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

NOTE 23 – SEGMENT INFORMATION

The Company's reportable segments are determined by the Chief Financial Officer, who is the designated chief operating decision maker, based upon information provided about the Company's products and services offered, primarily distinguished between the banking and trust operations. The segments are also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services, and customers are similar. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance of each segment to evaluate compensation of certain employees. Segment pretax profit is used to assess the performance of the banking segment by monitoring the net interest margin and non-interest expenses. Segment pretax profit is also used to assess the performance of the trust segment by monitoring trust service fees, retirement plan consulting fees and non-interest expenses. Loans and investments provide the significant revenues in the banking operation, while trust service fees and retirement plan consulting fees provide the significant revenues in trust operations. Interest expense, provisions for credit losses and payroll provide the significant expenses in the banking operation, while payroll provides the significant expense in the trust segment. All operations are domestic.

Accounting policies for segments are the same as those described in Note 1. Income taxes are calculated on operating income. Transactions among segments are made at fair value.

Significant segment totals are reconciled to the financial statements as follows:

 

December 31, 2024

 

Trust
Segment

 

 

Bank
Segment

 

 

Consolidated Segment
Totals

 

Total assets for reportable segments

 

$

17,204

 

 

$

5,104,012

 

 

$

5,121,216

 

Eliminations and other

 

 

 

 

 

 

 

 

(2,292

)

Total consolidated assets

 

 

 

 

 

 

 

$

5,118,924

 

 

December 31, 2023

 

Trust
Segment

 

 

Bank
Segment

 

 

Consolidated Segment
Totals

 

Total assets for reportable segments

 

$

15,845

 

 

$

5,065,150

 

 

$

5,080,995

 

Eliminations and other

 

 

 

 

 

 

 

 

(2,645

)

Total consolidated assets

 

 

 

 

 

 

 

$

5,078,350

 

 

 

For year ended 2024

 

Trust
Segment

 

 

Bank
Segment

 

 

Consolidated Segment
Totals

 

Interest income - loans including fees

 

$

0

 

 

$

185,710

 

 

$

185,710

 

Interest income - investments

 

 

0

 

 

 

36,675

 

 

 

36,675

 

Trust fees

 

 

10,099

 

 

 

0

 

 

 

10,099

 

Retirement plan consulting fees

 

 

2,637

 

 

 

0

 

 

 

2,637

 

Total consolidated segment revenues

 

 

12,736

 

 

 

222,385

 

 

 

235,121

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

Other revenues

 

 

 

 

 

 

 

 

34,327

 

Total consolidated revenues

 

 

 

 

 

 

 

$

269,448

 

 

 

 

 

 

 

 

 

 

 

Interest expense - deposits

 

 

0

 

 

 

81,169

 

 

 

81,169

 

Interest expense - borrowings

 

 

0

 

 

 

18,195

 

 

 

18,195

 

Provision for credit losses and unfunded loans

 

 

0

 

 

 

7,966

 

 

 

7,966

 

Payroll expenses

 

 

5,398

 

 

 

53,467

 

 

 

58,865

 

Total consolidated segment expenses

 

 

5,398

 

 

 

160,797

 

 

 

166,195

 

 

 

 

 

 

 

 

 

 

 

Segment profit

 

 

7,338

 

 

 

61,588

 

 

 

68,926

 

Reconciliation of expenses

 

 

 

 

 

 

 

 

 

Other expenses *

 

 

 

 

 

 

 

 

47,826

 

Total consolidated expenses

 

 

 

 

 

 

 

$

214,021

 

 

 

 

 

 

 

 

 

 

 

Total consolidated income before taxes

 

 

 

 

 

 

 

$

55,427

 

Other segment disclosures

 

 

 

 

 

 

 

 

 

Occupancy and equipment

 

$

528

 

 

$

15,020

 

 

$

15,548

 

Intangible amortization

 

$

48

 

 

$

2,813

 

 

$

2,861

 

 

For year ended 2023

 

Trust
Segment

 

 

Bank
Segment

 

 

Consolidated Segment
Totals

 

Interest income - loans including fees

 

$

0

 

 

$

171,808

 

 

$

171,808

 

