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Reportable Segments
 3 Months Ended
Mar. 31, 2024
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, consumer mortgage loans that will be held-for-investment, and consumer residential construction loans. The Company allocates a provision for credit loss, cost of funds, and other operating costs 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, 2024 and March 31, 2023.

(Dollars in thousands)  Commercial       Investment             
Three months ended March 31, 2024  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
Dividend and Interest Income  $19,799   $1,447   $—   $1,379   $(1,369)  $21,256 
Interest expense   8,311    560    —    308    —    9,179 
Net interest income  $11,488   $887   $—   $1,071   $(1,369)  $12,077 
Provision for (release of) loan losses   (10)   139    —    —    —    129 
Noninterest income   1,399    427    1,358    —    —    3,184 
Noninterest expense   9,694    832    924    355    —    11,805 
Net income before taxes  $3,203   $343   $434   $716   $(1,369)  $3,327 
Income tax provision (benefit)   883    —    —    (153)   —    730 
Net income  $2,320   $343   $434   $869   $(1,369)  $2,597 
                               
(Dollars in thousands)  Commercial       Investment             
Three months ended March 31, 2023  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 

 

The table below presents total assets for the Company’s reportable business segments as of March 31, 2024 and December 31, 2023.

    Commercial           Investment                    
(Dollars in thousands)   and Retail     Mortgage     advisory and                    
    Banking     Banking     non-deposit     Corporate     Eliminations     Consolidated  
Total Assets as of March 31, 2024   $ 1,776,179     $ 109,504     $             4     $ 174,443     $ (173,139 )   $ 1,886,991  
Total Assets as of December 31, 2023   $ 1,727,245     $ 99,310     $ 5     $ 174,468     $ (173,340 )   $ 1,827,688