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

Note 21 — Segment Information

The Corporation’s reportable segment is determined by the Chief Executive Officer, who is the designated chief operating decision maker, based upon information provided by the Corporation’s products and services offered, primarily banking operations. The segment is 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. These components are then aggregated if operating performance, products and services and customers are similar. The chief operating decision maker will evaluate the financial performance of the Corporation’s business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Corporation’s segment and in the determination of allocating resources. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and return on assets. The chief operating decision maker uses consolidated net income to benchmark the Corporation against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results is used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provision for credit losses and payroll provide the significant expenses in the banking operation. All operations are domestic.

 

For the Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

 

(In Thousands)

 

Interest income

 

$

233,130

 

 

$

194,928

 

 

$

121,371

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

Other revenues

 

 

29,251

 

 

 

31,308

 

 

 

29,428

 

Total consolidated revenues

 

 

262,381

 

 

 

226,236

 

 

 

150,799

 

Less: interest expense

 

 

108,924

 

 

 

82,340

 

 

 

22,949

 

Segment net interest and non-interest income

 

 

153,457

 

 

 

143,896

 

 

 

127,850

 

Less:

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

 

8,827

 

 

 

8,182

 

 

 

(3,868

)

Compensation expense

 

 

63,105

 

 

 

61,059

 

 

 

57,742

 

Other segment items

 

 

30,375

 

 

 

27,516

 

 

 

21,732

 

Income tax expense

 

 

6,905

 

 

 

10,112

 

 

 

11,386

 

Segment and consolidated net income

 

$

44,245

 

 

$

37,027

 

 

$

40,858

 

 

 

 

 

 

 

 

 

 

 

Other segment disclosures:

 

 

 

 

 

 

 

 

 

Interest income

 

$

233,130

 

 

$

194,928

 

 

$

121,371

 

Interest expense

 

 

108,924

 

 

 

82,340

 

 

 

22,949

 

Depreciation, amortization, and accretion

 

 

3,738

 

 

 

3,636

 

 

 

4,066

 

Other significant noncash item:

 

 

 

 

 

 

 

 

 

      Provision for credit losses

 

 

8,827

 

 

 

8,182

 

 

 

(3,868

)

Segment assets

 

 

3,853,215

 

 

 

3,507,846

 

 

 

2,976,611

 

Expenses for segment assets

 

 

93,480

 

 

 

88,575

 

 

 

79,474

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of assets:

 

 

 

 

 

 

 

 

 

Total assets for reportable segments

 

$

3,853,215

 

 

$

3,507,846

 

 

$

2,976,611

 

Other assets

 

 

—

 

 

 

—

 

 

 

—

 

Total consolidated assets

 

$

3,853,215

 

 

$

3,507,846

 

 

$

2,976,611