XML 33 R27.htm IDEA: XBRL DOCUMENT
v3.25.2

Business Segments | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Business Segments | NOTE 16. 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 community 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. During the first quarter of 2025 the Company sold available for sale securities with an amortized cost of $99.2 million, which resulted in a net realized pre-tax loss of $12.4 million. This loss on the sale of securities is the main driver of the community banking segment's reported net loss, total noninterest loss and income tax benefit for the six months ended June 30, 2025. Revenue from marine lending operations consist primarily of net interest income related to commercial and consumer marine vessel 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 $196.4 million and $210.1 million at June 30, 2025 and December 31, 2024, respectively. 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. As such, expenses 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 CODM. The following tables provide income and asset information as of June 30, 2025 and December 31, 2024 and for three and six months ended June 30, 2025 and 2024, which are included within the Consolidated Balance Sheets and Consolidated Statements of Operations.
|  | Three Months Ended |
|  | June 30, 2025 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 22,158 |  |  | $ | 2,657 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24,815 |
Interest Expense |  |  | 7,724 |  |  |  | 1,038 |  |  |  | — |  |  |  | 355 |  |  |  | — |  |  |  | 9,117 |
Net Interest Income (Expense) |  |  | 14,434 |  |  |  | 1,619 |  |  |  | — |  |  |  | (355 | ) |  |  | — |  |  |  | 15,698 |
Gain on sales of loans |  |  | 1,104 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,104 |
Other noninterest income |  |  | 2,120 |  |  |  | — |  |  |  | 1,693 |  |  |  | — |  |  |  | — |  |  |  | 3,813 |
Net Revenue (Expense) |  |  | 17,658 |  |  |  | 1,619 |  |  |  | 1,693 |  |  |  | (355 | ) |  |  | — |  |  |  | 20,615 |
Provision for (recovery of) credit losses |  |  | 794 |  |  |  | (126 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 668 |
Salaries and employee benefits |  |  | 7,276 |  |  |  | — |  |  |  | 543 |  |  |  | 26 |  |  |  | — |  |  |  | 7,845 |
Occupancy expenses |  |  | 577 |  |  |  | — |  |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | 598 |
Professional fees |  |  | 521 |  |  |  | 10 |  |  |  | — |  |  |  | 110 |  |  |  | — |  |  |  | 641 |
Data processing fees |  |  | 618 |  |  |  | — |  |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | 633 |
Other noninterest expense |  |  | 3,347 |  |  |  | 116 |  |  |  | 197 |  |  |  | 22 |  |  |  | — |  |  |  | 3,682 |
Total Noninterest Expenses |  |  | 12,339 |  |  |  | 126 |  |  |  | 776 |  |  |  | 158 |  |  |  | — |  |  |  | 13,399 |
Income (loss) before taxes |  |  | 4,525 |  |  |  | 1,619 |  |  |  | 917 |  |  |  | (513 | ) |  |  | — |  |  |  | 6,548 |
Income tax expense (benefit) |  |  | 855 |  |  |  | 339 |  |  |  | 192 |  |  |  | (108 | ) |  |  | — |  |  |  | 1,278 |
Net Income (Loss) |  | $ | 3,670 |  |  | $ | 1,280 |  |  | $ | 725 |  |  | $ | (405 | ) |  | $ | — |  |  | $ | 5,270 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 262 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 262 |
Depreciation and amortization |  |  | 447 |  |  |  | — |  |  |  | 25 |  |  |  | 17 |  |  |  | — |  |  |  | 489 |
|  | Three Months Ended |
|  | June 30, 2024 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 18,558 |  |  | $ | 3,180 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 21,738 |
Interest Expense |  |  | 7,815 |  |  |  | 1,412 |  |  |  | — |  |  |  | 355 |  |  |  | — |  |  |  | 9,582 |
Net Interest Income (Expense) |  |  | 10,743 |  |  |  | 1,768 |  |  |  | — |  |  |  | (355 | ) |  |  | — |  |  |  | 12,156 |
Gain on sales of loans |  |  | 492 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 492 |
Other noninterest income |  |  | 2,540 |  |  |  | — |  |  |  | 1,273 |  |  |  | — |  |  |  | — |  |  |  | 3,813 |
Net Revenue (Expense) |  |  | 13,775 |  |  |  | 1,768 |  |  |  | 1,273 |  |  |  | (355 | ) |  |  | — |  |  |  | 16,461 |
Provision for (recovery of) credit losses |  |  | 207 |  |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 181 |
Salaries and employee benefits |  |  | 6,912 |  |  |  | — |  |  |  | 416 |  |  |  | 25 |  |  |  | — |  |  |  | 7,353 |
Occupancy expenses |  |  | 448 |  |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | 470 |
Professional fees |  |  | 438 |  |  |  | 13 |  |  |  | — |  |  |  | 60 |  |  |  | — |  |  |  | 511 |
Data processing fees |  |  | 557 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 558 |
