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Reportable Segments
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Reportable Segments

NOTE 24 – Reportable Segments

The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning purposes by management. The three segments include Commercial and Retail Banking, Mortgage Banking, and Corporate Operations. The following schedule presents financial information for each reportable segment.

 

Year ended December 31, 2021

(dollars in thousands)

Commercial and Retail Banking

Mortgage Banking

Corporate Operations

Eliminations

Consolidated

Interest income

$

91,952

1,215

17

(17

)

93,167

Interest expense

3,929

-

1,523

(17

)

5,435

Net interest income (loss)

88,023

1,215

(1,506

)

-

87,732

Provision for loan losses

(12,400

)

-

-

-

(12,400)

Noninterest income

5,725

11,376

-

-

17,101

Noninterest expense

47,392

8,753

285

-

56,430

Net income (loss) before taxes

58,756

3,838

(1,791

)

-

60,803

Income tax provision (benefit)

13,662

806

(376

)

-

14,092

Net income (loss)

$

45,094

3,032

(1,415

)

-

46,711

Total assets

$

2,899,047

26,076

314,281

(313,856

)

2,925,548

Year ended December 31, 2020

Commercial

and Retail

Banking

Mortgage

Banking

Corporate

Operations

Eliminations

Consolidated

Interest income

$

93,640

1,178

17

(17

)

94,818

Interest expense

13,317

-

1,708

(17

)

15,008

Net interest income (loss)

80,323

1,178

(1,691

)

-

79,810

Provision for loan losses

29,600

-

-

-

29,600

Noninterest income

7,568

19,785

-

-

27,353

Noninterest expense

43,563

9,898

283

-

53,744

Net income (loss) before taxes

14,728

11,065

(1,974

)

-

23,819

Income tax expense (benefit)

3,582

2,324

(415

)

-

5,491

Net income (loss)

$

11,146

8,741

(1,559

)

-

18,328

Total assets

$

2,419,245

62,910

264,566

(264,134

)

2,482,587

Commercial and retail banking. The Company’s primary business is to provide traditional deposit and lending products and services to its commercial and retail banking clients.

Mortgage banking. The mortgage banking segment provides mortgage loan origination services for loans that will be sold in the secondary market to investors.

Corporate operations. Corporate operations is comprised primarily of compensation and benefits for certain members of management and interest on parent company debt.