Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company's reportable segment is determined by the Chief Operating Decision Maker (“CODM”), based upon information provided about the Company's products and services offered, primarily banking operations, originating loans and offering a variety of deposit products. The segment is also distinguished by the level of information provided by the CODM, who uses such information to review performance of various components of the business (such as branches) which are then aggregated if operating performance, products and services, and customers are similar. The CODM will evaluate the performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The CODM uses the revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income 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 and investments provide the revenues in the banking operations. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operations. The Company's operations are all domestic.

Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of significant segment totals to the consolidated financial statements.

	Banking Segment
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Interest income	$	62,946	$	59,318	$	185,463	$	178,186
Reconciliation of revenue
Other revenues - non-interest income	4,726		3,578		12,274		9,818
Total consolidated revenues	67,672		62,896		197,737		188,004
Less:
Interest expense	28,434		31,089		84,764		93,386
Segment net interest income and non-interest income	39,238		31,807		112,973		94,618
Less:
Compensation and employee benefits	13,522		11,424		39,025		37,577
Provision for credit losses	1,069		2,542		5,737		2,339
Other segment items (1) (2) (3)	9,860		8,954		28,762		28,126
Income tax expense	4,036		2,364		11,251		7,882
Segment expenses	28,487		25,284		84,775		75,924
Segment net income	$	10,751	$	6,523	$	28,198	$	18,694
Segment assets	$	5,725,503	$	5,730,851	$	5,725,503	$	5,730,851
Total consolidated assets	$	5,725,503	$	5,730,851	$	5,725,503	$	5,730,851

(1) Other segment items include occupancy, furniture and equipment, data processing, professional fees, advertising, FDIC insurance and other miscellaneous expenses.

(2) Includes depreciation expense of $800,000 and $2.4 million for the three and nine months ended September 30, 2025, respectively, and $875,000 and $2.7 million for the three and nine months ended September 30, 2024, respectively.

(3) Includes amortization expense of $2.4 million and $7.3 million for the three and nine months ended September 30, 2025, respectively, and $2.3 million and $4.5 million for the three and nine months ended September 30, 2024, respectively.