XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.23.3

Reportable Segments | 9 Months Ended
--- | ---
Sep. 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 and cost of funds 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 nine months ended September 30, 2023 and September 30, 2022. Schedule of Company’s Reportable Segment
(Dollars in thousands) |  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
Three months ended September 30, 2023 |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 17,646 |  |  | $ | 1,078 |  |  | $ | — |  |  | $ | 1,360 |  |  | $ | (1,350 | ) |  | $ | 18,734 |
Interest expense |  |  | 5,990 |  |  |  | 332 |  |  |  | — |  |  |  | 309 |  |  |  | — |  |  |  | 6,631 |
Net interest income |  | $ | 11,656 |  |  | $ | 746 |  |  | $ | — |  |  | $ | 1,051 |  |  | $ | (1,350 | ) |  | $ | 12,103 |
Provision for credit losses |  |  | 295 |  |  |  | 179 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 474 |
Noninterest income |  |  | 166 |  |  |  | 511 |  |  |  | 1,187 |  |  |  | — |  |  |  | — |  |  |  | 1,864 |
Noninterest expense |  |  | 9,194 |  |  |  | 949 |  |  |  | 796 |  |  |  | 334 |  |  |  | — |  |  |  | 11,273 |
Net income before taxes |  | $ | 2,333 |  |  | $ | 129 |  |  | $ | 391 |  |  | $ | 717 |  |  | $ | (1,350 | ) |  | $ | 2,220 |
Income tax provision (benefit) |  |  | 597 |  |  |  | — |  |  |  | — |  |  |  | (133 | ) |  |  | — |  |  |  | 464 |
Net income |  | $ | 1,736 |  |  | $ | 129 |  |  | $ | 391 |  |  | $ | 850 |  |  | $ | (1,350 | ) |  | $ | 1,756 |
(Dollars in thousands) |  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
Three months ended September 30, 2022 |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 12,905 |  |  | $ | 441 |  |  | $ | — |  |  | $ | 1,122 |  |  | $ | (1,116 | ) |  | $ | 13,352 |
Interest expense |  |  | 351 |  |  |  | 16 |  |  |  | — |  |  |  | 191 |  |  |  | — |  |  |  | 558 |
Net interest income |  | $ | 12,554 |  |  | $ | 425 |  |  | $ | — |  |  | $ | 931 |  |  | $ | (1,116 | ) |  | $ | 12,794 |
Provision for (release of) loan losses |  |  | (35 | ) |  |  | 53 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 |
Noninterest income |  |  | 1,329 |  |  |  | 291 |  |  |  | 1,053 |  |  |  | — |  |  |  | — |  |  |  | 2,673 |
Noninterest expense |  |  | 8,397 |  |  |  | 957 |  |  |  | 725 |  |  |  | 338 |  |  |  | — |  |  |  | 10,417 |
Net income before taxes |  | $ | 5,521 |  |  | $ | (294 | ) |  | $ | 328 |  |  | $ | 593 |  |  | $ | (1,116 | ) |  | $ | 5,032 |
Income tax provision (benefit) |  |  | 1,191 |  |  |  | — |  |  |  | — |  |  |  | (110 | ) |  |  | — |  |  |  | 1,081 |
Net income |  | $ | 4,330 |  |  | $ | (294 | ) |  | $ | 328 |  |  | $ | 703 |  |  | $ | (1,116 | ) |  | $ | 3,951 |
(Dollars in thousands) |  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
Nine months ended September 30, 2023 |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 49,569 |  |  | $ | 2,525 |  |  | $ | — |  |  | $ | 4,018 |  |  | $ | (3,991 | ) |  | $ | 52,121 |
Interest expense |  |  | 13,974 |  |  |  | 677 |  |  |  | — |  |  |  | 873 |  |  |  | — |  |  |  | 15,524 |
Net interest income |  | $ | 35,595 |  |  | $ | 1,848 |  |  | $ | — |  |  | $ | 3,145 |  |  | $ | (3,991 | ) |  | $ | 36,597 |
Provision for credit losses |  |  | 369 |  |  |  | 361 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 730 |
Noninterest income |  |  | 3,115 |  |  |  | 1,040 |  |  |  | 3,335 |  |  |  | — |  |  |  | — |  |  |  | 7,490 |
Noninterest expense |  |  | 26,474 |  |  |  | 2,648 |  |  |  | 2,310 |  |  |  | 1,032 |  |  |  | — |  |  |  | 32,464 |
Net income before taxes |  | $ | 11,867 |  |  | $ | (121 | ) |  | $ | 1,025 |  |  | $ | 2,113 |  |  | $ | (3,991 | ) |  | $ | 10,893 |
Income tax provision (benefit) |  |  | 2,743 |  |  |  | — |  |  |  | — |  |  |  | (396 | ) |  |  | — |  |  |  | 2,347 |
Net income (loss) |  | $ | 9,124 |  |  | $ | (121 | ) |  | $ | 1,025 |  |  | $ | 2,509 |  |  | $ | (3,991 | ) |  | $ | 8,546 |
(Dollars in thousands) |  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
Nine months ended September 30, 2022 |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 34,736 |  |  | $ | 1,311 |  |  | $ | — |  |  | $ | 3,295 |  |  | $ | (3,282 | ) |  | $ | 36,060 |
Interest expense |  |  | 1,015 |  |  |  | 41 |  |  |  | — |  |  |  | 426 |  |  |  | — |  |  |  | 1,482 |
Net interest income |  | $ | 33,721 |  |  | $ | 1,270 |  |  | $ | — |  |  | $ | 2,869 |  |  | $ | (3,282 | ) |  | $ | 34,578 |
Provision for (release of) credit losses |  |  | (270 | ) |  |  | 93 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (177 | )
Noninterest income |  |  | 3,996 |  |  |  | 1,614 |  |  |  | 3,446 |  |  |  | — |  |  |  | — |  |  |  | 9,056 |
Noninterest expense |  |  | 24,744 |  |  |  | 2,808 |  |  |  | 2,263 |  |  |  | 744 |  |  |  | — |  |  |  | 30,559 |
Net income before taxes |  | $ | 13,243 |  |  | $ | (17 | ) |  | $ | 1,183 |  |  | $ | 2,125 |  |  | $ | (3,282 | ) |  | $ | 13,252 |
Income tax provision (benefit) |  |  | 2,930 |  |  |  | — |  |  |  | — |  |  |  | (248 | ) |  |  | — |  |  |  | 2,682 |
Net income (loss) |  | $ | 10,313 |  |  | $ | (17 | ) |  | $ | 1,183 |  |  | $ | 2,373 |  |  | $ | (3,282 | ) |  | $ | 10,570 |
|  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
(Dollars in thousands) |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Total Assets as of September 30, 2023 |  | $ | 1,700,743 |  |  | $ | 91,923 |  |  | $ | 6 |  |  | $ | 166,160 |  |  | $ | (165,110 | ) |  | $ | 1,793,722 |
Total Assets as of December 31, 2022 |  | $ | 1,616,173 |  |  | $ | 55,845 |  |  | $ | — |  |  | $ | 165,937 |  |  | $ | (165,009 | ) |  | $ | 1,672,946 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration