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Segment Reporting
 9 Months Ended
Sep. 30, 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 Resources 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).

 

 

September 30, 2025

 

 

December 31, 2024

 

Segment assets

 

 

 

 

 

 

Goodwill

 

$

48,536

 

 

$

48,536

 

Total segment assets

 

$

6,250,000

 

 

$

6,080,731

 

Reconciliation of consolidated total assets

 

 

 

 

 

 

Goodwill - Courier Capital

 

 

9,585

 

 

 

9,585

 

Intangible assets, net - Courier Capital

 

 

2,322

 

 

 

2,637

 

Other assets

 

 

26,145

 

 

 

24,735

 

Elimination of intercompany receivables

 

 

—

 

 

 

(603

)

Consolidated total assets

 

$

6,288,052

 

 

$

6,117,085

 

 

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

 

 

Three months ended
September 30,

 

 

Nine months ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest income

 

$

84,422

 

 

$

77,911

 

 

$

248,340

 

 

$

235,112

 

Interest expense

 

 

31,555

 

 

 

36,170

 

 

 

97,375

 

 

 

109,975

 

Segment net interest income

 

 

52,867

 

 

 

41,741

 

 

 

150,965

 

 

 

125,137

 

Noninterest income

 

 

9,330

 

 

 

6,848

 

 

 

24,968

 

 

 

21,333

 

Segment noninterest expense

 

 

32,886

 

 

 

29,941

 

 

 

95,866

 

 

 

110,076

 

Income before provision for credit losses and income taxes

 

 

29,311

 

 

 

18,648

 

 

 

80,067

 

 

 

36,394

 

(Provision) benefit for credit losses

 

 

(2,732

)

 

 

(3,104

)

 

 

(8,222

)

 

 

311

 

Income before income taxes

 

 

26,579

 

 

 

15,544

 

 

 

71,845

 

 

 

36,705

 

Income tax expense

 

 

(5,203

)

 

 

(1,336

)

 

 

(13,532

)

 

 

(3,080

)

Segment net income

 

$

21,376

 

 

$

14,208

 

 

$

58,313

 

 

$

33,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of consolidated net interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (1)

 

 

1,078

 

 

 

1,060

 

 

 

3,190

 

 

 

3,181

 

Consolidated net interest income

 

 

51,789

 

 

 

40,681

 

 

 

147,775

 

 

 

121,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of consolidated net income:

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of assets of subsidiary

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,658

 

Insurance income (2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,130

 

Investment advisory income (3)

 

 

2,978

 

 

 

2,676

 

 

 

8,527

 

 

 

7,794

 

Other fees and income

 

 

(252

)

 

 

(84

)

 

 

(449

)

 

 

(560

)

Other noninterest expense

 

 

(2,989

)

 

 

(2,528

)

 

 

(9,376

)

 

 

(9,426

)

Income before income tax benefit

 

 

20,035

 

 

 

13,212

 

 

 

53,825

 

 

 

44,040

 

Income tax benefit (expense)

 

 

442

 

 

 

254

 

 

 

1,062

 

 

 

(2,875

)

Consolidated net income

 

$

20,477

 

 

$

13,466

 

 

$

54,887

 

 

$

41,165

 

(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 primarily represents income from our subsidiary Courier Capital.