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Reportable Segments
 6 Months Ended
Jun. 30, 2021
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, 2021 and June 30, 2020.

 

(Dollars in thousands)   Commercial           Investment                    
Six months ended June 30, 2021   and Retail     Mortgage     advisory and                    
    Banking     Banking     non-deposit     Corporate     Eliminations     Consolidated  
                                                 
Dividend and Interest Income   $ 22,260     $ 616     $ —     $ 2,014     $ (2,008 )   $ 22,882  
Interest expense     1,014       —       —       209       —       1,223  
Net interest income   $ 21,246     $ 616     $ —     $ 1,805     $ (2,008 )   $ 21,659  
Provision for loan losses     345       —       —       —       —       345  
Noninterest income     2,747       2,133       1,834       —       —       6,714  
Noninterest expense     15,412       2,407       1,180       419       —       19,418  
Net income before taxes   $ 8,236     $ 342     $ 654     $ 1,386     $ (2,008 )   $ 8,610  
Income tax provision (benefit)     1,931       —       —       (119 )     —       1,812  
Net income (loss)   $ 6,305     $ 342     $ 654     $ 1,505     $ (2,008 )   $ 6,798  
                                                 
(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   $ 20,634     $ 732     $ —     $ 2,129     $ (2,119 )   $ 21,376  
Interest expense     1,903       —       —       313       —       2,216  
Net interest income   $ 18,731     $ 732     $ —     $ 1,816     $ (2,119 )   $ 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   $ 4,149     $ 1,010     $ 381     $ 1,560     $ (2,119 )   $ 4,981  
Income tax provision (benefit)     1,089       —       —       (119 )     —       970  
Net income (loss)   $ 3,060     $ 1,010     $ 381     $ 1,679     $ (2,119 )   $ 4,011  

(Dollars in thousands)		   Commercial           Investment                    
Three months ended June 30, 2021   and Retail     Mortgage     advisory and                    
    Banking     Banking     non-deposit     Corporate     Eliminations     Consolidated  
                                                 
Dividend and Interest Income   $ 11,399     $ 263     $ —     $ 1,007     $ (1,005 )   $ 11,664  
Interest expense     468       —       —       104       —       572  
Net interest income   $ 10,931     $ 263     $ —     $ 903     $ (1,005 )   $ 11,092  
Provision for loan losses     168       —       —       —       —       168  
Noninterest income     1,318       1,143       957       —       —       3,418  
Noninterest expense     7,788       1,232       596       262       —       9,878  
Net income before taxes   $ 4,293     $ 174     $ 361     $ 641     $ (1,005 )   $ 4,464  
Income tax provision (benefit)     997       —       —       (76 )     —       921  
Net income   $ 3,296     $ 174     $ 361     $ 717     $ (1,005 )   $ 3,543  
                                                 
(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   $ 10,230     $ 432     $ —     $ 1,061     $ (1,057 )   $ 10,666  
Interest expense     778       —       —       145       —       923  
Net interest income   $ 9,452     $ 432     $ —     $ 916     $ (1,057 )   $ 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   $ 2,128     $ 692     $ 214     $ 772     $ (1,057 )   $ 2,749  
Income tax provision (benefit)     592       —       —       (60 )     —       532  
Net income   $ 1,536     $ 692     $ 214     $ 832     $ (1,057 )   $ 2,217  
                                     
    Commercial           Investment                    
(Dollars in thousands)   and Retail     Mortgage     advisory and                    
    Banking     Banking     non-deposit     Corporate     Eliminations     Consolidated  
Total Assets as of June 30, 2021   $ 1,491,909     $ 22,342     $ 1     $ 140,337     $ (139,616 )   $ 1,514,973  
Total Assets as of December 31, 2020   $ 1,335,320     $ 59,372     $ 2     $ 140,256     $ (139,568 )   $ 1,395,382