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Reportable Segments
 9 Months Ended
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