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Note 21 - Segment Information
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 21 – SEGMENT INFORMATION

 

Our reportable segments are determined by the Chief Executive Officer and Chief Financial Officer, who are the designated chief operating decision makers ("CODM"), based upon information provided by our products and services offered, primarily banking operations. The segments are also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business, which are aggregated if operating performance, products/services, and customers are similar. The CODM will evaluate the financial performance of our business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing our segment and in the determination of allocating resources. The CODM uses consolidated net income, total assets, total loans, and total deposits to benchmark us against our competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provisions for credit losses and payroll provide the significant expenses in the banking operation. All operations are domestic.

 

Accounting policies for segments are the same as those described in Note 2 — Summary of Significant Accounting Policies. Segment performance is evaluated using consolidated net income, total assets, total loans, and total deposits. Information reported internally for performance assessment by the CODM follows:

 

  

For the Year Ended December 31,

 
  

2024

  

2023

 

Banking Segment

 (dollars in thousands) 

Interest and dividend income

 $216,661  $221,148 
         

Reconciliation of revenue

        

Other revenues

  15,335   15,018 

Total consolidated revenues

 $231,996  $236,166 
         

Less:

        

Interest expense

  117,297   101,862 

Segment net interest income and noninterest income

 $114,699  $134,304 

Less:

        

Provision for credit losses

  9,857   3,362 

Salaries and benefits expense

  39,395   37,795 

Other segment items (1)

  29,768   32,901 

Income tax expense

  9,014   17,781 

Consolidated net income

 $26,665  $42,465 
         

Total Assets

 $3,992,477  $4,026,025 

Total Loans

 $3,064,480  $3,033,772 

Total Deposits

 $3,083,789  $3,174,760 

 

(1) Other segment items include expenses for occupancy and equipment, data processing, legal and professional, office, marketing and business promotion, insurance and regulatory assessments, core deposit premium amortization and other expenses.