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Business Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments | NOTE 27. Business Segments The Company has three reportable operating segments: community banking, marine lending and wealth management. The community banking segment offers a wide range of retail and commercial banking services in the form of loan and deposit products. Revenues 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. For the year ended December 31, 2024, non-interest community banking revenue increased, in part, due to the sale of the Company's operating center and branch building in a sales-leaseback transaction, resulting in a realized gain of $3.9 million. Revenue from marine lending operations consist primarily of net interest income related to commercial and consumer marine vessel retail loans originated through August 2023, at which time the Company ceased accepting new marine lending business. The balance of the marine loan portfolio, which constitutes a significant portion of the Company's assets, revenues, and earnings, totaled $210.1 million at December 31, 2024. This balance will continue to decline as the loans are repaid. The wealth management segment offers both a trust department and investment services. Trust department services include a full range of personal and retirement plan services, and investment services products include, among other products, annuities, IRA's, life insurance, fixed income investing, and full service or discount brokerage services. Non-deposit investment products are offered through a third-party service provider. 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 Company's segment structure reflects the financial information and reports used by our chief operating decision maker to make decisions regarding the business, including resource allocations and performance. Our Chief Executive Officer is the chief operating decision maker ("CODM"). We evaluate performance and allocate resources based on the operating income of each operating segment. The CODM uses segment operating income in the annual budget process. The operating income of each operating segment includes the revenues of the segment less expenses that are directly related to those revenues. Operating overhead, shared costs and share-based compensation costs are included in Community Banking. The following table provides income and asset information as of and for the twelve months ended December 31, 2024 and 2023, which are included within the Consolidated Balance Sheets and Consolidated Statements of Income.
|  | Twelve Months Ended |
|  | December 31, 2024 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 78,805 |  |  | $ | 12,516 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 91,321 |
Interest Expense |  |  | 33,049 |  |  |  | 5,628 |  |  |  | — |  |  |  | 1,417 |  |  |  | — |  |  |  | 40,094 |
Net Interest Income (Expense) |  |  | 45,756 |  |  |  | 6,888 |  |  |  | — |  |  |  | (1,417 | ) |  |  | — |  |  |  | 51,227 |
Gain on sales of loans |  |  | 2,141 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,141 |
Other noninterest income |  |  | 13,792 |  |  |  | — |  |  |  | 5,624 |  |  |  | — |  |  |  | — |  |  |  | 19,416 |
Net Revenue |  |  | 61,689 |  |  |  | 6,888 |  |  |  | 5,624 |  |  |  | (1,417 | ) |  |  | — |  |  |  | 72,784 |
Provision for credit losses |  |  | 2,403 |  |  |  | 148 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,551 |
Salaries and employee benefits |  |  | 28,224 |  |  |  | — |  |  |  | 1,734 |  |  |  | 101 |  |  |  | — |  |  |  | 30,059 |
Occupancy expenses |  |  | 1,987 |  |  |  | — |  |  |  | 90 |  |  |  | — |  |  |  | — |  |  |  | 2,077 |
Professional fees |  |  | 1,723 |  |  |  | 25 |  |  |  | — |  |  |  | 317 |  |  |  | — |  |  |  | 2,065 |
Data processing fees |  |  | 2,399 |  |  |  | — |  |  |  | 19 |  |  |  | — |  |  |  | — |  |  |  | 2,418 |
Other noninterest expense |  |  | 13,115 |  |  |  | 604 |  |  |  | 980 |  |  |  | 14 |  |  |  | — |  |  |  | 14,713 |
Total Noninterest Expenses |  |  | 47,448 |  |  |  | 629 |  |  |  | 2,823 |  |  |  | 432 |  |  |  | — |  |  |  | 51,332 |
Income (loss) before taxes |  |  | 11,838 |  |  |  | 6,111 |  |  |  | 2,801 |  |  |  | (1,849 | ) |  |  | — |  |  |  | 18,901 |
Income tax expense (benefit) |  |  | 2,048 |  |  |  | 1,283 |  |  |  | 588 |  |  |  | (361 | ) |  |  | — |  |  |  | 3,558 |
Net Income (loss) |  | $ | 9,790 |  |  | $ | 4,828 |  |  | $ | 2,213 |  |  | $ | (1,488 | ) |  | $ | — |  |  | $ | 15,343 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 1,017 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,019 |
Depreciation and amortization |  |  | 1,349 |  |  |  | — |  |  |  | 127 |  |  |  | 67 |  |  |  | — |  |  |  | 1,543 |
|  | Twelve Months Ended |
|  | December 31, 2023 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 67,955 |  |  | $ | 15,138 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 83,093 |
Interest Expense |  |  | 25,850 |  |  |  | 5,570 |  |  |  | — |  |  |  | 1,417 |  |  |  | — |  |  |  | 32,837 |
Net Interest Income (Expense) |  |  | 42,105 |  |  |  | 9,568 |  |  |  | — |  |  |  | (1,417 | ) |  |  | — |  |  |  | 50,256 |
Gain on sales of loans |  |  | 1,117 |  |  |  | 311 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,428 |
Other noninterest income |  |  | 7,348 |  |  |  | 1,078 |  |  |  | 4,926 |  |  |  | — |  |  |  | — |  |  |  | 13,352 |
Net Revenue |  |  | 50,570 |  |  |  | 10,957 |  |  |  | 4,926 |  |  |  | (1,417 | ) |  |  | — |  |  |  | 65,036 |
Provision for credit losses |  |  | 2,051 |  |  |  | (402 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,649 |
Salaries and employee benefits |  |  | 26,948 |  |  |  | 1,854 |  |  |  | 1,407 |  |  |  | 97 |  |  |  | — |  |  |  | 30,306 |
Occupancy expenses |  |  | 2,080 |  |  |  | 3 |  |  |  | 119 |  |  |  | — |  |  |  | — |  |  |  | 2,202 |
Professional fees |  |  | 1,452 |  |  |  | 684 |  |  |  | — |  |  |  | 404 |  |  |  | — |  |  |  | 2,540 |
Data processing fees |  |  | 1,907 |  |  |  | — |  |  |  | 28 |  |  |  | — |  |  |  | — |  |  |  | 1,935 |
Other noninterest expense |  |  | 12,092 |  |  |  | 2,565 |  |  |  | 1,092 |  |  |  | 22 |  |  |  | — |  |  |  | 15,771 |
Total Noninterest Expenses |  |  | 44,479 |  |  |  | 5,106 |  |  |  | 2,646 |  |  |  | 523 |  |  |  | — |  |  |  | 52,754 |
Income (loss) 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 (loss) |  | $ | 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 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
Total assets at December 31, 2024 |  | $ | 1,645,219 |  |  | $ | 218,055 |  |  | $ | 955 |  |  | $ | 1,986 |  |  | $ | — |  |  | $ | 1,866,215 |
Total assets at December 31, 2023 |  |  | 1,562,600 |  |  |  | 261,011 |  |  |  | 1,080 |  |  |  | 906 |  |  |  | — |  |  |  | 1,825,597 |

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