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Segment Reporting | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment Reporting | Note 22 – Segment Reporting We have identified five reportable segments: CoRe banking; mortgage banking; professional services; Edge Ventures; and financial holding company. Revenue from CoRe banking activities consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. Our Fintech division is included in the CoRe banking segment. Revenue from our mortgage banking segment is primarily comprised of our share of net income or loss from mortgage banking activities of our equity method investments in ICM and Warp Speed. As we have elected to record our proportionate share of earnings of Warp Speed on three month lag, results of Warp Speed are not included in the tables below. Professional services is the aggregate of Chartwell, Trabian and Paladin Fraud. Revenue from these operating segments is made up of primarily of professional consulting income to banks and Fintech companies. Edge Ventures is the aggregate of Victor, MVB Technology, Flexia and the Edge Ventures holding company. Information about the reportable segments and reconciliation to the consolidated financial statements for the years ended December 31, 2022, 2021 and 2020 are as follows:
|  | 2022 |  |
(Dollars in thousands) |  | CoRe Banking |  | Mortgage Banking |  | Professional Services |  | Edge Ventures |  | Financial Holding Company |  | Intercompany Eliminations |  | Consolidated
Interest income |  | $ | 125,426 |  |  | $ | 429 |  |  | $ | — |  |  | $ | — |  |  | $ | 146 |  |  | $ | (44) |  |  | $ | 125,957 |
Interest expense |  | $ | 10,920 |  |  | $ | — |  |  | $ | 39 |  |  | $ | 5 |  |  | $ | 3,234 |  |  | $ | (44) |  |  | $ | 14,154 |
Net interest income (expense) |  | $ | 114,506 |  |  | $ | 429 |  |  | $ | (39) |  |  | $ | (5) |  |  | $ | (3,088) |  |  | $ | — |  |  | $ | 111,803 |
Provision for loan losses |  | $ | 14,194 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,194 |
Net interest income (expense) after provision for loan losses |  | $ | 100,312 |  |  | $ | 429 |  |  | $ | (39) |  |  | $ | (5) |  |  | $ | (3,088) |  |  | $ | — |  |  | $ | 97,609 |
Noninterest income |  | $ | 22,673 |  |  | $ | 37 |  |  | $ | 22,812 |  |  | $ | 459 |  |  | $ | 10,576 |  |  | $ | (18,263) |  |  | $ | 38,294 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | $ | 36,960 |  |  | $ | 8 |  |  | $ | 15,276 |  |  | $ | 3,336 |  |  | $ | 16,582 |  |  | $ | — |  |  | $ | 72,162 |
Other expenses |  | $ | 44,873 |  |  | $ | 142 |  |  | $ | 5,233 |  |  | $ | 5,192 |  |  | $ | 8,049 |  |  | $ | (18,263) |  |  | $ | 45,226 |
Total noninterest expenses |  | $ | 81,833 |  |  | $ | 150 |  |  | $ | 20,509 |  |  | $ | 8,528 |  |  | $ | 24,631 |  |  | $ | (18,263) |  |  | $ | 117,388 |
Income (loss) before income taxes |  | $ | 41,152 |  |  | $ | 316 |  |  | $ | 2,264 |  |  | $ | (8,074) |  |  | $ | (17,143) |  |  | $ | — |  |  | $ | 18,515 |
Income taxes |  | $ | 8,882 |  |  | $ | 77 |  |  | $ | 567 |  |  | $ | (1,926) |  |  | $ | (3,472) |  |  | $ | — |  |  | $ | 4,128 |
Net income (loss) |  | $ | 32,270 |  |  | $ | 239 |  |  | $ | 1,697 |  |  | $ | (6,148) |  |  | $ | (13,671) |  |  | $ | — |  |  | $ | 14,387 |
