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Reportable Segments | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Reportable Segments | Note 7 - 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, 2023 and June 30, 2022. Schedule of Company’s Reportable Segment
(Dollars in thousands) |  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
Three months ended June 30, 2023 |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 16,692 |  |  | $ | 796 |  |  | $ | — |  |  | $ | 1,338 |  |  | $ | (1,329 | ) |  | $ | 17,497 |
Interest expense |  |  | 4,851 |  |  |  | 216 |  |  |  | — |  |  |  | 293 |  |  |  | — |  |  |  | 5,360 |
Net interest income |  | $ | 11,841 |  |  | $ | 580 |  |  | $ | — |  |  | $ | 1,045 |  |  | $ | (1,329 | ) |  | $ | 12,137 |
Provision for credit losses |  |  | 75 |  |  |  | 111 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 186 |
Noninterest income |  |  | 1,597 |  |  |  | 373 |  |  |  | 1,081 |  |  |  | — |  |  |  | — |  |  |  | 3,051 |
Noninterest expense |  |  | 8,729 |  |  |  | 913 |  |  |  | 763 |  |  |  | 350 |  |  |  | — |  |  |  | 10,755 |
Net income before taxes |  | $ | 4,634 |  |  | $ | (71 | ) |  | $ | 318 |  |  | $ | 695 |  |  | $ | (1,329 | ) |  | $ | 4,247 |
Income tax provision (benefit) |  |  | 1,053 |  |  |  | — |  |  |  | — |  |  |  | (133 | ) |  |  | — |  |  |  | 920 |
Net income |  | $ | 3,581 |  |  | $ | (71 | ) |  | $ | 318 |  |  | $ | 828 |  |  | $ | (1,329 | ) |  | $ | 3,327 |
(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 |  | $ | 11,094 |  |  | $ | 415 |  |  | $ | — |  |  | $ | 1,089 |  |  | $ | (1,085 | ) |  | $ | 11,513 |
Interest expense |  |  | 319 |  |  |  | 12 |  |  |  | — |  |  |  | 131 |  |  |  | — |  |  |  | 462 |
Net interest income |  | $ | 10,775 |  |  | $ | 403 |  |  | $ | — |  |  | $ | 958 |  |  | $ | (1,085 | ) |  | $ | 11,051 |
Provision for (release of) credit losses |  |  | (110 | ) |  |  | 40 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (70 | )
Noninterest income |  |  | 1,332 |  |  |  | 482 |  |  |  | 1,195 |  |  |  | — |  |  |  | — |  |  |  | 3,009 |
Noninterest expense |  |  | 8,346 |  |  |  | 846 |  |  |  | 775 |  |  |  | 221 |  |  |  | — |  |  |  | 10,188 |
Net income before taxes |  | $ | 3,871 |  |  | $ | (1 | ) |  | $ | 420 |  |  | $ | 737 |  |  | $ | (1,085 | ) |  | $ | 3,942 |
Income tax provision (benefit) |  |  | 890 |  |  |  | — |  |  |  | — |  |  |  | (78 | ) |  |  | — |  |  |  | 812 |
Net income |  | $ | 2,981 |  |  | $ | (1 | ) |  | $ | 420 |  |  | $ | 815 |  |  | $ | (1,085 | ) |  | $ | 3,130 |
(Dollars in thousands) |  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
Six months ended June 30, 2023 |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 31,923 |  |  | $ | 1,447 |  |  | $ | — |  |  | $ | 2,658 |  |  | $ | (2,641 | ) |  | $ | 33,387 |
Interest expense |  |  | 7,984 |  |  |  | 345 |  |  |  | — |  |  |  | 564 |  |  |  | — |  |  |  | 8,893 |
Net interest income |  | $ | 23,939 |  |  | $ | 1,102 |  |  | $ | — |  |  | $ | 2,094 |  |  | $ | (2,641 | ) |  | $ | 24,494 |
Provision for credit losses |  |  | 74 |  |  |  | 182 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 256 |
Noninterest income |  |  | 2,949 |  |  |  | 529 |  |  |  | 2,148 |  |  |  | — |  |  |  | — |  |  |  | 5,626 |
Noninterest expense |  |  | 17,280 |  |  |  | 1,699 |  |  |  | 1,514 |  |  |  | 698 |  |  |  | — |  |  |  | 21,191 |
Net income before taxes |  | $ | 9,534 |  |  | $ | (250 | ) |  | $ | 634 |  |  | $ | 1,396 |  |  | $ | (2,641 | ) |  | $ | 8,673 |
Income tax provision (benefit) |  |  | 2,146 |  |  |  | — |  |  |  | — |  |  |  | (263 | ) |  |  | — |  |  |  | 1,883 |
Net income (loss) |  | $ | 7,388 |  |  | $ | (250 | ) |  | $ | 634 |  |  | $ | 1,659 |  |  | $ | (2,641 | ) |  | $ | 6,790 |
(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 (release of) credit 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 |
|  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Total Assets as of June 30, 2023 |  | $ | 1,665,561 |  |  | $ | 74,320 |  |  | $ | — |  |  | $ | 166,043 |  |  | $ | (164,942 | ) |  | $ | 1,740,982 |
Total Assets as of December 31, 2022 |  | $ | 1,616,173 |  |  | $ | 55,845 |  |  | $ | — |  |  | $ | 165,937 |  |  | $ | (165,009 | ) |  | $ | 1,672,946 |

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