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Reportable Segments
 6 Months Ended
Jun. 30, 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 and consumer mortgage loans that will be held-for-investment. In the second quarter of 2022, management made the decision to include consumer mortgage held-for-investment loans in this segment. Prior to the second quarter of 2022, consumer mortgage loans held-for-investment were included in the Commercial and Retail Banking segment. The Mortgage Banking financial information presented below includes consumer mortgage loans held-for-investment for all periods presented. Beginning in June 2022, a provision for loan loss has been allocated to this segment.

 

  · 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, 2022 and June 30, 2021.

 

(Dollars in thousands)  Commercial       Investment             
Six months ended June 30, 2022  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                         
Dividend and Interest Income  $21,832   $869   $—   $2,173   $(2,166)  $22,708 
Interest expense   689    —    —    235    —    924 
Net interest income  $21,143   $869   $—   $1,938   $(2,166)  $21,784 
Provision for loan losses   (235)   40    —    —    —    (195)
Noninterest income   2,667    1,323    2,393    —    —    6,383 
Noninterest expense   16,323    1,876    1,538    405    —    20,142 
Net income before taxes  $7,722   $276   $855   $1,533   $(2,166)  $8,220 
Income tax provision (benefit)   1,739    —    —    (138)   —    1,601 
Net income (loss)  $5,983   $276   $855   $1,671   $(2,166)  $6,619 
                               
(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  $21,802   $1,074   $—   $2,014   $(2,008)  $22,882 
Interest expense   1,014    —    —    209    —    1,223 
Net interest income  $20,788   $1,074   $—   $1,805   $(2,008)  $21,659 
Provision for loan losses   345    —    —    —    —    345 
Noninterest income   2,745    2,135    1,834    —    —    6,714 
Noninterest expense   15,484    2,335    1,180    419    —    19,418 
Net income before taxes  $7,704   $874   $654   $1,386   $(2,008)  $8,610 
Income tax provision (benefit)   1,931    —    —    (119)   —    1,812 
Net income (loss)  $5,773   $874   $654   $1,505   $(2,008)  $6,798 
                               
(Dollars in thousands)  Commercial       Investment             
Three months ended June 30, 2022  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                         
Dividend and Interest Income  $11,090   $415   $—   $1,089   $(1,081)  $11,513 
Interest expense   331    —    —    131    —    462 
Net interest income  $10,759   $415   $—   $958   $(1,081)  $11,051 
Provision for loan losses   (110)   40    —    —    —    (70)
Noninterest income   1,332    482    1,195    —    —    3,009 
Noninterest expense   8,334    858    775    221    —    10,188 
Net income before taxes  $3,867   $(1)  $420   $737   $(1,081)  $3,942 
Income tax provision (benefit)   890    —    —    (78)   —    812 
Net income  $2,977   $(1)  $420   $815   $(1,081)  $3,130 
                               
(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  $11,167   $494   $—   $1,008   $(1,005)  $11,664 
Interest expense   467    —    —    105    —    572 
Net interest income  $10,700   $494   $—   $903   $(1,005)  $11,092 
Provision for loan losses   168    —    —    —    —    168 
Noninterest income   1,317    1,144    957    —    —    3,418 
Noninterest expense   7,872    1,148    596    262    —    9,878 
Net income before taxes  $3,977   $490   $361   $641   $(1,005)  $4,464 
Income tax provision (benefit)   997    —    —    (76)   —    921 
Net income  $2,980   $490   $361   $717   $(1,005)  $3,543 
                               
   Commercial       Investment             
(Dollars in thousands)  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
Total Assets as of June 30, 2022  $1,642,245   $41,760   $1   $153,063   $(152,245)  $1,684,824 
Total Assets as of December 31, 2021  $1,542,553   $41,194   $2   $152,928   $(152,169)  $1,584,508