Net loss attributable to noncontrolling interest |  | $ | — |  |  | $ | — |  |  | $ | 207 |  |  | $ | 453 |  |  | $ | — |  |  | $ | — |  |  | $ | 660 |
Net income (loss) available to common shareholders |  | $ | 32,270 |  |  | $ | 239 |  |  | $ | 1,904 |  |  | $ | (5,695) |  |  | $ | (13,671) |  |  | $ | — |  |  | $ | 15,047 |
Capital expenditures for the year ended December 31, 2022 |  | $ | 400 |  |  | $ | — |  |  | $ | 26 |  |  | $ | 2,202 |  |  | $ | 413 |  |  | $ | — |  |  | $ | 3,041 |
Total assets as of December 31, 2022 |  | $ | 3,014,475 |  |  | $ | 34,248 |  |  | 14,817 |  |  | 12,258 |  |  | $ | 375,171 |  |  | $ | (382,119) |  |  | $ | 3,068,850 |
Goodwill as of December 31, 2022 |  | $ | — |  |  | $ | — |  |  | 3,988 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,988 |
|  | 2021 |  |
(Dollars in thousands) |  | CoRe Banking |  | Mortgage Banking |  | Professional Services |  | Edge Ventures |  | Financial Holding Company |  | Intercompany Eliminations |  | Consolidated
Interest income |  | $ | 83,023 |  |  | $ | 411 |  |  | $ | (8) |  |  | $ | — |  |  | $ | 15 |  |  | $ | (12) |  |  | $ | 83,429 |
Interest expense |  | $ | 4,078 |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |  | $ | 2,188 |  |  | $ | (12) |  |  | $ | 6,270 |
Net interest income (expense) |  | $ | 78,945 |  |  | $ | 411 |  |  | $ | (24) |  |  | $ | — |  |  | $ | (2,173) |  |  | $ | — |  |  | $ | 77,159 |
Provision for loan losses |  | $ | (6,274) |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (6,275) |
Net interest income (expense) after provision for loan losses |  | $ | 85,219 |  |  | $ | 412 |  |  | $ | (24) |  |  | $ | — |  |  | $ | (2,173) |  |  | $ | — |  |  | $ | 83,434 |
Noninterest income |  | $ | 33,179 |  |  | $ | 16,342 |  |  | $ | 14,931 |  |  | $ | 71 |  |  | $ | 11,103 |  |  | $ | (13,030) |  |  | $ | 62,596 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | $ | 33,595 |  |  | $ | — |  |  | $ | 10,949 |  |  | $ | 1,962 |  |  | $ | 13,704 |  |  | $ | — |  |  | $ | 60,210 |
Other expenses |  | $ | 37,033 |  |  | $ | 16 |  |  | $ | 4,095 |  |  | $ | 2,555 |  |  | $ | 6,573 |  |  | $ | (13,030) |  |  | $ | 37,242 |
Total noninterest expenses |  | $ | 70,628 |  |  | $ | 16 |  |  | $ | 15,044 |  |  | $ | 4,517 |  |  | $ | 20,277 |  |  | $ | (13,030) |  |  | $ | 97,452 |
Income (loss) before income taxes |  | $ | 47,770 |  |  | $ | 16,738 |  |  | $ | (137) |  |  | $ | (4,446) |  |  | $ | (11,347) |  |  | $ | — |  |  | $ | 48,578 |
Income taxes |  | $ | 9,154 |  |  | $ | 4,068 |  |  | $ | (105) |  |  | $ | (1,144) |  |  | $ | (2,091) |  |  | $ | — |  |  | $ | 9,882 |
Net income (loss) |  | $ | 38,616 |  |  | $ | 12,670 |  |  | $ | (32) |  |  | $ | (3,302) |  |  | $ | (9,256) |  |  | $ | — |  |  | $ | 38,696 |
Net loss attributable to noncontrolling interest |  | $ | — |  |  | $ | — |  |  | $ | 210 |  |  | $ | 215 |  |  | $ | — |  |  | $ | — |  |  | $ | 425 |
Net income (loss) attributable to parent |  | $ | 38,616 |  |  | $ | 12,670 |  |  | $ | 178 |  |  | $ | (3,087) |  |  | $ | (9,256) |  |  | $ | — |  |  | $ | 39,121 |
Preferred stock dividends |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35 |  |  | $ | — |  |  | $ | 35 |
