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Reportable Segments
 3 Months Ended
Mar. 31, 2022
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 months ended March 31, 2022 and March 31, 2021.

 

Three months ended March 31, 2022  Commercial       Investment             
(Dollars in thousands)  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                               
Dividend and Interest Income  $10,990   $202   $—   $1,084   $(1,081)  $11,195 
Interest expense   358    —    —    104    —    462 
Net interest income  $10,632   $202   $—   $980   $(1,081)  $10,733 
Provision for (release of) loan losses   (125)   —    —    —    —    (125)
Noninterest income   1,337    839    1,198    —    —    3,374 
Noninterest expense   7,991    1,016    763    184    —    9,954 
Net income before taxes  $4,103   $25   $435   $796   $(1,081)  $4,278 
                               
Income tax provision (benefit)   849    —    —    (60)   —    789 
Net income  $3,254   $25   $435   $856   $(1,081)  $3,489 
                         
Three months ended March 31, 2021  Commercial       Investment             
(Dollars in thousands)  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                               
Dividend and Interest Income  $10,861   $353   $—   $1,007   $(1,003)  $11,218 
Interest expense   546    —    —    105    —    651 
Net interest income  $10,315   $353   $—   $902   $(1,003)  $10,567 
Provision for loan losses   177    —    —    —    —    177 
Noninterest income   1,429    990    877    —    —    3,296 
Noninterest expense   7,624    1,175    584    157    —    9,540 
Net income before taxes  $3,943   $168   $293   $745   $(1,003)  $4,146 
                               
Income tax provision (benefit)   934    —    —    (43)   —    891 
Net income  $3,009   $168   $293   $788   $(1,003)  $3,255 
   Commercial       Investment             
(Dollars in thousands)  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                         
Total Assets as of March 31, 2022  $1,631,193   $20,300   $2   $152,973   $(152,189)  $1,652,279 
                               
Total Assets as of December 31, 2021  $1,566,949   $16,798   $2   $152,928   $(152,169)  $1,584,508 
                         
   Commercial       Investment             
(Dollars in thousands)  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                         
Total Assets as of March 31, 2021  $1,456,436   $35,340   $2   $140,238   $(139,522)  $1,492,494 
                               
Total Assets as of December 31, 2020  $1,335,320   $59,372   $2   $140,256   $(139,568)  $1,395,382