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Reportable Segments
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2020 and June 30, 2019.

 

(Dollars in thousands)  Commercial       Investment             
Six months ended June 30, 2020  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                               
Dividend and Interest Income  $20,644   $732   $—   $2,129   $(2,129)  $21,376 
Interest expense   1,903    —    —    313    —    2,216 
Net interest income  $18,741   $732   $—   $1,816   $(2,129)  $19,160 
Provision for loan losses   2,325    —    —    —    —    2,325 
Noninterest income   2,456    2,554    1,305    —    —    6,315 
Noninterest expense   14,713    2,276    924    256    —    18,169 
Net income before taxes  $4,159   $1,010   $381   $1,560   $(2,129)  $4,981 
Income tax provision (benefit)   1,089    —    —    (119)   —    970 
Net income (loss)  $3,070   $1,010   $381   $1,679   $(2,129)  $4,011 
                               
(Dollars in thousands)  Commercial       Investment             
Six months ended June 30, 2019  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                               
Dividend and Interest Income  $20,480   $488   $—   $3,042   $(3,030)  $20,980 
Interest expense   2,449    —    —    395    —    2,844 
Net interest income  $18,031   $488   $—   $2,647   $(3,030)  $18,136 
Provision for loan losses   114    —    —    —    —    114 
Noninterest income   2,686    2,082    927    —    —    5,695 
Noninterest expense   14,170    1,755    862    176    —    16,963 
Net income before taxes  $6,433   $815   $65   $2,471   $(3,030)  $6,754 
Income tax provision (benefit)   1,517    —    —    (139)   —    1,378 
Net income (loss)  $4,916   $815   $65   $2,610   $(3,030)  $5,376 

Note 8—Reportable Segments-continued

(Dollars in thousands)  Commercial       Investment             
Three months ended June 30, 2020  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                               
Dividend and Interest Income  $10,234   $432   $—   $1,061   $(1,061)  $10,666 
Interest expense   778    —    —    145    —    923 
Net interest income  $9,456   $432   $—   $916   $(1,061)  $9,743 
Provision for loan losses   1,250    —    —    —    —    1,250 
Noninterest income   1,144    1,572    671    —    —    3,387 
Noninterest expense   7,218    1,312    457    144    —    9,131 
Net income before taxes  $2,132   $692   $214   $772   $(1,061)  $2,749 
Income tax provision (benefit)   592    —    —    (60)   —    532 
Net income  $1,540   $692   $214   $832   $(1,061)  $2,217 
                               
(Dollars in thousands)  Commercial       Investment             
Three months ended June 30, 2019  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                               
Dividend and Interest Income  $10,355   $251   $—   $2,025   $(2,025)  $10,606 
Interest expense   1,293    —    —    197    —    1,490 
Net interest income  $9,062   $251   $—   $1,828   $(2,025)  $9,116 
Provision for loan losses   9    —    —    —    —    9 
Noninterest income   1,458    1,238    490    —    —    3,186 
Noninterest expense   7,146    951    447    96    —    8,640 
Net income before taxes  $3,365   $538   $43   $1,732   $(2,025)  $3,653 
Income tax provision (benefit)   832    —    —    (60)   —    772 
Net income  $2,533   $538   $43   $1,792   $(2,025)  $2,881 

 

   Commercial       Investment             
(Dollars in thousands)  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
Total Assets as of June 30, 2020  $1,274,054   $50,046   $2   $133,280   $(132,582)  $1,324,800 
Total Assets as of December 31, 2019  $1,143,934   $25,673   $2   $132,890   $(132,220)  $1,170,279