Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

23. SEGMENT INFORMATION

The Company's reportable segment is determined by the Chief Executive Officer who is the designated chief operating decision maker, based upon information about the Company's banking products and services offered. The segment is also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business, such as branches and products offered, which are then aggregated if operating performance, products and services, and customers are similar. The chief operating decision maker will evaluate the financial performance of the Company's business components by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's reportable segment and in the determination of allocating resources. The chief operating decision maker uses revenue streams to evaluate product pricing and significant expenses to assess performance and return on assets. The chief operating decision maker uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with the monitoring of budget to actual results are used in assessment performance and in establishing compensation. Interest income on loans and investments primarily provide the revenues in the banking segment. Interest expense on deposits and borrowings, provisions for credit losses, and payroll provide significant expenses in the banking operation.

Accounting policies for segments are the same as those described in Note 1. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the chief operating decision maker follows, inclusive of reconciliations of segment totals to the financial statements.

	For the year ended December 31,
(In thousands)	2024		2023
Interest Income	$	158,724	$	65,198
Reconciliation of revenue
Other revenues		8,862		1,087
Total consolidated revenues	$	167,586	$	66,285
Interest Expense		58,830		26,487
Segment net interest income and noninterest income	$	108,756	$	39,798
Provision for credit losses		257		9,295
Salaries and employee benefits		41,061		20,612
Other Expenses		41,229		21,859
Consolidated net income (loss)	$	26,209	$	(11,968	)
Other segment disclosures
Interest income	$	158,724	$	65,198
Interest expense	$	58,830	$	26,487
Depreciation	$	1,892	$	1,121
Amortization	$	4,778	$	663
Other significant noncash items:
Provision for credit loss	$	257	$	9,295
Total consolidated assets	$	2,878,778	$	2,669,325