

$

(1,397

)

 

$

19,507

 

Income tax (expense) benefit

 

 

(4,239

)

 

 

380

 

 

 

(3,859

)

Net income (loss)

 

$

16,665

 

 

$

(1,017

)

 

$

15,648

 

Six months ended June 30, 2022

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

83,276

 

 

$

(2,121

)

 

$

81,155

 

Provision for credit losses

 

 

(2,882

)

 

 

—

 

 

 

(2,882

)

Noninterest income

 

 

14,328

 

 

 

8,354

 

 

 

22,682

 

Noninterest expense

 

 

(54,764

)

 

 

(8,258

)

 

 

(63,022

)

Income (loss) before income taxes

 

 

39,958

 

 

 

(2,025

)

 

 

37,933

 

Income tax (expense) benefit

 

 

(7,875

)

 

 

573

 

 

 

(7,302

)

Net income (loss)

 

$

32,083

 

 

$

(1,452

)

 

$

30,631