Segment Information

The Company has one reportable segment: The Banking Segment. The Company's reportable segment is determined by the Chairman & Chief Executive Officer, who is the designated chief operating decision maker ("CODM"), based upon information provided about the Company's products and services offered, primarily banking operations. 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 such as geographical regions and branches, which are then aggregated since these have similar operating and economic characteristics. Each of the branches and regions of the Bank provide a group of similar banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts.

The CODM will evaluate the financial performance of the Company's business components such as evaluating revenue streams, significant expenses and budget to actual results in order to assess the Company's segment and to determine the allocation of resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income in order to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments and deposits provide the revenues in the banking operation. Interest expense, provision for credit losses and payroll provide the significant expenses in the banking operation. All operations are domestic.

Accounting policies for segments are the same as those described in Note 1. Segment performance is evaluated using consolidated net income. The table below presents the information reported internally for performance assessment by the CODM for years ended December 31, 2025, 2024 and 2023:


Banking Segment	2025		2024		2023
	(In thousands)
Interest Income	$	1,278,820	$	1,299,777	$	1,175,053

Reconciliation of revenue:
Other Revenues*	198,509		168,574		169,934
Total consolidated revenues	$	1,477,329	$	1,468,351	$	1,344,987

Less:
Interest Expense	386,460		451,003		348,108
Segment net interest income and noninterest income	$	1,090,869	$	1,017,348	$	996,879

Less:
Provision for credit losses	20,905		48,070		12,133
Salaries and employee benefits	252,868		241,022		256,966
Occupancy and equipment**	57,710		58,031		60,303
Data Processing expense	34,446		36,494		36,329
Merger and acquisition expense	580		—		—
Other expense	41,522		36,963		32,967
FDIC and state assessment	11,238		15,388		25,530
Electronic banking expense	12,872		13,444		14,313
Other segment items***	46,933		45,594		46,455
Income tax expense	136,354		120,101		118,954
Segment net income/consolidated net income	475,441		402,241		392,929

Reconciliation of profit or loss:
Adjustments and reconciling items	—		—		—
Consolidated net income	$	475,441	$	402,241	$	392,929

*Includes earnings in equity method investments of $12.5 million, $5.1 million and $12.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

** Includes depreciation and amortization expense of $29.2 million, $29.2 million and $30.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

***Other segment items include expenses for advertising, amortization of intangibles, directors' fees, due from bank service charges, hurricane damage, insurance expense, legal and accounting fees, other professional fees, operating supplies, postage and telephone.

Historical Timeline

Fiscal Year	Filed
2025	Feb 27, 2026	Showing above
2024	Feb 27, 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.

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