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Business Segments (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of reportable operating segments | The following tables provide income and asset information as of September 30, 2024 and December 31, 2023 and for three and nine months ended September 30, 2024 and 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 |
|  | September 30, 2024 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 20,626 |  |  | $ | 3,060 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 23,686 |
Interest Expense |  |  | 8,730 |  |  |  | 1,445 |  |  |  | — |  |  |  | 354 |  |  |  | — |  |  |  | 10,529 |
Net Interest Income (Expense) |  |  | 11,896 |  |  |  | 1,615 |  |  |  | — |  |  |  | (354 | ) |  |  | — |  |  |  | 13,157 |
Gain on sales of loans |  |  | 627 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 627 |
Other noninterest income |  |  | 3,108 |  |  |  | — |  |  |  | 1,516 |  |  |  | — |  |  |  | — |  |  |  | 4,624 |
Net Revenue (Expense) |  |  | 15,631 |  |  |  | 1,615 |  |  |  | 1,516 |  |  |  | (354 | ) |  |  | — |  |  |  | 18,408 |
Provision for (recovery of) credit losses |  |  | 1,609 |  |  |  | (65 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,544 |
Noninterest expense |  |  | 11,957 |  |  |  | 114 |  |  |  | 727 |  |  |  | 92 |  |  |  | — |  |  |  | 12,890 |
Income (loss) before taxes |  |  | 2,065 |  |  |  | 1,566 |  |  |  | 789 |  |  |  | (446 | ) |  |  | — |  |  |  | 3,974 |
Income tax expense (benefit) |  |  | 145 |  |  |  | 328 |  |  |  | 166 |  |  |  | (89 | ) |  |  | — |  |  |  | 550 |
Net Income (Loss) |  | $ | 1,920 |  |  | $ | 1,238 |  |  | $ | 623 |  |  | $ | (357 | ) |  | $ | — |  |  | $ | 3,424 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 231 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 231 |
Depreciation and amortization |  |  | 431 |  |  |  | — |  |  |  | 32 |  |  |  | 17 |  |  |  | — |  |  |  | 480 |
|  | Three Months Ended |
|  | September 30, 2023 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 17,770 |  |  | $ | 4,412 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 22,182 |
Interest Expense |  |  | 7,563 |  |  |  | 1,358 |  |  |  | — |  |  |  | 354 |  |  |  | — |  |  |  | 9,275 |
Net Interest Income (Expense) |  |  | 10,207 |  |  |  | 3,054 |  |  |  | — |  |  |  | (354 | ) |  |  | — |  |  |  | 12,907 |
Gain on sales of loans |  |  | 253 |  |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 265 |
Other noninterest income |  |  | 1,750 |  |  |  | 1,013 |  |  |  | 1,190 |  |  |  | — |  |  |  | — |  |  |  | 3,953 |
Net Revenue (Expense) |  |  | 12,210 |  |  |  | 4,079 |  |  |  | 1,190 |  |  |  | (354 | ) |  |  | — |  |  |  | 17,125 |
Provision for (recovery of) credit losses |  |  | 453 |  |  |  | (237 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 216 |
Noninterest expense |  |  | 11,131 |  |  |  | 2,285 |  |  |  | 629 |  |  |  | 88 |  |  |  | — |  |  |  | 14,133 |
Income (loss) before taxes |  |  | 626 |  |  |  | 2,031 |  |  |  | 561 |  |  |  | (442 | ) |  |  | — |  |  |  | 2,776 |
Income tax expense (benefit) |  |  | 3 |  |  |  | 427 |  |  |  | 117 |  |  |  | (90 | ) |  |  | — |  |  |  | 457 |
Net Income (Loss) |  | $ | 623 |  |  | $ | 1,604 |  |  | $ | 444 |  |  | $ | (352 | ) |  | $ | — |  |  | $ | 2,319 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 1,120 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,120 |
Depreciation and amortization |  |  | 715 |  |  |  | 32 |  |  |  | 31 |  |  |  | 17 |  |  |  | — |  |  |  | 795 |
|  | Nine Months Ended |
