Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

At June 30, 2025, the Corporation had three reportable business segments, Banking, Wealth Management and Insurance. The parent holding company and intercompany eliminations are included in the "Other" segment. Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated as follows:

● The Banking segment provides financial services to individuals, businesses, municipalities and non-profit organizations. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing.

● The Wealth Management segment offers investment advisory, financial planning and trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships.

● The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting.

The following tables provide reportable segment-specific information, as well as the Other Segment, and reconciliations to the condensed consolidated financial information for the three and six months ended June 30, 2025 and 2024.

	Three Months Ended
	June 30, 2025
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	105,691	$	15	$	—	$	—	$	105,706
Interest expense	43,883		—		—		2,282		46,165
Net interest income (expense)	61,808		15		—		(2,282)		59,541
Noninterest income	8,524		7,667		5,270		40		21,501
Total revenue	70,332		7,682		5,270		(2,242)		81,042
Provision for credit losses	5,694		—		—		—		5,694
Less: (1)
Salaries, benefits and commissions	18,379		4,502		3,587		5,068		31,536
Net occupancy	2,182		128		154		275		2,739
Equipment	889		10		27		117		1,043
Data processing	2,585		374		144		1,305		4,408
Professional fees	600		187		15		795		1,597
Marketing and advertising	335		30		10		123		498
Deposit insurance premiums	1,074		—		—		—		1,074
Intangible expense	49		—		82		—		131
Other segment items (2)	5,717		544		170		875		7,306
Intersegment expense (revenue) (3)	6,211		131		117		(6,459)		—
Income (loss) before income taxes	$	26,617	$	1,776	$	964	$	(4,341)	$	25,016
Income tax expense (benefit)	5,368		358		213		(901)		5,038
Net income (loss)	$	21,249	$	1,418	$	751	$	(3,440)	$	19,978
Net capital expenditures	$	860	$	2	$	24	$	236	$	1,122

	Three Months Ended
	June 30, 2024
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	99,804	$	19	$	—	$	9	$	99,832
Interest expense	46,523		—		—		2,282		48,805
Net interest income (expense)	53,281		19		—		(2,273)		51,027
Noninterest income	9,014		6,752		5,186		28		20,980
Total revenue	62,295		6,771		5,186		(2,245)		72,007
Provision for credit losses	707		—		—		—		707
Less: (1)
Salaries, benefits and commissions	17,967		4,547		3,369		4,304		30,187
Net occupancy	2,253		79		157		190		2,679
Equipment	986		11		23		68		1,088
Data processing	3,109		376		133		543		4,161
Professional fees	837		111		9		509		1,466
Marketing and advertising	320		74		5		316		715
Deposit insurance premiums	1,098		—		—		—		1,098
Intangible expense	79		—		109		—		188
Other segment items (2)	5,138		694		183		1,111		7,126
Intersegment expense (revenue) (3)	5,715		52		123		(5,890)		—
Income (loss) before income taxes	$	24,086	$	827	$	1,075	$	(3,396)	$	22,592
Income tax expense (benefit)	4,734		298		236		(783)		4,485
Net income (loss)	$	19,352	$	529	$	839	$	(2,613)	$	18,107
Net capital expenditures	$	685	$	5	$	58	$	59	$	807

	Six Months Ended
	June 30, 2025
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	209,091	$	31	$	—	$	—	$	209,122
Interest expense	88,237		—		—		4,563		92,800
Net interest income (expense)	120,854		31		—		(4,563)		116,322
Noninterest income	16,165		15,500		12,176		75		43,916
Total revenue	137,019		15,531		12,176		(4,488)		160,238
Provision for credit losses	8,005		—		—		—		8,005
Less: (1)
Salaries, benefits and commissions	36,828		8,858		7,263		9,413		62,362
Net occupancy	4,470		250		333		539		5,592
Equipment	1,876		20		52		217		2,165
Data processing	5,157		727		288		2,600		8,772
Professional fees	1,176		510		29		1,679		3,394
Marketing and advertising	494		58		22		277		851
Deposit insurance premiums	2,225		—		—		—		2,225
Intangible expense	96		—		165		—		261
Other segment items (2)	10,906		1,074		386		1,672		14,038
Intersegment expense (revenue) (3)	13,085		259		234		(13,578)		—
Income (loss) before income taxes	$	52,701	$	3,775	$	3,404	$	(7,307)	$	52,573
Income tax expense (benefit)	10,444		764		756		(1,764)		10,200
Net income (loss)	$	42,257	$	3,011	$	2,648	$	(5,543)	$	42,373
Net capital expenditures	$	2,350	$	9	$	30	$	598	$	2,987

	Six Months Ended
	June 30, 2024
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	198,386	$	37	$	—	$	18	$	198,441
Interest expense	91,384		—		—		4,563		95,947
Net interest income (expense)	107,002		37		—		(4,545)		102,494
Noninterest income	19,973		14,105		12,474		23		46,575
Total revenue	126,975		14,142		12,474		(4,522)		149,069
Provision for credit losses	2,139		—		—		—		2,139
Less: (1)
Salaries, benefits and commissions	37,132		8,689		6,821		8,883		61,525
Net occupancy	4,742		159		318		332		5,551
Equipment	2,006		20		46		127		2,199
Data processing	6,580		729		259		1,088		8,656
Professional fees	1,527		270		32		1,325		3,154
Marketing and advertising	433		106		16		576		1,131
Deposit insurance premiums	2,233		—		—		—		2,233
Intangible expense	157		—		218		—		375
Other segment items (2)	10,218		1,309		330		2,101		13,958
Intersegment expense (revenue) (3)	11,164		104		247		(11,515)		—
Income (loss) before income taxes	$	48,644	$	2,756	$	4,187	$	(7,439)	$	48,148
Income tax expense (benefit)	9,692		711		925		(1,592)		9,736
Net income (loss)	$	38,952	$	2,045	$	3,262	$	(5,847)	$	38,412
Net capital expenditures	$	(778)	$	11	$	67	$	107	$	(593)

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(2) Other segment items for each reportable segment includes:

Banking - loan and lease financing related fees, deposit and card service fees, and certain overhead expenses.

Wealth Management - referral fees, clearing broker fees, and certain overhead expenses.

Insurance - certain overhead expenses.

Other - Board of Director fees, retirement costs, and certain overhead expenses.

(3) Includes an allocation of general and administrative expenses from both the parent holding company and the Bank.

The following tables show significant components of segment net assets as of June 30, 2025 and December 31, 2024.

	At June 30, 2025
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Other segment disclosures:
Cash and cash equivalents	$	74,289	$	51,968	$	34,108	$	—	$	160,365
Loans and leases, including loans held for sale, net of allowance for credit losses	6,731,970		—		—		—		6,731,970
Goodwill	138,476		15,434		21,600		—		175,510
Other segment assets	841,531		2,606		2,844		24,230		871,211
Total segment assets	$	7,786,266	$	70,008	$	58,552	$	24,230	$	7,939,056

	At December 31, 2024
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Other segment disclosures:
Cash and cash equivalents	$	247,023	$	50,149	$	31,672	$	—	$	328,844
Loans and leases, including loans held for sale, net of allowance for credit losses	6,756,145		—		—		—		6,756,145
Goodwill	138,476		15,434		21,600		—		175,510
Other segment assets	839,359		3,485		2,828		22,246		867,918
Total segment assets	$	7,981,003	$	69,068	$	56,100	$	22,246	$	8,128,417