v3.24.1.1.u2

Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segments

Segments

The Company’s reportable segments represent business units with discrete financial information whose results are regularly reviewed by management. The four segments include Commercial Banking, Capital Bank Home Loans (the Company’s mortgage loan division), OpenSky™ (the Company’s credit card division) and the Corporate Office.

Effective January 1, 2024, the Company allocated certain expenses previously recorded directly to the Commercial Bank segment to the other segments. These expenses are for shared services also consumed by OpenSky™, CBHL, and Corporate. The Company performs an allocation process based on several metrics the Company believes more accurately ascribe shared service overhead to each segment. The Company believes this reflects the cost of support for each segment that should be considered in assessing segment performance. Historical information has been recast to reflect financial information consistently with the 2024 presentation.

The following schedule presents financial information for each reportable segment at March 31, 2024 and March 31, 2023.

For the Three Months Ended March 31, 2024
(in thousands)						Commercial Bank						CBHL						OpenSky™						Corporate(2)						Eliminations						Consolidated
Interest income						$	32,529					$	83					$	14,921					$	899					$	(63)					$	48,369
Interest expense						13,154						41						—						229						(63)						13,361
Net interest income						19,375						42						14,921						670						—						35,008
Provision for credit losses						1,109						—						1,559						59						—						2,727
Provision for credit losses on unfunded commitments						142						—						—						—						—						142
Net interest income after provision						18,124						42						13,362						611						—						32,139
Noninterest income						704						1,352						3,915						1						—						5,972
Noninterest expense(1)						12,259						2,105						13,599						1,524						—						29,487
Net income (loss) before taxes						$	6,569					$	(711)					$	3,678					$	(912)					$	—					$	8,624
Total assets						$	2,160,051					$	10,785					$	105,318					$	281,766					$	(233,682)					$	2,324,238
For the Three Months Ended March 31, 2023
Interest income						$	26,300					$	77					$	16,130					$	978					$	(69)					$	43,416
Interest expense						8,739						30						—						229						(69)						8,929
Net interest income						17,561						47						16,130						749						—						34,487
(Release of) provision for credit losses						(161)						—						1,821						—						—						1,660
Release of credit losses on unfunded commitments						(19)						—						—						—						—						(19)
Net interest income after provision						17,741						47						14,309						749						—						32,846
Noninterest income						489						1,327						4,210						—						—						6,026
Noninterest expense(1)						11,759						2,336						11,738						389						—						26,222
Net income (loss) before taxes						$	6,471					$	(962)					$	6,781					$	360					$	—					$	12,650
Total assets						$	2,074,634					$	10,193					$	106,761					$	257,048					$	(203,350)					$	2,245,286

(1)     Noninterest expense includes $6.1 million and $5.9 million in data processing expense in OpenSky’s™ segment for the three months ended March 31, 2024 and 2023, respectively.

(2)    The Corporate segment invests idle cash in revenue producing assets including interest-bearing cash accounts, loan participations and other appropriate investments for the Company.

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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