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Note 12 - Segment Reporting
 9 Months Ended
Sep. 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 September 30, 2025

 
          

Holding

     
  

Community

  

Mortgage

  

Company and

     
  

Banking

  

Banking

  

Other

  

Consolidated

 
  

(In Thousands)

 
                 

Net interest income

 $14,617  $103  $19  $14,739 

Provision (credit) for credit losses

  (276)  7   -   (269)

Net interest income after provision (credit) for credit losses

  14,893   96   19   15,008 
                 

Noninterest income:

  1,359   20,985   (42)  22,302 
                 

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

  5,036   15,716   (218)  20,534 

Occupancy, office furniture and equipment

  907   781   -   1,688 

Advertising

  213   499   -   712 

Data processing

  733   475   2   1,210 

Communications

  108   141   -   249 

Professional fees

  200   180   -   380 

Real estate owned

  4   -   -   4 

Loan processing expense

  -   688   -   688 

Other

  617   1,271   113   2,001 

Total noninterest expenses

  7,818   19,751   (103)  27,466 

Income before income tax expense

  8,434   1,330   80   9,844 

Income tax expense

  1,518   382   18   1,918 

Net income

 $6,916  $948  $62  $7,926 
                 

Total Assets

 $2,501,480  $169,697  $(402,008) $2,269,169 

 

  

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

 
          

Holding

     
  

Community

  

Mortgage

  

Company and

     
  

Banking

  

Banking

  

Other

  

Consolidated

 
  

(In Thousands)

 
                 

Net interest income (expense)

 $12,250  $(760) $27  $11,517 

Provision (credit) for credit losses

  (302)  (75)  -   (377)

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

  12,552   (685)  27   11,894 
                 

Noninterest income:

  1,227   21,386   (61)  22,552 
                 

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

  5,326   15,930   (239)  21,017 

Occupancy, office furniture and equipment

  904   953   -   1,857 

Advertising

  311   615   -   926 

Data processing

  720   570   7   1,297 

Communications

  80   152   -   232 

Professional fees

  190   379   -   569 

Real estate owned

  -   -   -   - 

Loan processing expense

  -   697   -   697 

Other

  602   1,261   102   1,965 

Total noninterest expenses

  8,133   20,557   (130)  28,560 

Income before income tax expense

  5,646   144   96   5,886 

Income tax expense

  941   194   23   1,158 

Net income (loss)

 $4,705  $(50) $73  $4,728 
                 

Total Assets

 $2,472,126  $193,726  $(421,516) $2,244,336 

 

  

As of or for the nine months ended September 30, 2025

 
          

Holding

     
  

Community

  

Mortgage

  

Company and

     
  

Banking

  

Banking

  

Other

  

Consolidated

 
  

(In Thousands)

 
                 

Net interest income

 $40,660  $308  $55  $41,023 

Provision (credit) for credit losses

  (813)  (23)  -   (836)

Net interest income after provision (credit) for credit losses

  41,473   331   55   41,859 
                 

Noninterest income:

  4,393   59,359   (24)  63,728 
                 

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

  15,275   44,082   (655)  58,702 

Occupancy, office furniture and equipment

  2,903   2,467   -   5,370 

Advertising

  603   1,578   -   2,181 

Data processing

  2,251   1,480   4   3,735 

Communications

  307   434   -   741 

Professional fees

  743   1,856   17   2,616 

Real estate owned

  (14)  -   -   (14)

Loan processing expense

  -   2,425   -   2,425 

Other

  1,679   4,252   506   6,437 

Total noninterest expenses

  23,747   58,574   (128)  82,193 

Income before income tax expense

  22,119   1,116   159   23,394 

Income tax expense

  4,345   325   35   4,705 

Net income

 $17,774  $791  $124  $18,689 

 

  

As of or for the nine months ended September 30, 2024

 
          

Holding

     
  

Community

  

Mortgage

  

Company and

     
  

Banking

  

Banking

  

Other

  

Consolidated

 
  

(In Thousands)

 
                 

Net interest income (expense)

 $35,082  $(1,853) $104  $33,333 

Provision (credit) for credit losses

  (476)  (59)  -   (535)

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

  35,558   (1,794)  104   33,868 
                 

Noninterest income:

  3,708   66,795   (206)  70,297 
                 

Noninterest expenses:

                

Compensation, payroll taxes, and other employee benefits

  15,802   47,572   (719)  62,655 

Occupancy, office furniture and equipment

  2,887   3,107   -   5,994 

Advertising

  714   2,113   -   2,827 

Data processing

  2,100   1,627   18   3,745 

Communications

  217   481   -   698 

Professional fees

  575   1,468   27   2,070 

Real estate owned

  14   -   -   14 

Loan processing expense

  -   2,604   -   2,604 

Other

  1,965   3,519   278   5,762 

Total noninterest expenses

  24,274   62,491   (396)  86,369 

Income before income tax expense

  14,992   2,510   294   17,796 

Income tax expense

  3,298   949   71   4,318 

Net income

 $11,694  $1,561  $223  $13,478