v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting
15.
Segment Reporting

Historically, the Company has operated as a single reportable segment, providing a full range of banking services to retail and commercial customers. However, in accordance with ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, and as the Bank has grown, management reassessed its operating segment structure to enhance transparency in how financial performance is evaluated and resources are allocated by the chief operating decision maker (“CODM”). The updated guidance enhances disclosures by requiring more detailed information on segment profitability and certain key performance metrics used by management. Segments are components of an enterprise that are regularly evaluated by the CODM to allocate resources and assess performance. The Company’s CODM is its Chief ExecutiveOfficer.
As a result of this reassessment, beginning with the fiscal year ended December 31, 2024, the Company has determined that it now operates through two reportable segments:
Banking - Provides commercial banking, retail banking, and wealth management services primarily to customers in its market area, offering a broad array of banking and financial services to retail, commercial, and municipal customers. Included in Banking are the revenue and expenses from the wealth management business and the parent holding company. The parent company’s principal activities include the direct and indirect ownership of banking and non-banking subsidiaries, as well as the issuance of debt and equity. The parent company’s principal sources of revenue are the management fees and dividends it receives from its subsidiaries. Banking also includes corporate shared service costs such as the majority of equity compensation expense, as well as other general and administrative shared services costs including pension, retirement plan and supplemental retirement plan costs. Currently there is no allocation of these costs to other operating segments.
Retirement Plan Administration - Includes retirement plan and health savings account recordkeeping and administration, investment management, third-party administration, and actuarial services.
Our CODM reviews actual net income versus budgeted net income to assess segment performance and to make decisions about allocating capital and personnel to the segments. The CODM regularly receives expense information at a level consistent with that disclosed in the Company’s consolidated statements of income.
Reported segments and their financial information are not necessarily comparable to similar information reported by other financial institutions. Additionally, due to interrelationships among the various segments, the information presented is not indicative of how the segments would perform as independent entities. Changes in management structure, allocation methodologies, or procedures may result in future revisions to previously reported segment financial data.
For the three and six months ended June 30, 2024, the Company only disclosed one reportable segment, as operations were assessed on a consolidated basis. Accordingly, prior year segment data has been retrospectively adjusted to conform to the current period presentation. The Company will continue to evaluate its segment disclosures in accordance with ASU 2023-07 and make necessary adjustments as business operations evolve.

Information about reportable segments and reconciliation of the information to the consolidated financial statements follows:
   
Three Months Ended June 30, 2025
  
(In thousands)
  
Banking
    
Retirement
Plan
Administration
    
All Other(1)
    
Consolidated
  
Net interest income
  
$
124,202
    
$
18
    
$
-
    
$
124,220
  
Provision for loan losses
    
17,835
      
-
      
-
      
17,835
  
Net interest income after provision for loan losses
  
$
106,367
    
$
18
    
$
-
    
$
106,385
  
Noninterest income
                                
Service charges on deposit accounts
  
$
4,578
    
$
-
    
$
-
    
$
4,578
  
Card services income
    
6,077
      
-
      
-
      
6,077
  
Retirement plan administration fees
    
-
      
16,081
      
(371
)
    
15,710
  
Wealth management
    
10,153
      
517
      
8
      
10,678
  
Insurance services
    
1
      
-
      
4,096
      
4,097
  
Bank owned life insurance income
    
2,180
      
-
      
-
      
2,180
  
Net securities gains (losses)
    
112
      
-
      
-
      
112
  
Other
    
5,018
      
145
      
(1,663
)
    
3,500
  
Total noninterest income
  
$
28,119
    
$
16,743
    
$
2,070
    
$
46,932
  
Noninterest expense
                                
Salaries and employee benefits
  
$
52,659
    
$
8,700
    
$
2,796
    
$
64,155
  
Technology and data services
    
10,341
      
303
      
160
      
10,804
  
Occupancy
    
8,687
      
284
      
67
      
9,038
  
Professional fees and outside services
    
4,851
      
521
      
(351
)
    
5,021
  
Office supplies and postage
    
1,783
      
73
      
15
      
1,871
  
FDIC assessment
    
1,820
      
-
      
-
      
1,820
  
Advertising
    
952
      
21
      
1
      
974
  
Amortization of intangible assets
    
2,500
      
485
      
57
      
3,042
  
Loan collection and other real estate owned, net
    
489
      
-
      
-
      
489
  
Acquisition expenses
    
17,180
      
-
      
-
      
17,180
  
Other
    
9,684
      
274
      
(1,742
)
    
8,216
  
Total noninterest expense
  
$
110,946
    
$
10,661
    
$
1,003
    
$
122,610
  
Income before income tax expense
  
$
23,540
    
$
6,100
    
$
1,067
    
$
30,707
  
Income tax expense
    
6,917
      
1,280
      
-
      
8,197
  
Net income
  
$
16,623
    
$
4,820
    
$
1,067
    
$
22,510
  
Goodwill
  
$
415,659
    
$
23,877
    
$
14,536
    
$
454,072
  
Intangible assets, net
    
56,785
      
6,504
      
1,158
      
64,447
  
Total assets
    
18,013,397
      
48,642
      
(2,047,258
)
    
16,014,781
  

(1) Included in All Other is the revenue and expenses from certain other non-bank subsidiaries of the parent, including the insurance subsidiary, along with eliminating amounts that do not meet the definition of an operating segment.

