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Reportable Segments
 9 Months Ended
Sep. 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 nine months ended September 30, 2020 and September 30, 2019.

 

(Dollars in thousands)   Commercial           Investment                    
Nine months ended September 30, 2020   and Retail     Mortgage     advisory and                    
    Banking     Banking     non-deposit     Corporate     Eliminations     Consolidated  
                                                 
Dividend and Interest Income   $ 31,112     $ 1,240     $ —     $ 3,167     $ (3,167 )   $ 32,352  
Interest expense     2,588       —       —       428       —       3,016  
Net interest income   $ 28,524     $ 1,240     $ —     $ 2,739     $ (3,167 )   $ 29,336  
Provision for loan losses     3,387       —       —       —       —       3,387  
Noninterest income     4,231       3,957       1,977       —       —       10,165  
Noninterest expense     22,505       3,628       1,361       389       —       27,883  
Net income before taxes   $ 6,863     $ 1,569     $ 616     $ 2,350     $ (3,167 )   $ 8,231  
Income tax provision (benefit)     1,738       —       —       (170 )     —       1,568  
Net income   $ 5,125     $ 1,569     $ 616     $ 2,520     $ (3,167 )   $ 6,663  
                                                 
(Dollars in thousands)   Commercial           Investment                    
Nine months ended September 30, 2019   and Retail     Mortgage     advisory and                    
    Banking     Banking     non-deposit     Corporate     Eliminations     Consolidated  
                                                 
Dividend and Interest Income   $ 31,081     $ 745     $ —     $ 6,077     $ (6,059 )   $ 31,844  
Interest expense     3,772       —       —       583       —       4,355  
Net interest income   $ 27,309     $ 745     $ —     $ 5,494     $ (6,059 )   $ 27,489  
Provision for loan losses     139       —       —       —       —       139  
Noninterest income     4,039       3,333       1,436       —       —       8,808  
Noninterest expense     21,416       2,754       1,302       281       —       25,753  
Net income before taxes   $ 9,793     $ 1,324     $ 134     $ 5,213     $ (6,059 )   $ 10,405  
Income tax provision (benefit)     2,330       —       —       (199 )     —       2,131  
Net income   $ 7,463     $ 1,324     $ 134     $ 5,412     $ (6,059 )   $ 8,274  

Note 8—Reportable Segments-continued

 

(Dollars in thousands)   Commercial           Investment                    
Three months ended September 30, 2020   and Retail     Mortgage     advisory and                    
    Banking     Banking     non-deposit     Corporate     Eliminations     Consolidated  
                                                 
Dividend and Interest Income   $ 10,468     $ 508     $ —     $ 1,038     $ (1,038 )   $ 10,976  
Interest expense     685       —       —       115       —       800  
Net interest income   $ 9,783     $ 508     $ —     $ 923     $ (1,038 )   $ 10,176  
Provision for loan losses     1,062       —       —       —       —       1,062  
Noninterest income     1,775       1,403       672       —       —       3,850  
Noninterest expense     7,763       1,353       466       132       —       9,714  
Net income before taxes   $ 2,733     $ 558     $ 206     $ 791     $ (1,038 )   $ 3,250  
Income tax provision (benefit)     649       —       —       (51 )     —       598  
Net income   $ 2,084     $ 558     $ 206     $ 842     $ (1,038 )   $ 2,652  
                                                 
(Dollars in thousands)   Commercial           Investment                    
Three months ended September 30, 2019   and Retail     Mortgage     advisory and                    
    Banking     Banking     non-deposit     Corporate     Eliminations     Consolidated  
                                                 
Dividend and Interest Income   $ 10,600     $ 257     $ —     $ 3,036     $ (3,029 )   $ 10,864  
Interest expense     1,322       —       —       189       —       1,511  
Net interest income   $ 9,278     $ 257     $ —     $ 2,847     $ (3,029 )   $ 9,353  
Provision for loan losses     25       —       —       —       —       25  
Noninterest income     1,353       1,251       509       —       —       3,113  
Noninterest expense     7,246       999       440       105       —       8,790  
Net income before taxes   $ 3,360     $ 509     $ 69     $ 2,742     $ (3,029 )   $ 3,651  
Income tax provision (benefit)     813       —       —       (60 )     —       753  
Net income   $ 2,547     $ 509     $ 69     $ 2,802     $ (3,029 )   $ 2,898  
                                     
    Commercial           Investment                    
(Dollars in thousands)   and Retail     Mortgage     advisory and                    
    Banking     Banking     non-deposit     Corporate     Eliminations     Consolidated  
Total Assets as of September 30, 2020   $ 1,323,796     $ 57,324     $ 1     $ 133,378     $ (132,695 )   $ 1,381,804  
Total Assets as of December 31, 2019   $ 1,143,934     $ 25,673     $ 2     $ 132,890     $ (132,220 )   $ 1,170,279