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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting

(22.) SEGMENT REPORTING

The Company’s Executive Management Team, which consists of the Chief Executive Officer, Chief Financial Officer, Chief Legal Officer, Chief Commercial Banking Officer, Chief Risk Officer, Chief Human Resource Officer, and Chief Marketing Officer, has been designated as its Chief Operating Decision Maker (“CODM”). The CODM determined the Company has one reportable segment, Banking, based upon information provided about the Company’s products and services offered. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products and services, and customers are similar. The CODM evaluates the financial performance of the Company’s business components by evaluating revenue streams, significant expenses, and budget to actual results when assessing the Company’s segment and in the determination of allocating resources. The CODM has determined that net income is the reportable measure of segment profit or loss that is regularly reviewed and used to allocate resources and assess performance. Loans and investments provide the interest income in the banking operation, while deposits and borrowings account for the interest expense. The CODM also considers provisions for credit losses a significant expenses in the banking operation. All operations are domestic.

Accounting policies for the segment are the same as those described in Note 1, Summary of Significant Accounting Policies. Segment performance is evaluated using net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of significant segment totals to the consolidated financial statements.

(22.) SEGMENT REPORTING (Continued)

The following table presents balance sheet information of the Company’s segment as of December 31, (in thousands):

 

 

 

2024

 

 

2023

 

Segment assets

 

$

6,080,731

 

 

$

6,117,748

 

Reconciliation of consolidated total assets

 

 

 

 

 

 

Non-interest earning assets

 

 

36,957

 

 

 

43,133

 

Elimination of intercompany receivables

 

 

(603

)

 

 

-

 

Consolidated total assets

 

$

6,117,085

 

 

$

6,160,881

 

The following table presents information regarding the Company’s segment for the years ended December 31, (in thousands).

 

 

 

2024

 

 

2023

 

 

2022

 

Interest income

 

$

313,231

 

 

$

286,133

 

 

$

196,107

 

Interest expense

 

 

145,400

 

 

 

116,176

 

 

 

24,494

 

Segment net interest income

 

 

167,831

 

 

 

169,957

 

 

 

171,613

 

Noninterest (loss) income

 

 

(72,025

)

 

 

31,893

 

 

 

30,519

 

Segment noninterest expense

 

 

143,502

 

 

 

121,822

 

 

 

113,703

 

(Loss) income before provision for credit losses and income taxes

 

 

(47,696

)

 

 

80,028

 

 

 

88,429

 

Provision for credit losses

 

 

(6,150

)

 

 

(13,681

)

 

 

(13,311

)

(Loss) income before income taxes

 

 

(53,846

)

 

 

66,347

 

 

 

75,118

 

Income tax benefit (expense)

 

 

22,988

 

 

 

(13,618

)

 

 

(15,510

)

Segment net (loss) income

 

$

(30,858

)

 

$

52,729

 

 

$

59,608

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of consolidated net interest income:

 

 

 

 

 

 

 

 

 

Interest expense (1)

 

 

4,242

 

 

 

4,242

 

 

 

4,241

 

Consolidated net interest income

 

 

163,589

 

 

 

165,715

 

 

 

167,372

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of consolidated net (loss) income:

 

 

 

 

 

 

 

 

 

Gain on sale of assets of subsidiary

 

 

13,658

 

 

 

-

 

 

 

-

 

Insurance income (2)

 

 

2,130

 

 

 

6,692

 

 

 

6,312

 

Investment advisory income (3)

 

 

10,276

 

 

 

10,117

 

 

 

10,330

 

Other fees and income

 

 

(720

)

 

 

(458

)

 

 

(890

)

Other noninterest expense

 

 

(35,404

)

 

 

(15,403

)

 

 

(15,659

)

(Loss) income before income tax (provision) benefit

 

 

(45,160

)

 

 

49,435

 

 

 

55,460

 

Income tax benefit

 

 

3,514

 

 

 

829

 

 

 

1,113

 

Consolidated net (loss) income

 

$

(41,646

)

 

$

50,264

 

 

$

56,573

 

____________________________________________

(1) Interest expense represents interest on the subordinated notes, held at the Parent.

(2) Insurance income represents income from our former subsidiary, SDN, which we sold the assets of on April 1, 2024.

(3) Investment advisory income represents income from our subsidiary Courier Capital.