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Reportable Segments | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2025 and June 30, 2024. Schedule of Company’s Reportable Segment
(Dollars in thousands) |  | Commercial |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
Three months ended June 30, 2025 |  | and Retail |  |  | Mortgage |  |  | Advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | Non-Deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 21,964 |  |  | $ | 2,201 |  |  | $ | — |  |  | $ | 1,802 |  |  | $ | (1,794 | ) |  | $ | 24,173 |
Interest expense |  |  | 7,882 |  |  |  | 698 |  |  |  | — |  |  |  | 269 |  |  |  | — |  |  |  | 8,849 |
Net interest income |  | $ | 14,082 |  |  | $ | 1,503 |  |  | $ | — |  |  | $ | 1,533 |  |  | $ | (1,794 | ) |  | $ | 15,324 |
Provision for (release of) credit losses |  |  | (359 | ) |  |  | 122 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (237 | )
Noninterest income |  |  | 1,576 |  |  |  | 879 |  |  |  | 1,751 |  |  |  | — |  |  |  | — |  |  |  | 4,206 |
Salaries and employee benefits |  |  | 5,988 |  |  |  | 931 |  |  |  | 943 |  |  |  | 198 |  |  |  | — |  |  |  | 8,060 |
Other noninterest expense |  |  | 4,372 |  |  |  | 255 |  |  |  | 167 |  |  |  | 229 |  |  |  | — |  |  |  | 5,023 |
Total noninterest expense |  |  | 10,360 |  |  |  | 1,186 |  |  |  | 1,110 |  |  |  | 427 |  |  |  | — |  |  |  | 13,083 |
Net income before taxes |  | $ | 5,657 |  |  | $ | 1,074 |  |  | $ | 641 |  |  | $ | 1,106 |  |  | $ | (1,794 | ) |  | $ | 6,684 |
Income tax provision (benefit) |  |  | 1,679 |  |  |  | — |  |  |  | — |  |  |  | (181 | ) |  |  | — |  |  |  | 1,498 |
Net income |  | $ | 3,978 |  |  | $ | 1,074 |  |  | $ | 641 |  |  | $ | 1,287 |  |  | $ | (1,794 | ) |  | $ | 5,186 |
(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 |
Salaries and employee benefits |  |  | 5,514 |  |  |  | 788 |  |  |  | 856 |  |  |  | 145 |  |  |  | — |  |  |  | 7,303 |
Other noninterest expense |  |  | 3,946 |  |  |  | 184 |  |  |  | 158 |  |  |  | 252 |  |  |  | — |  |  |  | 4,540 |
Total 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 |  |  |  |  |  |  |  |  |  |
Six months ended June 30, 2025 |  | and Retail |  |  | Mortgage |  |  | advisory and |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  | Banking |  |  | non-deposit |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
Dividend and Interest Income |  | $ | 42,937 |  |  | $ | 4,301 |  |  | $ | — |  |  | $ | 3,234 |  |  | $ | (3,217 | ) |  | $ | 47,255 |
Interest expense |  |  | 15,638 |  |  |  | 1,365 |  |  |  | — |  |  |  | 538 |  |  |  | — |  |  |  | 17,541 |
Net interest income |  | $ | 27,299 |  |  | $ | 2,936 |  |  | $ | — |  |  | $ | 2,696 |  |  | $ | (3,217 | ) |  | $ | 29,714 |
Provision for credit losses |  |  | 103 |  |  |  | 97 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 200 |
Noninterest income |  |  | 2,993 |  |  |  | 1,638 |  |  |  | 3,557 |  |  |  | — |  |  |  | — |  |  |  | 8,188 |
Salaries and employee benefits |  |  | 11,586 |  |  |  | 1,772 |  |  |  | 1,926 |  |  |  | 433 |  |  |  | — |  |  |  | 15,717 |
Other noninterest expense |  |  | 8,660 |  |  |  | 501 |  |  |  | 344 |  |  |  | 615 |  |  |  | — |  |  |  | 10,120 |
Noninterest expense |  |  | 20,246 |  |  |  | 2,273 |  |  |  | 2,270 |  |  |  | 1,048 |  |  |  | — |  |  |  | 25,837 |
Net income before taxes |  | $ | 9,943 |  |  | $ | 2,204 |  |  | $ | 1,287 |  |  | $ | 1,648 |  |  | $ | (3,217 | ) |  | $ | 11,865 |
Income tax provision (benefit) |  |  | 3,048 |  |  |  | — |  |  |  | — |  |  |  | (366 | ) |  |  | — |  |  |  | 2,682 |
Net income (loss) |  | $ | 6,895 |  |  | $ | 2,204 |  |  | $ | 1,287 |  |  | $ | 2,014 |  |  | $ | (3,217 | ) |  | $ | 9,183 |
(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 |
Salaries and employee benefits |  |  | 11,045 |  |  |  | 1,431 |  |  |  | 1,623 |  |  |  | 305 |  |  |  | — |  |  |  | 14,404 |
Other noninterest expense |  |  | 8,109 |  |  |  | 373 |  |  |  | 315 |  |  |  | 447 |  |  |  | — |  |  |  | 9,244 |
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 |
The table below presents total assets for the Company’s reportable business segments as of June 30, 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 June 30, 2025 |  | $ | 1,889,795 |  |  | $ | 155,063 |  |  | $ | 14 |  |  | $ | 185,402 |  |  | $ | (184,009 | ) |  | $ | 2,046,265 |
Total Assets as of December 31, 2024 |  | $ | 1,812,215 |  |  | $ | 144,616 |  |  | $ | 6 |  |  | $ | 185,173 |  |  | $ | (183,989 | ) |  | $ | 1,958,021 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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