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SEGMENT INFORMATION
3 Months Ended
Mar. 31, 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 months ended March 31, 2025 and 2024 were as follows:
(dollars in thousands)BankingWealth
Management
CorporateTotal
Three Months Ended March 31, 2025
Interest income$99,355 $— $— $99,355 
Interest expense38,730 17 2,318 41,065 
Net interest income (expense)60,625 (17)(2,318)58,290 
Provision for credit losses10,850 — — 10,850 
Wealth management revenue— 7,350 — 7,350 
Other noninterest income11,350 — (937)10,413 
Total noninterest income11,350 7,350 (937)17,763 
Salaries and employee benefits22,914 3,502 — 26,416 
Depreciation expense1,228 10 — 1,238 
Amortization of intangible assets644 267 — 911 
Other noninterest expense173,513 1,716 (789)174,440 
Total noninterest expense198,299 5,495 (789)203,005 
Income (loss) before income taxes (benefit)(137,174)1,838 (2,466)(137,802)
Income taxes (benefit)3,107 760 (695)3,172 
Net income (loss)$(140,281)$1,078 $(1,771)$(140,974)
Total assets$7,290,894 $33,541 $(39,631)$7,284,804 
Three Months Ended March 31, 2024
Interest income$105,518 $— $$105,526 
Interest expense43,451 2,296 45,755 
Net interest income (expense)62,067 (8)(2,288)59,771 
Provision for credit losses19,942 — — 19,942 
Wealth management revenue— 7,132 — 7,132 
Other noninterest income31,145 — (436)30,709 
Total noninterest income31,145 7,132 (436)37,841 
Salaries and employee benefits20,782 3,320 — 24,102 
Depreciation expense1,217 14 — 1,231 
Amortization of intangible assets801 288 — 1,089 
Other noninterest expense21,039 1,790 (643)22,186 
Total noninterest expense43,839 5,412 (643)48,608 
Income (loss) before income taxes (benefit)29,431 1,712 (2,081)29,062 
Income taxes (benefit)6,505 690 (796)6,399 
Net income (loss)$22,926 $1,022 $(1,285)$22,663 
Total assets$7,742,227 $33,103 $(11,622)$7,763,708 
(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.