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Business Segments | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segments | NOTE 27. Business Segments The Company has three reportable operating segments: community banking, marine lending and wealth management. Revenue from community banking operations consist primarily of net interest income related to investments in non-marine loans and securities and outstanding deposits and borrowings, fees earned on deposit accounts and debit card interchange activity. Revenue from marine lending operations consist primarily of net interest income related to commercial and consumer marine loans and gains on sales of loans. The wealth management division's net revenues are comprised primarily of income from offering wealth management services and insurance products through third-party service providers. On August 23, 2023, the Company completed a sale of specific assets from its marine lending segment. As part of the sale, the Company sold its interest in marine vessel floor plan loans totaling $52.8 million, its rights to service loans that had been sold to secondary market investors prior to the date of sale (valued at $595 thousand on balance sheet prior to sale), and other assets that were not individually significant. The Company received total consideration, net of selling expenses, of $53.5 million and recognized a gain of $435 thousand. The assets sold as well as their related revenues and contribution to earnings did not constitute a significant portion of the Company's assets or operating results for the year ended December 31, 2023. Subsequent to the sale of these assets, the Company retained ownership of its marine vessel retail loans which continue to constitute a significant portion of the Company's assets, revenues, and earnings. The Company expects to cease accepting new marine lending business and hold the retained outstanding loans until they are ultimately repaid. Financial information of the parent company is included in the "All Other" category. The parent company's revenue and expenses are comprised primarily of interest expense associated with subordinated debt. The following table provides income and asset information as of and for the twelve months ended December 31, 2023 and 2022, which are included within the Consolidated Balance Sheets and Consolidated Statements of Income.
|  | Twelve Months Ended |
|  | December 31, 2023 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 67,990 |  |  | $ | 15,138 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 83,128 |
Interest Expense |  |  | 25,850 |  |  |  | 5,570 |  |  |  | — |  |  |  | 1,417 |  |  |  | — |  |  |  | 32,837 |
Net Interest Income (Expense) |  |  | 42,140 |  |  |  | 9,568 |  |  |  | — |  |  |  | (1,417 | ) |  |  | — |  |  |  | 50,291 |
Gain on sales of loans |  |  | 1,117 |  |  |  | 311 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,428 |
Other noninterest income |  |  | 7,313 |  |  |  | 1,078 |  |  |  | 4,926 |  |  |  | — |  |  |  | — |  |  |  | 13,317 |
Net Revenue |  |  | 50,570 |  |  |  | 10,957 |  |  |  | 4,926 |  |  |  | (1,417 | ) |  |  | — |  |  |  | 65,036 |
Provision for credit losses |  |  | 2,051 |  |  |  | (402 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,649 |
Noninterest expense |  |  | 44,479 |  |  |  | 5,106 |  |  |  | 2,646 |  |  |  | 523 |  |  |  | — |  |  |  | 52,754 |
Income before taxes |  |  | 4,040 |  |  |  | 6,253 |  |  |  | 2,280 |  |  |  | (1,940 | ) |  |  | — |  |  |  | 10,633 |
Income tax expense (benefit) |  |  | (103 | ) |  |  | 1,313 |  |  |  | 479 |  |  |  | (413 | ) |  |  | — |  |  |  | 1,276 |
Net Income |  | $ | 4,143 |  |  | $ | 4,940 |  |  | $ | 1,801 |  |  | $ | (1,527 | ) |  | $ | — |  |  | $ | 9,357 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 1,035 |  |  | $ | 36 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,071 |
Depreciation and amortization |  |  | 1,573 |  |  |  | 224 |  |  |  | 126 |  |  |  | 67 |  |  |  | — |  |  |  | 1,990 |
|  | Twelve Months Ended |
|  | December 31, 2022 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 47,554 |  |  | $ | 7,132 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 54,686 |
Interest Expense |  |  | 4,026 |  |  |  | 380 |  |  |  | — |  |  |  | 1,067 |  |  |  | — |  |  |  | 5,473 |
Net Interest Income (Expense) |  |  | 43,528 |  |  |  | 6,752 |  |  |  | — |  |  |  | (1,067 | ) |  |  | — |  |  |  | 49,213 |
Gain on sales of loans |  |  | 478 |  |  |  | 1,397 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,875 |
Other noninterest income |  |  | 7,222 |  |  |  | 99 |  |  |  | 4,149 |  |  |  | — |  |  |  | — |  |  |  | 11,470 |
Net Revenue |  |  | 51,228 |  |  |  | 8,248 |  |  |  | 4,149 |  |  |  | (1,067 | ) |  |  | — |  |  |  | 62,558 |
Provision for credit losses |  |  | 1,059 |  |  |  | 771 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,830 |
Noninterest expense |  |  | 36,401 |  |  |  | 3,695 |  |  |  | 2,590 |  |  |  | 371 |  |  |  | — |  |  |  | 43,057 |
Income before taxes |  |  | 13,768 |  |  |  | 3,782 |  |  |  | 1,559 |  |  |  | (1,438 | ) |  |  | — |  |  |  | 17,671 |
Income tax expense (benefit) |  |  | 2,343 |  |  |  | 794 |  |  |  | 328 |  |  |  | (315 | ) |  |  | — |  |  |  | 3,150 |
Net Income |  | $ | 11,425 |  |  | $ | 2,988 |  |  | $ | 1,231 |  |  | $ | (1,123 | ) |  | $ | — |  |  | $ | 14,521 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 829 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 838 |
Depreciation and amortization |  |  | 1,499 |  |  |  | 236 |  |  |  | 124 |  |  |  | 51 |  |  |  | — |  |  |  | 1,910 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
Total assets at December 31, 2023 |  | $ | 1,562,600 |  |  | $ | 261,011 |  |  | $ | 1,080 |  |  | $ | 906 |  |  | $ | — |  |  | $ | 1,825,597 |
Total assets at December 31, 2022 |  |  | 1,377,461 |  |  |  | 237,595 |  |  |  | 1,206 |  |  |  | 455 |  |  |  | — |  |  |  | 1,616,717 |

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