OPERATING SEGMENTS

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

OPERATING SEGMENTS

OPERATING SEGMENTS

The Company’s reportable segments are determined by the Chief Financial Officer, who is the designated chief operating decision maker, based upon information provided about the Company’s products and services offered, primarily distinguished between banking and mortgage banking operations. A third operating segment, Holding Company, is for the most part the parent holding company, as well as certain other insignificant non-bank subsidiaries of the parent that, for the most part have little activity. They are 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, which are then aggregated if operating performance, products/services, and customers are similar. The chief operating decision maker evaluates the financial performance of the Company’s business components such as evaluating revenue streams, significant expenses and budget to actual results, in assessing the performance of the Company’s reportable segments and in the determination of allocating resources. Segment pretax profit or loss is used to assess the performance of the banking segment by monitoring the margin between interest revenue and interest expense. Segment pretax profit or loss is used to assess the performance of the mortgage banking segment by monitoring the premium received on loan sales. Loans, investments, and deposits provide the revenues in the banking operation. Loans, and deposits provide the revenues in mortgage banking, and loan sales provide the revenues in mortgage banking. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operation, payroll expenses provide the significant expense in mortgage banking, and interest expense, employee benefits, and acquisition expenses provide the significant expenses for the holding company operations. All operations are domestic. Accounting policies for segments are the same as those described in Note 1. Segment performance is evaluated using income before income taxes. Indirect expenses are allocated

on revenue. Transactions among segments are made at fair value. Information reported internally for performance assessment by the chief operating decision maker follows, inclusive of reconciliations of significant segment totals to the financial statements.

The Company is considered to have three principal business segments in 2024, 2023, and 2022, the Commercial/Retail Bank, the Mortgage Banking Division, and the Holding Company.

($ in thousands)	Year Ended December 31, 2024
	Commercial/ Retail Bank		Mortgage Banking Division		Holding Company		Total Segments
Interest income	$	369,455	$	342	$	38	$	369,835
Interest expense	127,976		154		7,436		135,566
Net interest income (loss)	241,479		188		(7,398)		234,269
Provision (credit) for credit losses	3,790		—		—		3,790
Net interest income (loss) after provision for credit losses	237,689		188		(7,398)		230,479
Non-interest income:
Service charges on deposit accounts	13,899		6		—		13,905
Other service charges and fees	2,713		—		—		2,713
Interchange fees	17,914		—		—		17,914
Bank owned life insurance	3,804		—		16		3,820
Securities (loss) gain	(31)		—		—		(31)
Other	8,093		3,348		—		11,441
Total non-interest income	46,392		3,354		16		49,762
Non-interest expense:
Salaries	77,473		2,948		—		80,421
Employee benefits	14,598		1,533		5,601		21,732
Occupancy	18,468		62		—		18,530
Furniture and equipment	4,325		—		—		4,325
Professional and consulting fees	5,296		44		868		6,208
FDIC and OCC assessments	4,015		—		—		4,015
ATM expense	7,226		—		—		7,226
Bank communications and data processing	4,030		98		8		4,136
Acquisition expense/charter conversion	109		—		3,631		3,740
Amortization of core deposit intangible	9,533		—		—		9,533
Other	21,084		441		885		22,410
Total non-interest expense	166,157		5,126		10,993		182,276
Income (loss) before income taxes	117,924		(1,584)		(18,375)		97,965
Income tax (benefit) expense	25,821		(401)		(4,649)		20,771
Net income (loss)	$	92,103	$	(1,183)	$	(13,726)	$	77,194
Total Assets	$	7,979,880	$	10,136	$	14,762	$	8,004,778
Net Loans	5,350,874		3,839		—		5,354,713

($ in thousands)	Year Ended December 31, 2023
	Commercial/ Retail Bank		Mortgage Banking Division		Holding Company		Total Segments
Interest income	$	340,566	$	331	$	36	$	340,933
Interest expense	83,497		141		7,970		91,608
Net interest income (loss)	257,069		190		(7,934)		249,325
Provision (credit) for loan losses	14,500		—		—		14,500
Net interest income (loss) after provision for credit losses	242,569		190		(7,934)		234,825
Non-interest income:
Service charges on deposit accounts	14,175		—		—		14,175
Other service charges and fees	3,177		—		—		3,177
Interchange fees	18,914		—		—		18,914
Bank owned life insurance	3,303		—		16		3,319
Securities (loss) gain	(9,716)		—		—		(9,716)
Other	7,003		2,866		6,967		16,836
Total non-interest income	36,856		2,866		6,983		46,705
Non-interest expense:
Salaries	73,563		3,046		—		76,609
Employee benefits	12,252		1,416		3,135		16,803
Occupancy	17,304		77		—		17,381
Furniture and equipment	3,987		—		—		3,987
Professional and consulting fees	5,279		31		1,136		6,446
FDIC and OCC assessments	3,849		—		—		3,849
ATM expense	5,821		—		—		5,821
Bank communications and data processing	6,252		88		10		6,350
Acquisition expense/charter conversion	6,501		—		2,574		9,075
Amortization of core deposit intangible	9,563		—		—		9,563
Other	27,762		533		547		28,842
Total non-interest expense	172,133		5,191		7,402		184,726
Income (loss) before income taxes	107,292		(2,135)		(8,353)		96,804
Income tax (benefit) expense	23,892		(540)		(2,005)		21,347
Net income (loss)	$	83,400	$	(1,595)	$	(6,348)	$	75,457
Total Assets	$	7,971,373	$	10,058	$	17,914	$	7,999,345
Net Loans	5,114,434		4,490		—		5,118,924

($ in thousands)	Year Ended December 31, 2022
	Commercial/ Retail Bank		Mortgage Banking Division		Holding Company		Total Segments
Interest income	$	199,937	$	439	$	17	$	200,393
Interest expense	14,979		106		7,492		22,577
Net interest income (loss)	184,958		333		(7,475)		177,816
Provision (credit) for loan losses	5,605		—		—		5,605
Net interest income (loss) after provision for credit losses	179,353		333		(7,475)		172,211
Non-interest income:
Service charges on deposit accounts	8,575		93		—		8,668
Other service charges and fees	1,833		—		—		1,833
Interchange fees	12,702		—		—		12,702
Bank owned life insurance	1,998		—		103		2,101
Securities (loss) gain	(82)		—		—		(82)
Other	4,965		4,210		2,564		11,739
Total non-interest income	29,991		4,303		2,667		36,961
Non-interest expense:
Salaries	54,947		2,956		—		57,903
Employee benefits	10,135		1,925		3,114		15,174
Occupancy	12,752		102		—		12,854
Furniture and equipment	2,981		—		—		2,981
Professional and consulting fees	2,914		51		593		3,558
FDIC and OCC assessments	2,122		—		—		2,122
ATM expense	3,873		—		—		3,873
Bank communications and data processing	4,006		105		4		4,115
Acquisition expense/charter conversion	2,514		—		3,896		6,410
Amortization of core deposit intangible	4,664		—		—		4,664
Other	15,991		354		484		16,829
Total non-interest expense	116,899		5,493		8,091		130,483
Income (loss) before income taxes	92,445		(857)		(12,899)		78,689
Income tax (benefit) expense	19,250		(217)		(3,263)		15,770
Net income (loss)	$	73,195	$	(640)	$	(9,636)	$	62,919
Total Assets	$	6,428,889	$	18,194	$	14,634	$	6,461,717
Net Loans	3,734,659		5,024		—		3,739,683