Net income (loss) available to common shareholders |  | $ | 38,616 |  |  | $ | 12,670 |  |  | $ | 178 |  |  | $ | (3,087) |  |  | $ | (9,291) |  |  | $ | — |  |  | $ | 39,086 |
Capital expenditures for the year ended December 31, 2021 |  | $ | 2,590 |  |  | $ | — |  |  | $ | 2,731 |  |  | $ | — |  |  | $ | 43 |  |  | $ | — |  |  | $ | 5,364 |
Total assets as of December 31, 2021 |  | $ | 2,804,840 |  |  | $ | 50,202 |  |  | $ | 13,210 |  |  | $ | 9,914 |  |  | $ | 363,971 |  |  | $ | (449,688) |  |  | $ | 2,792,449 |
Goodwill as of December 31, 2021 |  | $ | — |  |  | $ | — |  |  | $ | 3,988 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,988 |
|  | 2020 |  |
(Dollars in thousands) |  | CoRe Banking |  | Mortgage Banking |  | Professional Services |  | Edge Ventures |  | Financial Holding Company |  | Intercompany Eliminations |  | Consolidated
Interest income |  | $ | 75,812 |  |  | $ | 6,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | (1,631) |  |  | $ | 80,453 |
Interest expense |  | $ | 10,400 |  |  | $ | 3,139 |  |  | $ | — |  |  | $ | — |  |  | $ | 261 |  |  | $ | (2,173) |  |  | $ | 11,627 |
Net interest income (expense) |  | $ | 65,412 |  |  | $ | 3,130 |  |  | $ | — |  |  | $ | — |  |  | $ | (258) |  |  | $ | 542 |  |  | $ | 68,826 |
Provision for loan losses |  | $ | 16,649 |  |  | $ | (70) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,579 |
Net interest income (expense) after provision for loan losses |  | $ | 48,763 |  |  | $ | 3,200 |  |  | $ | — |  |  | $ | — |  |  | $ | (258) |  |  | $ | 542 |  |  | $ | 52,247 |
Noninterest income |  | $ | 24,420 |  |  | $ | 63,490 |  |  | $ | 5,909 |  |  | $ | — |  |  | $ | 6,685 |  |  | $ | (8,667) |  |  | $ | 91,837 |
Noninterest Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  | $ | 25,808 |  |  | $ | 21,550 |  |  | $ | 2,993 |  |  | $ | — |  |  | $ | 11,278 |  |  | $ | — |  |  | $ | 61,629 |
Other expenses |  | $ | 31,389 |  |  | $ | 5,074 |  |  | $ | 1,909 |  |  | $ | — |  |  | $ | 5,265 |  |  | $ | (8,125) |  |  | $ | 35,512 |
Total noninterest expenses |  | $ | 57,197 |  |  | $ | 26,624 |  |  | $ | 4,902 |  |  | $ | — |  |  | $ | 16,543 |  |  | $ | (8,125) |  |  | $ | 97,141 |
Income (loss) before income taxes |  | $ | 15,986 |  |  | $ | 40,066 |  |  | $ | 1,007 |  |  | $ | — |  |  | $ | (10,116) |  |  | $ | — |  |  | $ | 46,943 |
Income taxes |  | $ | 1,479 |  |  | $ | 9,862 |  |  | $ | 273 |  |  | $ | — |  |  | $ | (2,082) |  |  | $ | — |  |  | $ | 9,532 |
Net income (loss) attributable to parent |  | $ | 14,507 |  |  | $ | 30,204 |  |  | $ | 734 |  |  | $ | — |  |  | $ | (8,034) |  |  | $ | — |  |  | $ | 37,411 |
Preferred stock dividends |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 461 |  |  | $ | — |  |  | $ | 461 |
Net income (loss) available to common shareholders |  | $ | 14,507 |  |  | $ | 30,204 |  |  | $ | 734 |  |  | $ | — |  |  | $ | (8,495) |  |  | $ | — |  |  | $ | 36,950 |
Capital expenditures for the year ended December 31, 2020 |  | $ | 6,439 |  |  | $ | 99 |  |  | $ | — |  |  | $ | — |  |  | $ | 77 |  |  | $ | — |  |  | $ | 6,615 |

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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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