|  | September 30, 2024 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 57,625 |  |  | $ | 9,702 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 67,327 |
Interest Expense |  |  | 24,239 |  |  |  | 4,297 |  |  |  | — |  |  |  | 1,063 |  |  |  | — |  |  |  | 29,599 |
Net Interest Income (Expense) |  |  | 33,386 |  |  |  | 5,405 |  |  |  | — |  |  |  | (1,063 | ) |  |  | — |  |  |  | 37,728 |
Gain on sales of loans |  |  | 1,280 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,280 |
Other noninterest income |  |  | 7,512 |  |  |  | — |  |  |  | 4,244 |  |  |  | — |  |  |  | — |  |  |  | 11,756 |
Net Revenue (Expense) |  |  | 42,178 |  |  |  | 5,405 |  |  |  | 4,244 |  |  |  | (1,063 | ) |  |  | — |  |  |  | 50,764 |
Provision for credit losses |  |  | 1,902 |  |  |  | 298 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,200 |
Noninterest expense |  |  | 34,936 |  |  |  | 467 |  |  |  | 2,074 |  |  |  | 300 |  |  |  | — |  |  |  | 37,777 |
Income (loss) before taxes |  |  | 5,340 |  |  |  | 4,640 |  |  |  | 2,170 |  |  |  | (1,363 | ) |  |  | — |  |  |  | 10,787 |
Income tax expense (benefit) |  |  | 466 |  |  |  | 974 |  |  |  | 456 |  |  |  | (266 | ) |  |  | — |  |  |  | 1,630 |
Net Income (Loss) |  | $ | 4,874 |  |  | $ | 3,666 |  |  | $ | 1,714 |  |  | $ | (1,097 | ) |  | $ | — |  |  | $ | 9,157 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 743 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 746 |
Depreciation and amortization |  |  | 1,014 |  |  |  | — |  |  |  | 95 |  |  |  | 51 |  |  |  | — |  |  |  | 1,160 |
|  | Nine Months Ended |
|  | September 30, 2023 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 49,454 |  |  | $ | 11,634 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61,088 |
Interest Expense |  |  | 18,015 |  |  |  | 4,033 |  |  |  | — |  |  |  | 1,063 |  |  |  | — |  |  |  | 23,111 |
Net Interest Income (Expense) |  |  | 31,439 |  |  |  | 7,601 |  |  |  | — |  |  |  | (1,063 | ) |  |  | — |  |  |  | 37,977 |
Gain on sales of loans |  |  | 589 |  |  |  | 324 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 913 |
Other noninterest income |  |  | 5,487 |  |  |  | 1,106 |  |  |  | 3,611 |  |  |  | — |  |  |  | — |  |  |  | 10,204 |
Net Revenue (Expense) |  |  | 37,515 |  |  |  | 9,031 |  |  |  | 3,611 |  |  |  | (1,063 | ) |  |  | — |  |  |  | 49,094 |
Provision for (recovery of) credit losses |  |  | 1,405 |  |  |  | (122 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,283 |
Noninterest expense |  |  | 32,247 |  |  |  | 4,925 |  |  |  | 1,902 |  |  |  | 400 |  |  |  | — |  |  |  | 39,474 |
Income (loss) before taxes |  |  | 3,863 |  |  |  | 4,228 |  |  |  | 1,709 |  |  |  | (1,463 | ) |  |  | — |  |  |  | 8,337 |
Income tax expense (benefit) |  |  | 443 |  |  |  | 888 |  |  |  | 359 |  |  |  | (315 | ) |  |  | — |  |  |  | 1,375 |
Net Income (Loss) |  | $ | 3,420 |  |  | $ | 3,340 |  |  | $ | 1,350 |  |  | $ | (1,148 | ) |  | $ | — |  |  | $ | 6,962 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 1,091 |  |  | $ | 36 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,127 |
Depreciation and amortization |  |  | 989 |  |  |  | 224 |  |  |  | 94 |  |  |  | 51 |  |  |  | — |  |  |  | 1,358 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
Total assets at September 30, 2024 |  | $ | 1,646,503 |  |  | $ | 233,065 |  |  | $ | 987 |  |  | $ | 1,146 |  |  | $ | — |  |  | $ | 1,881,701 |
Total assets at December 31, 2023 |  | $ | 1,562,600 |  |  | $ | 261,011 |  |  | $ | 1,080 |  |  | $ | 906 |  |  | $ | — |  |  | $ | 1,825,597 |

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