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Reportable Segments
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 and September 30, 2024.

 

 

(Dollars in thousands)  Commercial       Investment             
Three months ended September 30, 2025  and Retail   Mortgage   Advisory and             
   Banking   Banking   Non-Deposit   Corporate   Eliminations   Consolidated 
Interest and dividend income  $22,347   $2,370   $—   $2,050   $(1,865)  $24,902 
Interest expense   7,897    738    —    273    —    8,908 
Net interest income  $14,450   $1,632   $—   $1,777   $(1,865)  $15,994 
Provision for credit losses   131    70    —    —    —    201 
Noninterest income   1,673    934    1,862    —    —    4,469 
Salaries and employee benefits   5,978    914    964    203    —    8,059 
Other noninterest expense   4,853    264    164    334    —    5,615 
Noninterest expense   10,831    1,178    1,128    537    —    13,674 
Net income before taxes  $5,161   $1,318   $734   $1,240   $(1,865)  $6,588 
Income tax provision (benefit)   1,528    —    —    (132)   —    1,396 
Net income (loss)  $3,633   $1,318   $734   $1,372   $(1,865)  $5,192 
                               
(Dollars in thousands)  Commercial       Investment             
Three months ended September 30, 2024  and Retail   Mortgage   Advisory and             
   Banking   Banking   Non-Deposit   Corporate   Eliminations   Consolidated 
Interest and dividend 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 (release of) credit losses   (135)   119    —    —    —    (16)
Noninterest income   1,400    575    1,595    —    —    3,570 
Salaries and employee benefits   5,631    773    873    145    —    7,422 
Other noninterest expense   3,945    221    187    216    —    4,569 
Total noninterest expense   9,576    994    1,060    361    —    11,991 
Net income before taxes  $4,456   $678   $535   $782   $(1,444)  $5,007 
Income tax provision (benefit)   1,285    —    —    (139)   —    1,146 
Net income  $3,171   $678   $535   $921   $(1,444)  $3,861 
                               

 

(Dollars in thousands)  Commercial       Investment             
Nine months ended September 30, 2025  and Retail   Mortgage   Advisory and             
   Banking   Banking   Non-Deposit   Corporate   Eliminations   Consolidated 
Interest and dividend income  $65,285   $6,671   $—   $5,283   $(5,082)  $72,157 
Interest expense   23,535    2,103    —    811    —    26,449 
Net interest income  $41,750   $4,568   $—   $4,472   $(5,082)  $45,708 
Provision for credit losses   234    167    —    —    —    401 
Noninterest income   4,665    2,572    5,420    —    —    12,657 
Salaries and employee benefits   17,565    2,686    2,890    635    —    23,776 
Other noninterest expense   13,512    765    508    950    —    15,735 
Noninterest expense   31,077    3,451    3,398    1,585    —    39,511 
Net income before taxes  $15,104   $3,522   $2,022   $2,887   $(5,082)  $18,453 
Income tax provision (benefit)   4,575    —    —    (497)   —    4,078 
Net income (loss)  $10,529   $3,522   $2,022   $3,384   $(5,082)  $14,375 

 

(Dollars in thousands)  Commercial       Investment             
Nine months ended September 30, 2024  and Retail   Mortgage   Advisory and             
   Banking   Banking   Non-Deposit   Corporate   Eliminations   Consolidated 
Interest and dividend 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 
Salaries and employee benefits   16,676    2,204    2,496    450         21,826 
Other noninterest expense   12,084    564    502    663         13,813 
Noninterest expense   28,760    2,768    2,298    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 

 

The table below presents total assets for the Company’s reportable business segments as of September 30, 2025 and December 31, 2024.

 

   Commercial       Investment             
  and Retail   Mortgage   Advisory and             
(Dollars in thousands)  Banking   Banking   Non-Deposit   Corporate   Eliminations   Consolidated 
Total Assets as of September 30, 2025  $1,907,445   $157,751   $16   $186,049   $(184,663)  $2,066,598 
Total Assets as of December 31, 2024  $1,812,215   $144,616   $6   $185,173   $(183,989)  $1,958,021