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Note 12 - Segment Reporting
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 12 – Segment Reporting

 

The Company has determined that it has two reportable segments: community banking and mortgage banking. The Company's operating segments are presented based on its management structure and management accounting practices. The structure and practices are specific to the Company and therefore, the financial results of the Company's business segments are not necessarily comparable with similar information for other financial institutions.

 

Community Banking

 

The community banking segment provides consumer and business banking products and services to customers primarily within Southeastern Wisconsin.  Within this segment, the following products and services are provided:  (1) lending solutions such as residential mortgages, home equity loans and lines of credit, personal and installment loans, real estate financing, business loans, and business lines of credit; (2) deposit and transactional solutions such as checking, credit, debit and pre-paid cards, online banking and bill pay, and money transfer services; (3) investable funds solutions such as savings, money market deposit accounts, IRA accounts, certificates of deposit, and (4) fixed and variable annuities, insurance as well as trust and investment management accounts.

 

Consumer products include loan and deposit products: mortgage, home equity loans and lines, personal term loans, demand deposit accounts, interest bearing transaction accounts and time deposits. Consumer products also include personal investment services. Business banking products include secured and unsecured lines and term loans for working capital, inventory and general corporate use, commercial real estate construction loans, demand deposit accounts, interest bearing transaction accounts and time deposits.

 

Mortgage Banking

 

The mortgage banking segment provides residential mortgage loans for the primary purpose of sale on the secondary market. Mortgage banking products and services are provided by offices in 28 states with the ability to lend in 48 states.

 

The Company’s chief executive officer has been identified as the chief operating decision maker (“CODM”). Selected financial and descriptive information is reported to the CODM. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The CODM uses the Community Banking and Mortgage Banking segment's net interest income, non-interest income, non-interest expense, and pre-tax income for making operating decisions, allocating resources (including employees, financial, or capital resources), and assessing performance. Based on the reviews of these two segments and other company-wide initiatives, the CODM is informed about allocation of resources to the Holding Company and Other segment.

 

Presented below is the segment information:

 

  

As of or for the three months ended June 30, 2025

 
          

Holding

     
  

Community

  

Mortgage

  

Company and

     
  

Banking

  

Banking

  

Other

  

Consolidated

 
  

(In Thousands)

 
                 

Net interest income

 $13,640  $53  $15  $13,708 

Provision (credit) for credit losses

  (19)  10   -   (9)

Net interest income after provision (credit) for credit losses

  13,659   43   15   13,717 
                 

Noninterest income:

  1,686   22,643   -   24,329 
                 

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

  5,027   16,312   (218)  21,121 

Occupancy, office furniture and equipment

  920   833   -   1,753 

Advertising

  219   527   -   746 

Data processing

  806   507   -   1,313 

Communications

  99   158   -   257 

Professional fees

  196   303   1   500 

Real estate owned

  (8)  -   -   (8)

Loan processing expense

  -   817   -   817 

Other

  466   1,230   182   1,878 

Total noninterest expenses

  7,725   20,687   (35)  28,377 

Income before income tax expense

  7,620   1,999   50   9,669 

Income tax expense

  1,400   531   11   1,942 

Net income

 $6,220  $1,468  $39  $7,727 
                 

Total Assets

 $2,480,038  $197,497  $(420,975) $2,256,560 

 

  

As of or for the three months ended June 30, 2024

 
          

Holding

     
  

Community

  

Mortgage

  

Company and

     
  

Banking

  

Banking

  

Other

  

Consolidated

 
  

(In Thousands)

 
                 

Net interest income (expense)

 $11,234  $(552) $(3) $10,679 

Provision (credit) for credit losses

  (279)  54   -   (225)

Net interest income (expense) after provision (credit) for credit losses

  11,513   (606)  (3)  10,904 
                 

Noninterest income:

  1,491   25,081   (75)  26,497 
                 

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

  5,116   16,886   (240)  21,762 

Occupancy, office furniture and equipment

  983   1,046   -   2,029 

Advertising

  229   758   -   987 

Data processing

  687   549   6   1,242 

Communications

  72   168   -   240 

Professional fees

  177   569   12   758 

Real estate owned

  1   -   -   1 

Loan processing expense

  -   861   -   861 

Other

  672   1,641   66   2,379 

Total noninterest expenses

  7,937   22,478   (156)  30,259 

Income before income tax expense

  5,067   1,997   78   7,142 

Income tax expense

  718   684   28   1,430 

Net income

 $4,349  $1,313  $50  $5,712 
                 

Total Assets

 $2,515,343  $262,326  $(488,055) $2,289,614 

 

  

As of or for the six months ended June 30, 2025

 
          

Holding

     
  

Community

  

Mortgage

  

Company and

     
  

Banking

  

Banking

  

Other

  

Consolidated

 
  

(In Thousands)

 
                 

Net interest income

 $26,043  $205  $36  $26,284 

Provision (credit) for credit losses

  (537)  (30)  -   (567)

Net interest income after provision (credit) for credit losses

  26,580   235   36   26,851 
                 

Noninterest income:

  3,034   38,374   18   41,426 
                 

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

  10,239   28,366   (437)  38,168 

Occupancy, office furniture and equipment

  1,996   1,686   -   3,682 

Advertising

  390   1,079   -   1,469 

Data processing

  1,518   1,005   2   2,525 

Communications

  199   293   -   492 

Professional fees

  543   1,676   17   2,236 

Real estate owned

  (18)  -   -   (18)

Loan processing expense

  -   1,737   -   1,737 

Other

  1,062   2,981   393   4,436 

Total noninterest expenses

  15,929   38,823   (25)  54,727 

Income (loss) before income tax expense (benefit)

  13,685   (214)  79   13,550 

Income tax expense (benefit)

  2,827   (57)  17   2,787 

Net income (loss)

 $10,858  $(157) $62  $10,763 

 

  

As of or for the six months ended June 30, 2024

 
          

Holding

     
  

Community

  

Mortgage

  

Company and

     
  

Banking

  

Banking

  

Other

  

Consolidated

 
  

(In Thousands)

 
                 

Net interest income (loss)

 $22,832  $(1,093) $77  $21,816 

Provision (credit) for credit losses

  (174)  16   -   (158)

Net interest income (expense) after provision (credit) for credit losses

  23,006   (1,109)  77   21,974 
                 

Noninterest income:

  2,481   45,409   (145)  47,745 
                 

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

  10,476   31,642   (480)  41,638 

Occupancy, office furniture and equipment

  1,983   2,154   -   4,137 

Advertising

  403   1,498   -   1,901 

Data processing

  1,380   1,057   11   2,448 

Communications

  137   329   -   466 

Professional fees

  385   1,089   27   1,501 

Real estate owned

  14   -   -   14 

Loan processing expense

  -   1,907   -   1,907 

Other

  1,363   2,258   176   3,797 

Total noninterest expenses

  16,141   41,934   (266)  57,809 

Income before income tax expense

  9,346   2,366   198   11,910 

Income tax expense

  2,357   755   48   3,160 

Net income

 $6,989  $1,611  $150  $8,750