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SEGMENT INFORMATION
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company's reportable segments are determined by the Chief Executive Officer, who is the designated chief operating decision maker, based upon information provided about the Company's products and services offered, primarily distinguished between Banking, Wealth Management and Corporate. They 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 and services, and customers are similar. The chief operating decision maker analyzes the financial performance of the Company's segments, allocates resources and assesses compensation of certain employees by evaluating revenue streams, significant expenses and budget to actual results. The performance of the Banking segment is assessed by monitoring the margin between interest income and interest expense related to loans, investments, deposits and other borrowings. Pretax profit and loss is used to assess the performance of the Wealth Management segment. Interest expense, provisions for credit losses and payroll provide the significant expenses in the Banking segment, while payroll provides the significant expenses in the Wealth Management segment.
The Banking segment provides a wide range of financial products and services to consumers and businesses, including commercial, commercial real estate, mortgage and other consumer loan products; commercial equipment financing; mortgage loan sales and servicing; letters of credit; various types of deposit products, including checking, savings and time deposit accounts; merchant services; and corporate treasury management services.
The Wealth Management segment consists of trust and fiduciary services, brokerage and retirement planning services.
The Corporate segment includes the holding company financing and investment activities, administrative expenses, as well as the elimination of intercompany transactions.
Reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. Changes in management structure or allocation methodologies and procedures may result in future changes to previously reported segment financial data. The accounting policies of the segments are substantially the same as those described in the “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2024 Annual Report on Form 10-K.
Transactions between segments consist primarily of borrowed funds and servicing fees. Noninterest income and expense directly attributable to a segment are assigned to it with various shared service costs such as human resources, accounting, finance, risk management and information technology expense assigned to the Banking segment.
Selected business segment financial information for the three and six months ended June 30, 2025 and 2024 were as follows:
(dollars in thousands)BankingWealth
Management
CorporateTotal
Three Months Ended June 30, 2025
Interest income$97,924 $— $— $97,924 
Interest expense36,879 18 2,332 39,229 
Net interest income (expense)61,045 (18)(2,332)58,695 
Provision for credit losses17,369 — — 17,369 
Wealth management revenue— 7,379 — 7,379 
Other noninterest income16,972 — (817)16,155 
Total noninterest income16,972 7,379 (817)23,534 
Salaries and employee benefits21,330 4,355 — 25,685 
Depreciation expense1,207 11 — 1,218 
Amortization of intangible assets572 255 — 827 
Other noninterest expense21,297 1,715 (750)22,262 
Total noninterest expense44,406 6,336 (750)49,992 
Income (loss) before income taxes (benefit)16,242 1,025 (2,399)14,868 
Income taxes (benefit)3,037 528 (721)2,844 
Net income (loss)$13,205 $497 $(1,678)$12,024 
Total assets$7,114,866 $33,786 $(40,774)$7,107,878 
Six Months Ended June 30, 2025
Interest income$197,279 $— $— $197,279 
Interest expense75,609 35 4,650 80,294 
Net interest income (expense)121,670 (35)(4,650)116,985 
Provision for credit losses28,219 — — 28,219 
Wealth management revenue— 14,729 — 14,729 
Other noninterest income28,322 — (1,754)26,568 
Total noninterest income28,322 14,729 (1,754)41,297 
Salaries and employee benefits44,244 7,857 — 52,101 
Depreciation expense2,435 21 — 2,456 
Amortization of intangible assets1,216 522 — 1,738 
Impairment on goodwill153,977 — — 153,977 
Other noninterest expense(1)
40,833 3,431 (1,539)42,725 
Total noninterest expense242,705 11,831 (1,539)252,997 
(Loss) income before income (benefit) taxes(120,932)2,863 (4,865)(122,934)
Income (benefit) taxes 6,144 1,288 (1,416)6,016 
Net (loss) income$(127,076)$1,575 $(3,449)$(128,950)
Total assets$7,114,866 $33,786 $(40,774)$7,107,878 
(dollars in thousands)BankingWealth
Management
CorporateTotal
Three Months Ended June 30, 2024
Interest income$107,130 $— $$107,138 
Interest expense46,065 12 2,166 48,243 
Net interest income (expense)61,065 (12)(2,158)58,895 
Provision for credit losses8,282 — — 8,282 
Wealth management revenue— 6,801 — 6,801 
Other noninterest income25,203 — (20)25,183 
Total noninterest income25,203 6,801 (20)31,984 
Salaries and employee benefits19,423 3,449 — 22,872 
Depreciation expense1,235 12 — 1,247 
Amortization of intangible assets741 275 — 1,016 
Other noninterest expense24,698 1,606 (655)25,649 
Total noninterest expense46,097 5,342 (655)50,784 
Income (loss) before income taxes (benefit)31,889 1,447 (1,523)31,813 
Income taxes (benefit)6,119 618 (643)6,094 
Net income (loss)$25,770 $829 $(880)$25,719 
Total assets$7,685,175 $34,940 $(12,041)$7,708,074 
Six Months Ended June 30, 2024
Interest income$212,649 $— $15 $212,664 
Interest expense89,516 20 4,462 93,998 
Net interest income (expense)123,133 (20)(4,447)118,666 
Provision for credit losses28,224 — — 28,224 
Wealth management revenue— 13,933 — 13,933 
Other noninterest income56,348 — (456)55,892 
Total noninterest income56,348 13,933 (456)69,825 
Salaries and employee benefits40,205 6,769 — 46,974 
Depreciation expense2,452 26 — 2,478 
Amortization of intangible assets1,542 563 — 2,105 
Other noninterest expense(1)
45,737 3,396 (1,298)47,835 
Total noninterest expense89,936 10,754 (1,298)99,392 
Income (loss) before income taxes (benefit)61,321 3,159 (3,605)60,875 
Income taxes (benefit)12,624 1,308 (1,439)12,493 
Net income (loss)$48,697 $1,851 $(2,166)$48,382 
Total assets$7,685,175 $34,940 $(12,041)$7,708,074 
(1)    Other noninterest expense for Banking includes occupancy and equipment, data processing, FDIC insurance, professional services, marketing, communications, loan expense and other miscellaneous expenses. Other noninterest expense for Wealth Management includes occupancy and equipment, data processing, professional services, marketing, communications and other miscellaneous expenses. Other noninterest expense for Corporate includes data processing, professional services, marketing and other miscellaneous expenses.