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Business Segments | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Business Segments | NOTE 16. 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 loan 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. 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 March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and March 31, 2023, which are included within the Consolidated Balance Sheets and Consolidated Statements of Income. The results by business segment are based on management’s accounting process, which assigns income statement items and assets to each operating segment. Given the Company's reportable segments are contained within the Bank, management must make certain allocations of expenses, which may not be representative of the costs expected to be incurred if the specific business segments operated as stand-alone entities. The Company expects it will continue to evaluate its business segments and internal reporting structure, including the production of discrete financial information to the chief operating decision-maker.
|  | Three Months Ended |
|  | March 31, 2024 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 18,450 |  |  | $ | 3,462 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 21,912 |
Interest Expense |  |  | 7,694 |  |  |  | 1,440 |  |  |  | — |  |  |  | 354 |  |  |  | — |  |  |  | 9,488 |
Net Interest Income (Expense) |  |  | 10,756 |  |  |  | 2,022 |  |  |  | — |  |  |  | (354 | ) |  |  | — |  |  |  | 12,424 |
Gain on sales of loans |  |  | 161 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 161 |
Other noninterest income |  |  | 1,932 |  |  |  | — |  |  |  | 1,378 |  |  |  | — |  |  |  | — |  |  |  | 3,310 |
Net Revenue |  |  | 12,849 |  |  |  | 2,022 |  |  |  | 1,378 |  |  |  | (354 | ) |  |  | — |  |  |  | 15,895 |
Provision for credit losses |  |  | 86 |  |  |  | 389 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 475 |
Noninterest expense |  |  | 11,317 |  |  |  | 218 |  |  |  | 729 |  |  |  | 113 |  |  |  | — |  |  |  | 12,377 |
Income before taxes |  |  | 1,446 |  |  |  | 1,415 |  |  |  | 649 |  |  |  | (467 | ) |  |  | — |  |  |  | 3,043 |
Income tax expense |  |  | 145 |  |  |  | 297 |  |  |  | 136 |  |  |  | (83 | ) |  |  | — |  |  |  | 495 |
Net Income |  | $ | 1,301 |  |  | $ | 1,118 |  |  | $ | 513 |  |  | $ | (384 | ) |  | $ | — |  |  | $ | 2,548 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 91 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 94 |
Depreciation and amortization |  |  | 338 |  |  |  | — |  |  |  | 32 |  |  |  | 17 |  |  |  | — |  |  |  | 387 |
|  | Three Months Ended |
|  | March 31, 2023 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 15,241 |  |  | $ | 3,317 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18,558 |
Interest Expense |  |  | 4,367 |  |  |  | 1,193 |  |  |  | — |  |  |  | 354 |  |  |  | — |  |  |  | 5,914 |
Net Interest Income (Expense) |  |  | 10,874 |  |  |  | 2,124 |  |  |  | — |  |  |  | (354 | ) |  |  | — |  |  |  | 12,644 |
Gain on sales of loans |  |  | 214 |  |  |  | 242 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 456 |
Other noninterest income |  |  | 1,862 |  |  |  | 50 |  |  |  | 1,158 |  |  |  | — |  |  |  | — |  |  |  | 3,070 |
Net Revenue |  |  | 12,950 |  |  |  | 2,416 |  |  |  | 1,158 |  |  |  | (354 | ) |  |  | — |  |  |  | 16,170 |
Provision for credit losses |  |  | 506 |  |  |  | 158 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 664 |
Noninterest expense |  |  | 10,360 |  |  |  | 1,282 |  |  |  | 603 |  |  |  | 141 |  |  |  | — |  |  |  | 12,386 |
Income before taxes |  |  | 2,084 |  |  |  | 976 |  |  |  | 555 |  |  |  | (495 | ) |  |  | — |  |  |  | 3,120 |
Income tax expense |  |  | 327 |  |  |  | 205 |  |  |  | 117 |  |  |  | (114 | ) |  |  | — |  |  |  | 535 |
Net Income |  | $ | 1,757 |  |  | $ | 771 |  |  | $ | 438 |  |  | $ | (381 | ) |  | $ | — |  |  | $ | 2,585 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | (10 | ) |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Depreciation and amortization |  |  | 420 |  |  |  | 95 |  |  |  | 31 |  |  |  | 17 |  |  |  | — |  |  |  | 563 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
Total assets at March 31, 2024 |  | $ | 1,526,973 |  |  | $ | 253,912 |  |  | $ | 1,051 |  |  | $ | 965 |  |  | $ | — |  |  | $ | 1,782,901 |
Total assets at December 31, 2023 |  | $ | 1,562,600 |  |  | $ | 261,011 |  |  | $ | 1,080 |  |  | $ | 906 |  |  | $ | — |  |  | $ | 1,825,597 |

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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 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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