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Reportable Segments | 9 Months Ended
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Sep. 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 nine months ended September 30, 2024 and September 30, 2023.
(Dollars in thousands) |  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
Three months ended September 30, 2024 |  | and Retail |  |  | Mortgage |  |  | Advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | Non-Deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 21,211 |  |  | $ | 1,940 |  |  | $ | — |  |  | $ | 1,454 |  |  | $ | (1,444 | ) |  | $ | 23,161 |
Interest expense |  |  | 8,714 |  |  |  | 724 |  |  |  | — |  |  |  | 311 |  |  |  | — |  |  |  | 9,749 |
Net interest income |  | $ | 12,497 |  |  | $ | 1,216 |  |  | $ | — |  |  | $ | 1,143 |  |  | $ | (1,444 | ) |  | $ | 13,412 |
Provision for credit losses |  |  | (135 | ) |  |  | 119 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16 | )
Noninterest income |  |  | 1,400 |  |  |  | 575 |  |  |  | 1,595 |  |  |  | — |  |  |  | — |  |  |  | 3,570 |
Noninterest expense |  |  | 9,606 |  |  |  | 964 |  |  |  | 1,060 |  |  |  | 361 |  |  |  | — |  |  |  | 11,991 |
Net income before taxes |  | $ | 4,426 |  |  | $ | 708 |  |  | $ | 535 |  |  | $ | 782 |  |  | $ | (1,444 | ) |  | $ | 5,007 |
Income tax provision (benefit) |  |  | 1,285 |  |  |  | — |  |  |  | — |  |  |  | (139 | ) |  |  | — |  |  |  | 1,146 |
Net income |  | $ | 3,141 |  |  | $ | 708 |  |  | $ | 535 |  |  | $ | 921 |  |  | $ | (1,444 | ) |  | $ | 3,861 |
(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 |  |  |  |  |  |  |  |  |  |
Nine months ended September 30, 2024 |  | and Retail |  |  | Mortgage |  |  | Advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | Non-Deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 61,269 |  |  | $ | 5,050 |  |  | $ | — |  |  | $ | 4,209 |  |  | $ | (4,180 | ) |  | $ | 66,348 |
Interest expense |  |  | 25,323 |  |  |  | 1,915 |  |  |  | — |  |  |  | 927 |  |  |  | — |  |  |  | 28,165 |
Net interest income |  | $ | 35,946 |  |  | $ | 3,135 |  |  | $ | — |  |  | $ | 3,282 |  |  | $ | (4,180 | ) |  | $ | 38,183 |
Provision for credit losses |  |  | 184 |  |  |  | 383 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 567 |
Noninterest income |  |  | 4,276 |  |  |  | 1,659 |  |  |  | 4,461 |  |  |  | — |  |  |  | — |  |  |  | 10,396 |
Noninterest expense |  |  | 28,760 |  |  |  | 2,768 |  |  |  | 2,998 |  |  |  | 1,113 |  |  |  | — |  |  |  | 35,639 |
Net income before taxes |  | $ | 11,278 |  |  | $ | 1,643 |  |  | $ | 1,463 |  |  | $ | 2,169 |  |  | $ | (4,180 | ) |  | $ | 12,373 |
Income tax provision (benefit) |  |  | 3,087 |  |  |  | — |  |  |  | — |  |  |  | (437 | ) |  |  | — |  |  |  | 2,650 |
Net income (loss) |  | $ | 8,191 |  |  | $ | 1,643 |  |  | $ | 1,463 |  |  | $ | 2,606 |  |  | $ | (4,180 | ) |  | $ | 9,723 |
(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 |
The table below presents total assets for the Company’s reportable business segments as of September 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 September 30, 2024 |  | $ | 1,809,674 |  |  | $ | 132,656 |  |  | $ | 8 |  |  | $ | 174,634 |  |  | $ | (173,424 | ) |  | $ | 1,943,548 |
Total Assets as of December 31, 2023 |  | $ | 1,727,245 |  |  | $ | 99,310 |  |  | $ | 5 |  |  | $ | 174,468 |  |  | $ | (173,340 | ) |  | $ | 1,827,688 |

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