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Reportable Segments
 3 Months Ended
Mar. 31, 2023
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, the Company began 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. Non-interest income for loans held-for-sale and loans held-for-investment is included in Mortgage Banking income and other income, respectively on the income statement. The Mortgage Banking financial information presented below includes consumer mortgage loans held-for-investment for all periods presented. Beginning in the second quarter of 2022, a provision for loan loss, a cost of funds and other operating costs have 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 months ended March 31, 2023 and March 31, 2022.

 

 

Three months ended March 31, 2023  Commercial       Investment             
(Dollars in thousands)  and Retail   Mortgage   advisory and             
   Banking   Banking   Non-deposit   Corporate   Eliminations   Consolidated 
                         
Dividend and Interest Income  $15,231   $651   $—   $1,320   $(1,312)  $15,890 
Interest expense   3,133    129    —    271    —    3,533 
Net interest income  $12,098   $522   $—   $1,049   $(1,312)  $12,357 
Provision for (release of) loan losses   (1)   71    —    —    —    70 
Noninterest income   1,351    157    1,067    —    —    2,575 
Noninterest expense   8,551    786    751    348    —    10,436 
Net income before taxes  $4,899   $(178)  $316   $701   $(1,312)  $4,426 
Income tax provision (benefit)   1,093    —    —    (130)   —    963 
Net income  $3,806   $(178)  $316   $831   $(1,312)  $3,463 
                         
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  $10,737   $455   $—   $1,084   $(1,081)  $11,195 
Interest expense   358    —    —    104    —    462 
Net interest income  $10,379   $455   $—   $980   $(1,081)  $10,733 
Provision for loan losses   (125)   —    —    —    —    (125)
Noninterest income   1,334    842    1,198    —    —    3,374 
Noninterest expense   8,016    991    763    184    —    9,954 
Net income before taxes  $3,822   $306   $435   $796   $(1,081)  $4,278 
Income tax provision (benefit)   849    —    —    (60)   —    789 
Net income  $2,973   $306   $435   $856   $(1,081)  $3,489 

 

The table below shows total assets for the Company’s reportable business segments at March 31, 2023 and December 31, 2022.

 

   Commercial       Investment             
(Dollars in thousands)  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
                         
Total Assets as of March 31, 2023  $1,672,518   $61,764   $—   $165,985   $(164,869)  $1,735,398 
                               
Total Assets as of December 31, 2022  $1,616,173   $55,845   $—   $165,937   $(165,009)  $1,672,946