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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information

Segment Information:

The reportable segments are determined by the products and services offered, primarily distinguished between banking and trust. These segments are also distinguished by the level of information provided to the chief operating decision makers in the Company, who use such information to review performance of various components of the business, which are then aggregated. Loans, investments, and deposits provide the revenues in the banking operation. All operations are domestic. Significant segment totals are reconciled to the financial statements as follows:

 

(In Thousands of Dollars)

 

Trust
Segment

 

 

Bank
Segment

 

 

Eliminations
and Others

 

 

Consolidated
Totals

 

June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill and other intangibles

 

$

5,656

 

 

$

187,577

 

 

$

(4,263

)

 

$

188,970

 

Total assets

 

$

17,273

 

 

$

5,142,064

 

 

$

(2,484

)

 

$

5,156,853

 

 

(In Thousands of Dollars)

 

Trust
Segment

 

 

Bank
Segment

 

 

Eliminations
and Others

 

 

Consolidated
Totals

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill and other intangibles

 

$

5,680

 

 

$

188,871

 

 

$

(4,263

)

 

$

190,288

 

Total assets

 

$

15,845

 

 

$

5,065,150

 

 

$

(2,645

)

 

$

5,078,350

 

 

 

(In Thousands of Dollars)

 

Trust
Segment

 

 

Bank
Segment

 

 

Eliminations
and Others

 

 

Consolidated
Totals

 

For Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

62

 

 

$

33,040

 

 

$

(1,036

)

 

$

32,066

 

Provision for credit losses and unfunded loans

 

 

0

 

 

 

1,112

 

 

 

0

 

 

 

1,112

 

Service fees, security gains and other noninterest income

 

 

3,091

 

 

 

6,914

 

 

 

(399

)

 

 

9,606

 

Noninterest expense

 

 

1,825

 

 

 

22,660

 

 

 

426

 

 

 

24,911

 

Amortization and depreciation expense

 

 

19

 

 

 

1,359

 

 

 

114

 

 

 

1,492

 

Income before taxes

 

 

1,309

 

 

 

14,823

 

 

 

(1,975

)

 

 

14,157

 

Income taxes

 

 

275

 

 

 

2,515

 

 

 

(416

)

 

 

2,374

 

Net income

 

$

1,034

 

 

$

12,308

 

 

$

(1,559

)

 

$

11,783

 

 

(In Thousands of Dollars)

 

Trust
Segment

 

 

Bank
Segment

 

 

Eliminations
and Others

 

 

Consolidated
Totals

 

For Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

114

 

 

$

65,714

 

 

$

(2,075

)

 

$

63,753

 

Provision for credit losses and unfunded loans

 

 

0

 

 

 

663

 

 

 

0

 

 

 

663

 

Service fees, security gains and other noninterest income

 

 

6,192

 

 

 

12,348

 

 

 

(577

)

 

 

17,963

 

Noninterest expense

 

 

3,729

 

 

 

45,579

 

 

 

1,031

 

 

 

50,339

 

Amortization and depreciation expense

 

 

38

 

 

 

2,837

 

 

 

228

 

 

 

3,103

 

Income before taxes

 

 

2,539

 

 

 

28,983

 

 

 

(3,911

)

 

 

27,611

 

Income taxes

 

 

534

 

 

 

4,876

 

 

 

(822

)

 

 

4,588

 

Net income

 

$

2,005

 

 

$

24,107

 

 

$

(3,089

)

 

$

23,023

 

 

(In Thousands of Dollars)

 

Trust
Segment

 

 

Bank
Segment

 

 

Eliminations
and Others

 

 

Consolidated
Totals

 

For Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

57

 

 

$

35,476

 

 

$

(955

)

 

$

34,578

 

Provision for credit losses and unfunded loans

 

 

0

 

 

 

25

 

 

 

0

 

 

 

25

 

Service fees, security gains and other noninterest income

 

 

2,668

 

 

 

7,167

 

 

 

(386

)

 

 

9,449

 

Noninterest expense

 

 

1,654

 

 

 

22,056

 

 

 

475

 

 

 

24,185

 

Amortization and depreciation expense

 

 

23

 

 

 

2,066

 

 

 

112

 

 

 

2,201

 

Income before taxes

 

 

1,048

 

 

 

18,496

 

 

 

(1,928

)

 

 

17,616

 

Income taxes

 

 

221

 

 

 

2,859

 

 

 

(430

)

 

 

2,650

 

Net income

 

$

827

 

 

$

15,637

 

 

$

(1,498

)

 

$

14,966

 

 

(In Thousands of Dollars)

 

Trust
Segment

 

 

Bank
Segment

 

 

Eliminations
and Others

 

 

Consolidated
Totals

 

For Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

114

 

 

$

72,984

 

 

$

(1,910

)

 

$

71,188

 

Provision for credit losses and unfunded loans

 

 

0

 

 

 

8,624

 

 

 

0

 

 

 

8,624

 

Service fees, security gains and other noninterest income

 

 

5,568

 

 

 

14,923

 

 

 

(617

)

 

 

19,874

 

Noninterest expense

 

 

3,297

 

 

 

48,591

 

 

 

1,120

 

 

 

53,008

 

Amortization and depreciation expense

 

 

46

 

 

 

3,828

 

 

 

226

 

 

 

4,100

 

Income before taxes

 

 

2,339

 

 

 

26,864

 

 

 

(3,873

)

 

 

25,330

 

Income taxes

 

 

492

 

 

 

3,706

 

 

 

(909

)

 

 

3,289

 

Net income

 

$

1,847

 

 

$

23,158

 

 

$

(2,964

)

 

$

22,041

 

 

 

The Bank segment includes Farmers National Insurance and Farmers of Canfield Investment Co.