   
Three Months Ended June 30, 2024
  
(In thousands)
  
Banking
    
Retirement
Plan
Administration
    
All Other(1)
    
Consolidated
  
Net interest income
  
$
97,156
    
$
18
    
$
-
    
$
97,174
  
Provision for loan losses
    
8,899
      
-
      
-
      
8,899
  
Net interest income after provision for loan losses
  
$
88,257
    
$
18
    
$
-
    
$
88,275
  
Noninterest income
                                
Service charges on deposit accounts
  
$
4,219
    
$
-
    
$
-
    
$
4,219
  
Card services income
    
5,587
      
-
      
-
      
5,587
  
Retirement plan administration fees
    
-
      
15,151
      
(353
)
    
14,798
  
Wealth management
    
9,660
      
500
      
13
      
10,173
  
Insurance services
    
-
      
-
      
3,848
      
3,848
  
Bank owned life insurance income
    
1,834
      
-
      
-
      
1,834
  
Net securities gains (losses)
    
(92
)
    
-
      
-
      
(92
)
Other
    
4,652
      
132
      
(1,919
)
    
2,865
  
Total noninterest income
  
$
25,860
    
$
15,783
    
$
1,589
    
$
43,232
  
Noninterest expense
                                
Salaries and employee benefits
  
$
44,349
    
$
8,367
    
$
2,677
    
$
55,393
  
Technology and data services
    
8,813
      
258
      
178
      
9,249
  
Occupancy
    
7,331
      
281
      
59
      
7,671
  
Professional fees and outside services
    
4,515
      
376
      
(326
)
    
4,565
  
Office supplies and postage
    
1,710
      
81
      
13
      
1,804
  
FDIC assessment
    
1,667
      
-
      
-
      
1,667
  
Advertising
    
859
      
12
      
2
      
873
  
Amortization of intangible assets
    
1,666
      
451
      
16
      
2,133
  
Loan collection and other real estate owned, net
    
715
      
-
      
-
      
715
  
Acquisition expenses
    
-
      
-
      
-
      
-
  
Other
    
7,101
      
299
      
(1,882
)
    
5,518
  
Total noninterest expense
  
$
78,726
    
$
10,125
    
$
737
    
$
89,588
  
Income before income tax expense
  
$
35,391
    
$
5,676
    
$
852
    
$
41,919
  
Income tax expense
    
7,947
      
1,215
      
41
      
9,203
  
Net income
  
$
27,444
    
$
4,461
    
$
811
    
$
32,716
  
Goodwill
  
$
324,250
    
$
23,224
    
$
14,377
    
$
361,851
  
Intangible assets, net
    
30,624
      
5,888
      
323
      
36,835
  
Total assets
    
15,132,919
      
42,909
      
(1,673,919
)
    
13,501,909
  

(1) Included in All Other is the revenue and expenses from certain other non-bank subsidiaries of the parent, including the insurance subsidiary, along with eliminating amounts that do not  meet the definition of an operating segment.

   
Six Months Ended June 30, 2025
  
(In thousands)
  
Banking
    
Retirement
Plan
Administration
    
All Other(1)
    
Consolidated
  
Net interest income
  
$
231,407
    
$
36
    
$
-
    
$
231,443
  
Provision for loan losses
    
25,389
      
-
      
-
      
25,389
  
Net interest income after provision for loan losses
  
$
206,018
    
$
36
    
$
-
    
$
206,054
  
Noninterest income
                                
Service charges on deposit accounts
  
$
8,821
    
$
-
    
$
-
    
$
8,821
  
Card services income
    
11,394
      
-
      
-
      
11,394
  
Retirement plan administration fees
    
-
      
32,337
      
(769
)
    
31,568
  
Wealth management
    
20,490
      
1,115
      
19
      
21,624
  
Insurance services
    
1
      
-
      
8,857
      
8,858
  
Bank owned life insurance income
    
5,577
      
-
      
-
      
5,577
  
Net securities gains (losses)
    
8
      
-
      
-
      
8
  
Other
    
10,631
      
300
      
(4,397
)
    
