(22.) SEGMENT REPORTING

The Company’s Executive Management Team, which consists of the Chief Executive Officer, Chief Financial Officer, Chief Legal Officer, Chief Commercial Banking Officer, Chief Consumer Banking Officer, Chief Risk Officer, Chief Human Resource Officer, and Chief Marketing Officer, has been designated as its Chief Operating Decision Maker (“CODM”). The CODM determined the Company has one reportable segment, Banking, based upon information provided about the Company’s products and services offered. The segment is 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 then aggregated if operating performance, products and services, and customers are similar. The CODM evaluates the financial performance of the Company’s business components by evaluating revenue streams, significant expenses, and budget to actual results when assessing the Company’s segment and in the determination of allocating resources. The CODM has determined that net income is the reportable measure of segment profit or loss that is regularly reviewed and used to allocate resources and assess performance. Loans and investments provide the interest income in the banking operation, while deposits and borrowings account for the interest expense. The CODM also considers provisions for credit losses a significant expenses in the banking operation. All operations are domestic.

Accounting policies for the segment are the same as those described in Note 1, Summary of Significant Accounting Policies. Segment performance is evaluated using net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of significant segment totals to the consolidated financial statements.

The following table presents balance sheet information of the Company’s segment as of December 31, (in thousands):

 

 

 

2025

 

 

2024

 

Goodwill

 

$

48,536

 

 

$

48,536

 

Segment assets

 

 

6,235,223

 

 

 

6,080,731

 

Reconciliation of consolidated total assets:

 

 

 

 

 

 

Goodwill - Courier Capital

 

 

9,585

 

 

 

9,585

 

Intangible assets - Courier Capital

 

 

2,222

 

 

 

2,637

 

Other assets

 

 

27,110

 

 

 

24,735

 

Elimination of intercompany receivables

 

 

-

 

 

 

(603

)

Consolidated total assets

 

$

6,274,140

 

 

$

6,117,085

 

 

(22.) SEGMENT REPORTING (Continued)

The following table presents information regarding the Company’s segment for the years ended December 31, (in thousands).

 

 

 

2025

 

 

2024

 

 

2023

 

Interest income

 

$

332,989

 

 

$

313,231

 

 

$

286,133

 

Interest expense

 

 

128,221

 

 

 

145,400

 

 

 

116,176

 

Segment net interest income

 

 

204,768

 

 

 

167,831

 

 

 

169,957

 

Noninterest income (loss)

 

 

33,642

 

 

 

(72,025

)

 

 

31,893

 

Segment noninterest expense

 

 

129,482

 

 

 

143,502

 

 

 

121,822

 

Income (loss) before provision for credit losses and income taxes

 

 

108,928

 

 

 

(47,696

)

 

 

80,028

 

Provision for credit losses

 

 

(11,626

)

 

 

(6,150

)

 

 

(13,681

)

Income (loss) before income taxes

 

 

97,302

 

 

 

(53,846

)

 

 

66,347

 

Income tax (expense) benefit

 

 

(18,114

)

 

 

22,988

 

 

 

(13,618

)

Segment net income (loss)

 

$

79,188

 

 

$

(30,858

)

 

$

52,729

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of consolidated net interest income:

 

 

 

 

 

 

 

 

 

Interest expense (1)

 

 

4,782

 

 

 

4,242

 

 

 

4,242

 

Consolidated net interest income

 

 

199,986

 

 

 

163,589

 

 

 

165,715

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of consolidated net income (loss):

 

 

 

 

 

 

 

 

 

Gain on sale of assets of subsidiary

 

 

-

 

 

 

13,658

 

 

 

-

 

Insurance income (2)

 

 

-

 

 

 

2,130

 

 

 

6,692

 

Investment advisory income (3)

 

 

11,553

 

 

 

10,276

 

 

 

10,117

 

Other fees and income

 

 

(240

)

 

 

(720

)

 

 

(458

)

Other noninterest expense

 

 

(12,479

)

 

 

(35,404

)

 

 

(15,403

)

Income (loss) before income tax benefit

 

 

73,240

 

 

 

(45,160

)

 

 

49,435

 

Income tax benefit

 

 

1,627

 

 

 

3,514

 

 

 

829

 

Consolidated net income (loss)

 

$

74,867

 

 

$

(41,646

)

 

$

50,264

 

____________________________________________

(1) Interest expense represents interest on the subordinated notes, held at the Parent.

(2) Insurance income represents income from our former subsidiary, SDN, which we sold the assets of on April 1, 2024.

(3) Investment advisory income represents income from our subsidiary Courier Capital.

Historical Timeline

Fiscal YearFiled
2025Mar 9, 2026Showing above
2024Mar 12, 2025
2023Mar 13, 2024
2022Mar 9, 2023
2021Mar 10, 2022
2020Mar 15, 2021
2019Mar 4, 2020
2018Mar 8, 2019
2017Mar 14, 2018
2016Mar 7, 2017
2015Mar 8, 2016

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.