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REPORTABLE SEGMENTS | 3 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
REPORTABLE SEGMENTS | Note 8—Reportable Segments The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning by management. The Company has four reportable segments:
| · | Commercial and retail banking: The Company’s primary business is to provide deposit and lending products and services to its commercial and retail customers.
| · | Mortgage banking: This segment provides mortgage origination services for loans that will be sold to investors in the secondary market.
| · | Investment advisory and non-deposit: This segment provides investment advisory services and non-deposit products.
| · | Corporate: This segment includes the parent company financial information, including interest on parent company debt and dividend income received from the Bank.
The following tables present selected financial information for the Company’s reportable business segments for the three months ended March 31, 2020 and March 31, 2019.
Three months ended March 31, 2020 |  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 10,404 |  |  | $ | 300 |  |  | $ | — |  |  | $ | 1,068 |  |  | $ | (1,062 | ) |  | $ | 10,710 |
Interest expense |  |  | 1,125 |  |  |  | — |  |  |  | — |  |  |  | 168 |  |  |  | — |  |  |  | 1,293 |
Net interest income |  | $ | 9,279 |  |  | $ | 300 |  |  | $ | — |  |  | $ | 900 |  |  | $ | (1,062 | ) |  | $ | 9,417 |
Provision for loan losses |  |  | 1,075 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,075 |
Noninterest income |  |  | 1,312 |  |  |  | 982 |  |  |  | 634 |  |  |  | — |  |  |  | — |  |  |  | 2,928 |
Noninterest expense |  |  | 7,495 |  |  |  | 963 |  |  |  | 468 |  |  |  | 112 |  |  |  | — |  |  |  | 9,038 |
Net income before taxes |  | $ | 2,021 |  |  | $ | 319 |  |  | $ | 166 |  |  | $ | 788 |  |  | $ | (1,062 | ) |  | $ | 2,232 |
Income tax provision (benefit) |  |  | 497 |  |  |  | — |  |  |  | — |  |  |  | (59 | ) |  |  | — |  |  |  | 438 |
Net income |  | $ | 1,524 |  |  | $ | 319 |  |  | $ | 166 |  |  | $ | 847 |  |  | $ | (1,062 | ) |  | $ | 1,794 |
Three months ended March 31, 2019 |  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 10,131 |  |  | $ | 237 |  |  | $ | — |  |  | $ | 1,017 |  |  | $ | (1,011 | ) |  | $ | 10,374 |
Interest expense |  |  | 1,156 |  |  |  | — |  |  |  | — |  |  |  | 198 |  |  |  | — |  |  |  | 1,354 |
Net interest income |  | $ | 8,975 |  |  | $ | 237 |  |  | $ | — |  |  | $ | 819 |  |  | $ | (1,011 | ) |  | $ | 9,020 |
Provision for loan losses |  |  | 105 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 105 |
Noninterest income |  |  | 1,227 |  |  |  | 844 |  |  |  | 438 |  |  |  | — |  |  |  | — |  |  |  | 2,509 |
Noninterest expense |  |  | 7,024 |  |  |  | 804 |  |  |  | 415 |  |  |  | 80 |  |  |  | — |  |  |  | 8,323 |
Net income before taxes |  | $ | 3,073 |  |  | $ | 277 |  |  | $ | 23 |  |  | $ | 739 |  |  | $ | (1,011 | ) |  | $ | 3,101 |
Income tax provision (benefit) |  |  | 685 |  |  |  | — |  |  |  | — |  |  |  | (79 | ) |  |  | — |  |  |  | 606 |
Net income |  | $ | 2,388 |  |  | $ | 277 |  |  | $ | 23 |  |  | $ | 818 |  |  | $ | (1,011 | ) |  | $ | 2,495 |
|  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Total Assets as of March 31, 2020 |  | $ | 1,156,598 |  |  | $ | 27,990 |  |  | $ | 4 |  |  | $ | 132,987 |  |  | $ | (132,272 | ) |  | $ | 1,185,307 |
Total Assets as of December 31, 2019 |  | $ | 1,143,934 |  |  | $ | 25,673 |  |  | $ | 2 |  |  | $ | 132,890 |  |  | $ | (132,220 | ) |  | $ | 1,170,279 |
|  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Total Assets as of March 31, 2019 |  | $ | 1,076,190 |  |  | $ | 20,486 |  |  | $ | 7 |  |  | $ | 130,121 |  |  | $ | (129,408 | ) |  | $ | 1,097,396 |
Total Assets as of December 31, 2018 |  | $ | 1,074,838 |  |  | $ | 16,078 |  |  | $ | 9 |  |  | $ | 129,992 |  |  | $ | (129,322 | ) |  | $ | 1,091,595 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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