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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

(15.) 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 Consumer 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 expense in the banking operation. All operations are domestic.

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.

(15.) SEGMENT REPORTING (Continued)

The following table presents balance sheet information of the Company’s segment as of periods indicated (in thousands).

 

 

March 31, 2025

 

 

December 31, 2024

 

Segment assets

 

 

 

 

 

 

Goodwill

 

$

48,536

 

 

$

48,536

 

Total segment assets

 

$

6,303,092

 

 

$

6,080,731

 

Reconciliation of consolidated total assets

 

 

 

 

 

 

Goodwill - Courier Capital

 

 

9,585

 

 

 

9,585

 

Intangible assets, net - Courier Capital

 

 

2,530

 

 

 

2,637

 

Other assets

 

 

25,285

 

 

 

24,735

 

Elimination of intercompany receivables

 

 

—

 

 

 

(603

)

Consolidated total assets

 

$

6,340,492

 

 

$

6,117,085

 

 

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

 

 

Three months ended
March 31,

 

 

 

2025

 

 

2024

 

Interest income

 

$

81,051

 

 

$

78,413

 

Interest expense

 

 

33,126

 

 

 

37,271

 

Segment net interest income

 

 

47,925

 

 

 

41,142

 

Noninterest income

 

 

7,770

 

 

 

6,496

 

Segment noninterest expense

 

 

30,475

 

 

 

49,717

 

Income (loss) before provision for credit losses and income taxes

 

 

25,220

 

 

 

(2,079

)

(Provision) benefit for credit losses

 

 

(2,928

)

 

 

5,456

 

Income before income taxes

 

 

22,292

 

 

 

3,377

 

Income tax expense

 

 

(4,040

)

 

 

(456

)

Segment net income

 

$

18,252

 

 

$

2,921

 

 

 

 

 

 

 

 

Reconciliation of consolidated net interest income:

 

 

 

 

 

 

Interest expense (1)

 

 

1,061

 

 

 

1,060

 

Consolidated net interest income

 

 

46,864

 

 

 

40,082

 

 

 

 

 

 

 

 

Reconciliation of consolidated net income:

 

 

 

 

 

 

Insurance income (2)

 

 

—

 

 

 

2,130

 

Investment advisory income (3)

 

 

2,705

 

 

 

2,474

 

Other fees and income

 

 

(102

)

 

 

(199

)

Other noninterest expense

 

 

(3,210

)

 

 

(4,296

)

Income before income tax benefit

 

 

16,584

 

 

 

1,970

 

Income tax benefit

 

 

294

 

 

 

100

 

Consolidated net income

 

$

16,878

 

 

$

2,070

 

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

(2) Insurance income represents income from our former subsidiary, SDN, which was sold on April 1, 2024.

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