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Reportable Segments
 3 Months Ended
Mar. 31, 2025
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 the Bank President and CEO, who is the Chief Operating Decision Maker. (CODM). The CODM regularly reviews the performance of the Company’s four reportable segments, which are detailed below:

  · 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, 2025 and March 31, 2024.

(Dollars in thousands)  Commercial       Investment             
Three months ended March 31, 2025  and Retail   Mortgage   Advisory and             
   Banking   Banking   Non-Deposit   Corporate   Eliminations   Consolidated 
Dividend and Interest Income  $20,973   $2,100   $—   $1,432   $(1,423)  $23,082 
Interest expense   7,756    667    —    269    —    8,692 
Net interest income  $13,217   $1,433   $—   $1,163   $(1,423)  $14,390 
Provision for (release of) credit losses   462    (25)   —    —    —    437 
Noninterest income   1,417    759    1,806    —    —    3,982 
Salaries and employee benefits   5,599    841    983    234    —    7,657 
Other noninterest expense   4,288    246    177    386    —    5,097 
Total noninterest expense   9,887    1,087    1,160    620    —    12,754 
Net income before taxes  $4,285   $1,130   $646   $543   $(1,423)  $5,181 
Income tax provision (benefit)   1,369    —    —    (185)   —    1,184 
Net income  $2,916   $1,130   $646   $728   $(1,423)  $3,997 

 

(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 
(Release of) provision for credit losses   (10)   139    —    —    —    129 
Noninterest income   1,399    427    1,358    —    —    3,184 
Salaries and employee benefits   5,530    643    768    160    —    7,101 
Other noninterest expense   4,164    189    156    195    —    4,704 
Total 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 
                               

The table below presents total assets for the Company’s reportable business segments as of March 31, 2025 and December 31, 2024.

 

   Commercial       Investment             
(Dollars in thousands)  and Retail   Mortgage   Advisory and             
   Banking   Banking   Non-Deposit   Corporate   Eliminations   Consolidated 
Total Assets as of March 31, 2025  $1,897,226   $140,708   $4   $184,910   $(183,477)  $2,039,371 
Total Assets as of December 31, 2024  $1,812,215   $144,616   $6   $185,173   $(183,989)  $1,958,021