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Reportable Segments
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2024 and June 30, 2023.

(Dollars in thousands)  Commercial       Investment             
Three months ended June 30, 2024  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
Dividend and Interest Income  $20,259   $1,663   $—   $1,376   $(1,367)  $21,931 
Interest expense   8,298    631    —    308    —    9,237 
Net interest income  $11,961   $1,032   $—   $1,068   $(1,367)  $12,694 
Provision for credit losses   329    125    —    —    —    454 
Noninterest income   1,477    657    1,508    —    —    3,642 
Noninterest expense   9,460    972    1,014    397    —    11,843 
Net income before taxes  $3,649   $592   $494   $671   $(1,367)  $4,039 
Income tax provision (benefit)   919    —    —    (145)   —    774 
Net income  $2,730   $592   $494   $816   $(1,367)  $3,265 

(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             
Six months ended June 30, 2024  and Retail   Mortgage   advisory and             
   Banking   Banking   non-deposit   Corporate   Eliminations   Consolidated 
Dividend and Interest Income  $40,058   $3,110   $—   $2,755   $(2,736)  $43,187 
Interest expense   16,609    1,191    —    616    —    18,416 
Net interest income  $23,449   $1,919   $—   $2,139   $(2,736)  $24,771 
Provision for credit losses   319    264    —    —    —    583 
Noninterest income   2,876    1,084    2,866    —    —    6,826 
Noninterest expense   19,154    1,804    1,938    752    —    23,648 
Net income before taxes  $6,852   $935   $928   $1,387   $(2,736)  $7,366 
Income tax provision (benefit)   1,802    —    —    (298)   —    1,504 
Net income (loss)  $5,050   $935   $928   $1,685   $(2,736)  $5,862 

 

(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   2,948    530    2,148    —    —    5,626 
Noninterest expense   17,280    1,699    1,514    698    —    21,191 
Net income before taxes  $9,533   $(249)  $634   $1,396   $(2,641)  $8,673 
Income tax provision (benefit)   2,146    —    —    (263)   —    1,883 
Net income (loss)  $7,387   $(249)  $634   $1,659   $(2,641)  $6,790 

 

The table below presents total assets for the Company’s reportable business segments as of June 30, 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 June 30, 2024  $1,757,350   $126,256   $2   $174,499   $(173,263)  $1,884,844 
Total Assets as of December 31, 2023  $1,727,245   $99,310   $5   $174,468   $(173,340)  $1,827,688