Interest income - investments

 

 

0

 

 

 

36,869

 

 

 

36,869

 

Trust fees

 

 

9,047

 

 

 

0

 

 

 

9,047

 

Retirement plan consulting fees

 

 

2,467

 

 

 

0

 

 

 

2,467

 

Total consolidated segment revenues

 

 

11,514

 

 

 

208,677

 

 

 

220,191

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

Other revenues

 

 

 

 

 

 

 

 

35,005

 

Total consolidated revenues

 

 

 

 

 

 

 

$

255,196

 

 

 

 

 

 

 

 

 

 

 

Interest expense - deposits

 

 

0

 

 

 

63,106

 

 

 

63,106

 

Interest expense - borrowings

 

 

0

 

 

 

12,443

 

 

 

12,443

 

Provision for credit losses and unfunded loans

 

 

0

 

 

 

9,153

 

 

 

9,153

 

Payroll expenses

 

 

4,950

 

 

 

52,351

 

 

 

57,301

 

Total consolidated segment expenses

 

 

4,950

 

 

 

137,053

 

 

 

142,003

 

 

 

 

 

 

 

 

 

 

 

Segment profit

 

 

6,564

 

 

 

71,624

 

 

 

78,188

 

Reconciliation of expenses

 

 

 

 

 

 

 

 

 

Other expenses *

 

 

 

 

 

 

 

 

54,495

 

Total consolidated expenses

 

 

 

 

 

 

 

$

196,498

 

 

 

 

 

 

 

 

 

 

 

Total consolidated income before taxes

 

 

 

 

 

 

 

$

58,698

 

Other segment disclosures

 

 

 

 

 

 

 

 

 

Occupancy and equipment

 

$

434

 

 

$

14,973

 

 

$

15,407

 

Intangible amortization

 

$

60

 

 

$

3,374

 

 

$

3,434

 

 

For year ended 2022

 

Trust
Segment

 

 

Bank
Segment

 

 

Consolidated Segment
Totals

 

Interest income - loans including fees

 

$

0

 

 

$

107,790

 

 

$

107,790

 

Interest income - investments

 

 

0

 

 

 

32,565

 

 

 

32,565

 

Trust fees

 

 

8,460

 

 

 

0

 

 

 

8,460

 

Retirement plan consulting fees

 

 

2,567

 

 

 

0

 

 

 

2,567

 

Total consolidated segment revenues

 

 

11,027

 

 

 

140,355

 

 

 

151,382

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

Other revenues

 

 

 

 

 

 

 

 

34,906

 

Total consolidated revenues

 

 

 

 

 

 

 

$

186,288

 

 

 

 

 

 

 

 

 

 

 

Interest expense - deposits

 

 

0

 

 

 

13,085

 

 

 

13,085

 

Interest expense - borrowings

 

 

0

 

 

 

4,835

 

 

 

4,835

 

Provision for credit losses and unfunded loans

 

 

0

 

 

 

1,122

 

 

 

1,122

 

Payroll expenses

 

 

4,746

 

 

 

39,913

 

 

 

44,659

 

Total consolidated segment expenses

 

 

4,746

 

 

 

58,955

 

 

 

63,701

 

 

 

 

 

 

 

 

 

 

 

Segment profit

 

 

6,281

 

 

 

81,400

 

 

 

87,681

 

Reconciliation of expenses

 

 

 

 

 

 

 

 

 

Other expenses *

 

 

 

 

 

 

 

 

49,752

 

Total consolidated expenses

 

 

 

 

 

 

 

$

113,453

 

 

 

 

 

 

 

 

 

 

 

Total consolidated income before taxes

 

 

 

 

 

 

 

$

72,835

 

Other segment disclosures

 

 

 

 

 

 

 

 

 

Occupancy and equipment

 

$

416

 

 

$

10,941

 

 

$

11,357

 

Intangible amortization

 

$

75

 

 

$

1,898

 

 

$

1,973

 

* Includes occupancy expenses, FDIC insurance, state and local taxes, professional fees, merger costs, advertising, intangible amortization, core processing charges, charitable donations and other operating expenses.

Bank segment includes Farmers Insurance and Investment.