6,534
  
Total noninterest income
  
$
56,922
    
$
33,752
    
$
3,710
    
$
94,384
  
Noninterest expense
                                
Salaries and employee benefits
  
$
102,207
    
$
17,154
    
$
5,488
    
$
124,849
  
Technology and data services
    
20,142
      
573
      
327
      
21,042
  
Occupancy
    
17,379
      
552
      
134
      
18,065
  
Professional fees and outside services
    
9,666
      
1,025
      
(718
)
    
9,973
  
Office supplies and postage
    
3,664
      
120
      
29
      
3,813
  
FDIC assessment
    
3,514
      
-
      
-
      
3,514
  
Advertising
    
2,070
      
40
      
2
      
2,112
  
Amortization of intangible assets
    
4,008
      
1,029
      
116
      
5,153
  
Loan collection and other real estate owned, net
    
1,148
      
-
      
-
      
1,148
  
Acquisition expenses
    
18,401
      
-
      
-
      
18,401
  
Other
    
18,224
      
508
      
(4,292
)
    
14,440
  
Total noninterest expense
  
$
200,423
    
$
21,001
    
$
1,086
    
$
222,510
  
Income before income tax expense
  
$
62,517
    
$
12,787
    
$
2,624
    
$
77,928
  
Income tax expense
    
15,968
      
2,705
      
-
      
18,673
  
Net income
  
$
46,549
    
$
10,082
    
$
2,624
    
$
59,255
  
Goodwill
  
$
415,659
    
$
23,877
    
$
14,536
    
$
454,072
  
Intangible assets, net
    
56,785
      
6,504
      
1,158
      
64,447
  
Total assets
    
18,013,397
      
48,642
      
(2,047,258
)
    
16,014,781
  

(1) Included in All Other is the revenue and expenses from certain other non-bank subsidiaries of the parent, including the insurance subsidiary, along with eliminating amounts that do not  meet the definition of an operating segment. 

   
Six Months Ended June 30, 2024
  
(In thousands)
  
Banking
    
Retirement
Plan
Administration
    
All Other(1)
    
Consolidated
  
Net interest income
  
$
192,313
    
$
35
    
$
-
    
$
192,348
  
Provision for loan losses
    
14,478
      
-
      
-
      
14,478
  
Net interest income after provision for loan losses
  
$
177,835
    
$
35
    
$
-
    
$
177,870
  
Noninterest income
                                
Service charges on deposit accounts
  
$
8,336
    
$
-
    
$
-
    
$
8,336
  
Card services income
    
10,782
      
-
      
-
      
10,782
  
Retirement plan administration fees
    
-
      
29,807
      
(722
)
    
29,085
  
Wealth management
    
18,847
      
997
      
26
      
19,870
  
Insurance services
    
1
      
-
      
8,235
      
8,236
  
Bank owned life insurance income
    
4,186
      
-
      
-
      
4,186
  
Net securities gains (losses)
    
2,091
      
-
      
-
      
2,091
  
Other
    
10,458
      
265
      
(4,685
)
    
6,038
  
Total noninterest income
  
$
54,701
    
$
31,069
    
$
2,854
    
$
88,624
  
Noninterest expense
                                
Salaries and employee benefits
  
$
89,474
    
$
16,260
    
$
5,363
    
$
111,097
  
Technology and data services
    
18,093
      
560
      
346
      
18,999
  
Occupancy
    
15,089
      
564
      
116
      
15,769
  
Professional fees and outside services
    
9,239
      
845
      
(666
)
    
9,418
  
Office supplies and postage
    
3,468
      
173
      
28
      
3,669
  
FDIC assessment
    
3,402
      
-
      
-
      
3,402
  
Advertising
    
1,655
      
27
      
3
      
1,685
  
Amortization of intangible assets
    
3,348
      
919
      
34
      
4,301
  
Loan collection and other real estate owned, net
    
1,268
      
-
      
-
      
1,268
  
Acquisition expenses
    
-
      
-
      
-
      
-
  
Other
    
15,627
      
577
      
(4,451
)
    
11,753
  
Total noninterest expense
  
$
160,663
    
$
19,925
    
$
773
    
$
181,361
  
Income before income tax expense
  
$
71,873
    
$
11,179
    
$
2,081
    
$
85,133
  
Income tax expense
    
16,001
      
2,426
      
167
      
18,594
  
Net income
  
$
55,872
    
$
8,753
    
$
1,914
    
$
66,539
  
Goodwill
  
$
324,250
    
$
23,224
    
$
14,377
    
$
361,851
  
Intangible assets, net
    
30,624
      
5,888
      
323
      
36,835
  
Total assets
    
15,132,919
      
42,909
      
(1,673,919
)
    
13,501,909
  

(1) Included in All Other is the revenue and expenses from certain other non-bank subsidiaries of the parent, including the insurance subsidiary, along with eliminating amounts that do not  meet the definition of an operating segment.