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BUSINESS SEGMENTS (Tables)
12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Income and Total Assets for Reportable Segments

The following tables present the statements of income and total assets for the Company’s reportable segments for the years ended December 31, 2024, 2023 and 2022:

 

 

 

Year Ended December 31, 2024

 

 

 

 

 

 

Wealth

 

 

 

 

(In thousands)

 

Banking

 

 

Management

 

 

Total

 

Net interest income

 

$

146,589

 

 

$

2,417

 

 

$

149,006

 

Noninterest income

 

 

16,880

 

 

 

62,242

 

 

 

79,122

 

Total income

 

 

163,469

 

 

 

64,659

 

 

 

228,128

 

Provision for credit losses

 

 

7,500

 

 

 

 

 

 

7,500

 

Compensation and benefits

 

 

92,466

 

 

 

29,859

 

 

 

122,325

 

Premises and equipment expense

 

 

16,357

 

 

 

2,589

 

 

 

18,946

 

Depreciation expense

 

 

3,007

 

 

 

532

 

 

 

3,539

 

FDIC expense

 

 

3,510

 

 

 

 

 

 

3,510

 

Other noninterest expense

 

 

18,907

 

 

 

8,449

 

 

 

27,356

 

Total noninterest expense

 

 

141,747

 

 

 

41,429

 

 

 

183,176

 

Income before income tax expense

 

 

21,722

 

 

 

23,230

 

 

 

44,952

 

Income tax expense

 

 

5,782

 

 

 

6,182

 

 

 

11,964

 

Net income

 

$

15,940

 

 

$

17,048

 

 

$

32,988

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

6,873,997

 

 

$

137,241

 

 

$

7,011,238

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

Wealth

 

 

 

 

(In thousands)

 

Banking

 

 

Management

 

 

Total

 

Net interest income

 

$

151,974

 

 

$

4,115

 

 

$

156,089

 

Noninterest income

 

 

16,653

 

 

 

56,925

 

 

 

73,578

 

Total income

 

 

168,627

 

 

 

61,040

 

 

 

229,667

 

Provision for loan losses

 

 

14,091

 

 

 

 

 

 

14,091

 

Compensation and benefits

 

 

71,099

 

 

 

29,425

 

 

 

100,524

 

Premises and equipment expense

 

 

13,550

 

 

 

2,495

 

 

 

16,045

 

Depreciation expense

 

 

3,124

 

 

 

564

 

 

 

3,688

 

FDIC expense

 

 

2,946

 

 

 

 

 

 

2,946

 

Other noninterest expense

 

 

16,275

 

 

 

8,817

 

 

 

25,092

 

Total noninterest expense

 

 

121,085

 

 

 

41,301

 

 

 

162,386

 

Income before income tax expense

 

 

47,542

 

 

 

19,739

 

 

 

67,281

 

Income tax expense

 

 

13,018

 

 

 

5,409

 

 

 

18,427

 

Net income

 

$

34,524

 

 

$

14,330

 

 

$

48,854

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

6,357,980

 

 

$

118,877

 

 

$

6,476,857

 

 

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

Wealth

 

 

 

 

(In thousands)

 

Banking

 

 

Management

 

 

Total

 

Net interest income

 

$

167,893

 

 

$

8,187

 

 

$

176,080

 

Noninterest income

 

 

9,919

 

 

 

56,498

 

 

 

66,417

 

Total income

 

 

177,812

 

 

 

64,685

 

 

 

242,497

 

Provision for loan losses

 

 

6,353

 

 

 

 

 

 

6,353

 

Compensation and benefits

 

 

61,975

 

 

 

27,501

 

 

 

89,476

 

Premises and equipment expense

 

 

12,761

 

 

 

2,483

 

 

 

15,244

 

Depreciation expense

 

 

3,013

 

 

 

462

 

 

 

3,475

 

FDIC expense

 

 

1,939

 

 

 

 

 

 

1,939

 

Other noninterest expense

 

 

13,590

 

 

 

10,076

 

 

 

23,666

 

Total noninterest expense

 

 

99,631

 

 

 

40,522

 

 

 

140,153

 

Income before income tax expense

 

 

78,181

 

 

 

24,163

 

 

 

102,344

 

Income tax expense

 

 

21,453

 

 

 

6,645

 

 

 

28,098

 

Net income

 

$

56,728

 

 

$

17,518

 

 

$

74,246

 

 

 

 

 

 

 

 

 

 

 

Total assets at period end

 

$

6,256,664

 

 

$

96,929

 

 

$

6,353,593