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REPORTABLE SEGMENTS
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS

Note 26—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 First Community Bank (the “Bank”).

 

The following tables present selected financial information for the Company’s reportable business segments for the years ended December 31, 2020, December 31, 2019 and December 31, 2018.

 

Year ended December 31, 2020
(Dollars in thousands)		   Commercial
and Retail
Banking		     Mortgage
Banking		     Investment
advisory and
non-deposit		     Corporate     Eliminations     Consolidated  
                                                 
Dividend and Interest Income   $ 42,024     $ 1,737     $ —     $ 4,175     $ (4,158 )   $ 43,778  
Interest expense     3,219       —       —       536       —       3,755  
Net interest income   $ 38,805     $ 1,737     $ —     $ 3,639     $ (4,158 )   $ 40,023  
Provision for loan losses     3,663       —       —       —       —       3,663  
Noninterest income     5,492       5,557       2,720       —       —       13,769  
Noninterest expense     30,113       4,993       1,911       518       —       37,534  
Net income before taxes   $ 10,521     $ 2,301     $ 809     $ 3,121     $ (4,158 )   $ 12,595  
Income tax expense (benefit)     2,715       —       —       (219 )     —       2,496  
Net income   $ 7,806     $ 2,301     $ 809     $ 3,340     $ (4,158 )   $ 10,099  
                                                 
Year ended December 31, 2019
(Dollars in thousands)		   Commercial
and Retail
Banking		     Mortgage
Banking		     Investment
advisory and
non-deposit		     Corporate     Eliminations     Consolidated  
Dividend and Interest Income   $ 41,545     $ 1,061     $ —     $ 7,081     $ (7,057 )   $ 42,630  
Interest expense     5,021       —       —       760       —       5,781  
Net interest income   $ 36,524     $ 1,061     $ —     $ 6,321     $ (7,057 )   $ 36,849  
Provision for loan losses     139       —       —       —       —       139  
Noninterest income     5,160       4,555       2,021       —       —       11,736  
Noninterest expense     28,732       3,771       1,733       381       —       34,617  
Net income before taxes   $ 12,813     $ 1,845     $ 288     $ 5,940     $ (7,057 )   $ 13,829  
Income tax expense (benefit)     3,114       —       —       (256 )     —       2,858  
Net income   $ 9,699     $ 1,845     $ 288     $ 6,196     $ (7,057 )   $ 10,971  

 

Year ended December 31, 2018
(Dollars in thousands)		   Commercial
and Retail
Banking		     Mortgage
Banking		     Investment
advisory and
non-deposit		     Corporate     Eliminations     Consolidated  
Dividend and Interest Income   $ 38,875     $ 830     $ —     $ 3,745     $ (3,721 )   $ 39,729  
Interest expense     3,263       —       —       718       —       3,981  
Net interest income   $ 35,612     $ 830     $ —     $ 3,027     $ (3,721 )   $ 35,748  
Provision for loan losses     346       —       —       —       —       346  
Noninterest income     5,066       3,895       1,683       —       —       10,644  
Noninterest expense     27,095       3,242       1,400       386       —       32,123  
Net income before taxes   $ 13,237     $ 1,483     $ 283     $ 2,641     $ (3,721 )   $ 13,923  
Income tax expense (benefit)     2,935       —       —       (241 )     —       2,694  
Net income   $ 10,302     $ 1,483     $ 283     $ 2,882     $ (3,721 )   $ 11,229  
                                                 
(Dollars in thousands)   Commercial
and Retail
Banking		     Mortgage
Banking		     Investment
advisory and
non-deposit		     Corporate     Eliminations     Consolidated  
Total Assets as of
December 31, 2020 		  $ 1,335,320     $ 59,372     $ 2     $ 140,256     $ (139,568 )   $ 1,395,382  
                                                 
Total Assets as of
December 31, 2019 		  $ 1,143,934     $ 25,673     $ 2     $ 132,890     $ (132,220 )   $ 1,170,279