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Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting

(23.) 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 Note 1, 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 is an investment advisor and wealth management firm that provides 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.

(23.) SEGMENT REPORTING (Continued)

The following table presents information regarding the Company’s business segments as of the dates indicated (in thousands).

 

 

 

Banking

 

 

All Other

 

 

Consolidated
Totals

 

December 31, 2023

 

 

 

 

 

 

 

 

 

Goodwill

 

$

48,536

 

 

$

18,535

 

 

$

67,071

 

Other intangible assets, net

 

 

-

 

 

 

5,433

 

 

 

5,433

 

Total assets

 

 

6,117,748

 

 

 

43,133

 

 

 

6,160,881

 

 

 

 

 

 

 

 

 

 

 

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

 

 

The following table presents information regarding the Company’s business segments for the periods indicated (in thousands).

 

 

 

Banking

 

 

All Other

 

 

Consolidated
Totals

 

Year ended December 31, 2023

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

169,957

 

 

$

(4,242

)

 

$

165,715

 

Provision for credit losses - loans

 

 

(13,681

)

 

 

-

 

 

 

(13,681

)

Noninterest income

 

 

31,893

 

 

 

16,351

 

 

 

48,244

 

Noninterest expense

 

 

(121,822

)

 

 

(15,403

)

 

 

(137,225

)

Income (loss) before income taxes

 

 

66,347

 

 

 

(3,294

)

 

 

63,053

 

Income tax (expense) benefit

 

 

(13,618

)

 

 

829

 

 

 

(12,789

)

Net income (loss)

 

$

52,729

 

 

$

(2,465

)

 

$

50,264

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2022

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

171,613

 

 

$

(4,241

)

 

$

167,372

 

Provision for credit losses - loans

 

 

(13,311

)

 

 

-

 

 

 

(13,311

)

Noninterest income

 

 

30,519

 

 

 

15,752

 

 

 

46,271

 

Noninterest expense

 

 

(113,703

)

 

 

(15,659

)

 

 

(129,362

)

Income (loss) before income taxes

 

 

75,118

 

 

 

(4,148

)

 

 

70,970

 

Income tax (expense) benefit

 

 

(15,510

)

 

 

1,113

 

 

 

(14,397

)

Net income (loss)

 

$

59,608

 

 

$

(3,035

)

 

$

56,573

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2021

 

 

 

 

 

 

 

 

 

Net interest income (expense)

 

$

158,967

 

 

$

(4,237

)

 

$

154,730

 

Benefit for credit losses - loans

 

 

8,336

 

 

 

-

 

 

 

8,336

 

Noninterest income

 

 

31,340

 

 

 

15,566

 

 

 

46,906

 

Noninterest expense

 

 

(95,882

)

 

 

(16,868

)

 

 

(112,750

)

Income (loss) before income taxes

 

 

102,761

 

 

 

(5,539

)

 

 

97,222

 

Income tax (expense) benefit

 

 

(21,038

)

 

 

1,513

 

 

 

(19,525

)

Net income (loss)

 

$

81,723

 

 

$

(4,026

)

 

$

77,697