v3.26.1
SEGMENT INFORMATION
6 Months Ended
Jun. 30, 2026
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. Pre-tax 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; 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 2025 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, 2026 and 2025 was as follows:
(dollars in thousands)BankingWealth
Management
CorporateTotal
Three Months Ended June 30, 2026
Interest income$88,177 $— $— $88,177 
Interest expense27,212 14 1,362 28,588 
Net interest income (expense)60,965 (14)(1,362)59,589 
Provision for credit losses6,819 — — 6,819 
Wealth management revenue— 8,768 — 8,768 
Other noninterest income16,344 — (1,344)15,000 
Total noninterest income16,344 8,768 (1,344)23,768 
Salaries and employee benefits22,667 4,687 — 27,354 
Depreciation expense1,202 11 — 1,213 
Amortization of intangible assets430 234 — 664 
Other noninterest expense (1)
20,382 1,611 (469)21,524 
Total noninterest expense44,681 6,543 (469)50,755 
Income (loss) before income taxes25,809 2,211 (2,237)25,783 
Income tax expense (benefit)5,457 890 (452)5,895 
Net income (loss)$20,352 $1,321 $(1,785)$19,888 
Total assets$6,714,958 $39,127 $(53,469)$6,700,616 
Six Months Ended June 30, 2026
Interest income$174,199 $— $— $174,199 
Interest expense54,450 34 2,709 57,193 
Net interest income (expense)119,749 (34)(2,709)117,006 
Provision for credit losses11,822 — — 11,822 
Wealth management revenue— 17,016 — 17,016 
Other noninterest income31,350 — (2,476)28,874 
Total noninterest income31,350 17,016 (2,476)45,890 
Salaries and employee benefits44,430 9,081 — 53,511 
Depreciation expense2,408 22 — 2,430 
Amortization of intangible assets901 480 — 1,381 
Other noninterest expense (1)
41,400 3,426 (969)43,857 
Total noninterest expense89,139 13,009 (969)101,179 
Income (loss) before income taxes (benefit)50,138 3,973 (4,216)49,895 
Income tax expense10,762 1,649 (867)11,544 
Net income (loss)$39,376 $2,324 $(3,349)$38,351 
Total assets$6,714,958 $39,127 $(53,469)$6,700,616 
(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 expense (1)
21,297 1,715 (750)22,262 
Total noninterest expense44,406 6,336 (750)49,992 
Income (loss) before income taxes16,242 1,025 (2,399)14,868 
Income tax expense (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 $— $— $197,279 
Interest expense75,609 35 4,650 80,294 
Net interest income (expense)121,670 (35)(4,650)116,985 
Provision for credit losses28,219 — — 28,219 
Wealth management revenue— 14,729 — 14,729 
Other noninterest income28,322 — (1,754)26,568 
Total noninterest income28,322 14,729 (1,754)41,297 
Salaries and employee benefits44,244 7,857 — 52,101 
Depreciation expense2,435 21 — 2,456 
Amortization of intangible assets1,216 522 — 1,738 
Impairment on goodwill153,977 — — 153,977 
Other noninterest expense (1)
40,833 3,431 (1,539)42,725 
Total noninterest expense242,705 11,831 (1,539)252,997 
Income (loss) before income taxes (benefit)(120,932)2,863 (4,865)(122,934)
Income tax expense (benefit)6,144 1,288 (1,416)6,016 
Net income (loss)$(127,076)$1,575 $(3,449)$(128,950)
Total assets$7,114,866 $33,786 $(40,774)$7,107,878 
(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.