OPERATING SEGMENTS
The Company has one reportable segment: banking operations. Loans and leases, investment securities, interest-bearing deposits and non-interest income provide the revenues of the banking operation. Loans and leases generate a majority of the Company’s interest and fee income. Interest income earned on investment securities and interest-bearing deposits are another source of revenue. Non-interest income is derived from deposit products offered to customers that generate fees and service charge income. Additional other sources of non-interest income include earnings from bank owned life insurance, merchant card services, and other investments. Interest expense, provisions for credit losses, salaries and employee benefits, and data processing provide the significant expenses in banking operations. These significant expenses are the same as those disclosed in the Company’s Consolidated Statements of Income and Consolidated Statements of Cash Flows.

The Company’s chief operating decision maker (CODM) is the Chief Executive Officer. The CODM is provided with consolidated balance sheets, income statements, and net interest margin analyses in order to evaluate the revenue streams, significant expenses, and budget-to-actual results in assessing the Company’s segment and determining the allocation of resources. Additionally, the CODM reviews performance of various components of banking operations, such as asset mix, funding sources for assets, and overhead costs, in order to assess product pricing, profitability and evaluate return on assets. The CODM uses consolidated net income, return on average assets, and return on average equity to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring budget-to-actual results are used in assessing performance and in establishing compensation.

Years ended December 31,
(in thousands)202520242023
Interest and dividend income$185,710 $160,388 $102,418 
Reconciliation of revenue:
Other noninterest income10,488 6,445 7,020 
Total consolidated revenue196,198 166,833 109,438 
Less:
Interest expense49,530 50,021 19,989 
Segment net interest income and noninterest income146,668 116,812 89,449 
Less:
Provision for credit losses3,754 11,113 309 
Salaries and employee benefits49,841 48,470 31,367 
Other segment items (1)40,545 46,231 23,933 
Income tax expense14,360 3,332 8,304 
Consolidated net income$38,168 $7,666 $25,536 
As of December 31,
Reconciliation of assets20252024
Total assets for reportable segment$3,690,317 $3,521,771 
Adjustments and reconciling items— — 
Total consolidated assets$3,690,317 $3,521,771 
(1) - Other segment items include other non-interest expense such as occupancy expense, data processing, professional fees, regulatory assessments, and advertising.

Historical Timeline

Fiscal YearFiled
2025Mar 11, 2026Showing above
2024Mar 17, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.