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REPORTABLE SEGMENTS
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS

Note 25—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, 2021, December 31, 2020 and December 31, 2019.

 

Year ended December 31, 2021
(Dollars in thousands)		  Commercial
and Retail
Banking		   Mortgage
Banking		   Investment
advisory and
non-deposit		   Corporate   Eliminations   Consolidated 
                         
Dividend and Interest Income   $46,499   $1,008   $—   $4,032   $(4,019)  $47,520 
Interest expense    1,825    —    —    416    —    2,241 
Net interest income   $44,674   $1,008   $—   $3,616   $(4,019)  $45,279 
Provision for loan losses    335    —    —    —    —    335 
Noninterest income    5,590    4,319    3,995    —    —    13,904 
Noninterest expense    31,275    4,694    2,460    772    —    39,201 
Net income before taxes   $18,654   $633   $1,535   $2,844   $(4,019)  $19,647 
Income tax expense (benefit)    4,417    —    —    (235)   —    4,182 
Net income   $14,237   $633   $1,535   $3,079   $(4,019)  $15,465 
                               
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    30,111    4,993    1,912    518    —    37,534 
Net income before taxes   $10,523   $2,301   $808   $3,121   $(4,158)  $12,595 
Income tax expense (benefit)    2,715    —    —    (219)   —    2,496 
Net income   $7,808   $2,301   $808   $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 
                               
(Dollars in thousands)  Commercial
and Retail
Banking		   Mortgage
Banking		   Investment
advisory and
non-deposit		   Corporate   Eliminations   Consolidated 
Total Assets as of
December 31, 2021 		  $1,566,949   $16,798   $2   $152,928   $(152,169)  $1,584,508 
                               
Total Assets as of
December 31, 2020 		  $1,335,320   $59,372   $2   $140,256   $(139,568)  $1,395,382