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Reportable Segments
 9 Months Ended
Sep. 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 nine months ended September 30, 2021 and September 30, 2020.

 

(Dollars in thousands)  Commercial       Investment             
Nine months ended September 30, 2021  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                         
Dividend and Interest Income  $35,025   $829   $—   $3,023   $(3,013)  $35,864 
Interest expense   1,436    —    —    313    —    1,749 
Net interest income  $33,589   $829   $—   $2,710   $(3,013)  $34,115 
Provision for loan losses   394    —    —    —    —    394 
Noninterest income   4,124    3,280    2,874    —    —    10,278 
Noninterest expense   23,414    3,518    1,802    589    —    29,323 
Net income before taxes  $13,905   $591   $1,072   $2,120   $(3,013)  $14,676 
Income tax provision (benefit)   3,305    —    —    (175)   —    3,130 
Net income  $10,600   $591   $1,072   $2,296   $(3,013)  $11,546 
(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  $31,099   $1,240   $—   $3,167   $(3,154)  $32,352 
Interest expense   2,588    —    —    428    —    3,016 
Net interest income  $28,511   $1,240   $—   $2,739   $(3,154)  $29,336 
Provision for loan losses   3,387    —    —    —    —    3,387 
Noninterest income   4,231    3,957    1,977    —    —    10,165 
Noninterest expense   22,461    3,629    1,405    388    —    27,883 
Net income before taxes  $6,894   $1,568   $572   $2,351   $(3,154)  $8,231 
Income tax provision (benefit)   1,738    —    —    (170)   —    1,568 
Net income  $5,156   $1,568   $572   $2,521   $(3,154)  $6,663 
                               
(Dollars in thousands)  Commercial       Investment             
Three months ended September 30, 2021  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                         
Dividend and Interest Income  $12,766   $213   $—   $1,009   $(1,006)  $12,982 
Interest expense   422    —    —    104    —    526 
Net interest income  $12,344   $213   $—   $905   $(1,006)  $12,456 
Provision for loan losses   49    —    —    —    —    49 
Noninterest income   1,377    1,147    1,040    —    —    3,564 
Noninterest expense   8,001    1,111    622    171    —    9,905 
Net income before taxes  $5,671   $249   $418   $734   $(1,006)  $6,066 
Income tax provision (benefit)   1,375    —    —    (57)   —    1,318 
Net income  $4,296   $249   $418   $791   $(1,006)  $4,748 
                               
(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  $10,464   $508   $—   $1,038   $(1,034)  $10,976 
Interest expense   685    —    —    115    —    800 
Net interest income  $9,779   $508   $—   $923   $(1,034)  $10,176 
Provision for loan losses   1,062    —    —    —    —    1,062 
Noninterest income   1,776    1,403    671    —    —    3,850 
Noninterest expense   7,749    1,353    480    132    —    9,714 
Net income before taxes  $2,744   $558   $191   $791   $(1,034)  $3,250 
Income tax provision (benefit)   649    —    —    (51)   —    598 
Net income  $2,095   $558   $191   $842   $(1,034)  $2,652 
                               
   Commercial       Investment             
(Dollars in thousands)  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
Total Assets as of September 30, 2021  $1,544,830   $14,749   $—   $140,439   $(139,692)  $1,560,326 
Total Assets as of December 31, 2020  $1,335,320   $59,372   $2   $140,256   $(139,568)  $1,395,382