Other noninterest expense |  |  | 3,250 |  |  |  | 122 |  |  |  | 236 |  |  |  | 10 |  |  |  | — |  |  |  | 3,618 |
Total Noninterest Expenses |  |  | 11,605 |  |  |  | 135 |  |  |  | 675 |  |  |  | 95 |  |  |  | — |  |  |  | 12,510 |
Income (loss) before taxes |  |  | 1,963 |  |  |  | 1,659 |  |  |  | 598 |  |  |  | (450 | ) |  |  | — |  |  |  | 3,770 |
Income tax expense (benefit) |  |  | 205 |  |  |  | 349 |  |  |  | 125 |  |  |  | (94 | ) |  |  | — |  |  |  | 585 |
Net Income (Loss) |  | $ | 1,758 |  |  | $ | 1,310 |  |  | $ | 473 |  |  | $ | (356 | ) |  | $ | — |  |  | $ | 3,185 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 421 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 421 |
Depreciation and amortization |  |  | 245 |  |  |  | — |  |  |  | 31 |  |  |  | 17 |  |  |  | — |  |  | $ | 293 |
|  | Six Months Ended |
|  | June 30, 2025 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 42,954 |  |  | $ | 5,363 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 48,317 |
Interest Expense |  |  | 16,340 |  |  |  | 2,234 |  |  |  | — |  |  |  | 709 |  |  |  | — |  |  |  | 19,283 |
Net Interest Income (Expense) |  |  | 26,614 |  |  |  | 3,129 |  |  |  | — |  |  |  | (709 | ) |  |  | — |  |  |  | 29,034 |
Gain on sales of loans |  |  | 1,533 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,533 |
(Loss) on the sale of securities |  |  | (12,425 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,425 | )
Other noninterest income |  |  | 3,838 |  |  |  | — |  |  |  | 3,417 |  |  |  | — |  |  |  | — |  |  |  | 7,255 |
Net Revenue (Expense) |  |  | 19,560 |  |  |  | 3,129 |  |  |  | 3,417 |  |  |  | (709 | ) |  |  | — |  |  |  | 25,397 |
Provision for (recovery of) credit losses |  |  | 2,171 |  |  |  | (270 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,901 |
Salaries and employee benefits |  |  | 13,971 |  |  |  | — |  |  |  | 1,001 |  |  |  | 52 |  |  |  | — |  |  |  | 15,024 |
Occupancy expenses |  |  | 1,219 |  |  |  | — |  |  |  | 41 |  |  |  | — |  |  |  | — |  |  |  | 1,260 |
Professional fees |  |  | 1,020 |  |  |  | 10 |  |  |  | — |  |  |  | 174 |  |  |  | — |  |  |  | 1,204 |
Data processing fees |  |  | 1,148 |  |  |  | — |  |  |  | 35 |  |  |  | — |  |  |  | — |  |  |  | 1,183 |
Other noninterest expense |  |  | 6,693 |  |  |  | 220 |  |  |  | 382 |  |  |  | 22 |  |  |  | — |  |  |  | 7,317 |
Total Noninterest Expenses |  |  | 24,051 |  |  |  | 230 |  |  |  | 1,459 |  |  |  | 248 |  |  |  | — |  |  |  | 25,988 |
(Loss) income before taxes |  |  | (6,662 | ) |  |  | 3,169 |  |  |  | 1,958 |  |  |  | (957 | ) |  |  | — |  |  |  | (2,492 | )
Income tax (benefit) expense |  |  | (1,651 | ) |  |  | 665 |  |  |  | 411 |  |  |  | (213 | ) |  |  | — |  |  |  | (788 | )
Net (Loss) Income |  | $ | (5,011 | ) |  | $ | 2,504 |  |  | $ | 1,547 |  |  | $ | (744 | ) |  | $ | — |  |  | $ | (1,704 | )
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 799 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 799 |
Depreciation and amortization |  |  | 841 |  |  |  | — |  |  |  | 57 |  |  |  | 34 |  |  |  | — |  |  |  | 932 |
|  | Six Months Ended |
|  | June 30, 2024 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
|  | (in thousands) |
Interest Income |  | $ | 36,999 |  |  | $ | 6,642 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 43,641 |
Interest Expense |  |  | 15,509 |  |  |  | 2,852 |  |  |  | — |  |  |  | 709 |  |  |  | — |  |  |  | 19,070 |
Net Interest Income (Expense) |  |  | 21,490 |  |  |  | 3,790 |  |  |  | — |  |  |  | (709 | ) |  |  | — |  |  |  | 24,571 |
Gain on sales of loans |  |  | 653 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 653 |
(Loss) on the sale of securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other noninterest income |  |  | 4,403 |  |  |  | — |  |  |  | 2,729 |  |  |  | — |  |  |  | — |  |  |  | 7,132 |
Net Revenue (Expense) |  |  | 26,546 |  |  |  | 3,790 |  |  |  | 2,729 |  |  |  | (709 | ) |  |  | — |  |  |  | 32,356 |
Provision for credit losses |  |  | 293 |  |  |  | 363 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 656 |
Salaries and employee benefits |  |  | 13,624 |  |  |  | 22 |  |  |  | 842 |  |  |  | 50 |  |  |  | — |  |  |  | 14,538 |
Occupancy expenses |  |  | 994 |  |  |  | — |  |  |  | 45 |  |  |  | — |  |  |  | — |  |  |  | 1,039 |
Professional fees |  |  | 856 |  |  |  | 13 |  |  |  | — |  |  |  | 148 |  |  |  | — |  |  |  | 1,017 |
Data processing fees |  |  | 1,121 |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 1,123 |
Other noninterest expense |  |  | 6,384 |  |  |  | 318 |  |  |  | 458 |  |  |  | 10 |  |  |  | — |  |  |  | 7,170 |
Total Noninterest Expenses |  |  | 22,979 |  |  |  | 353 |  |  |  | 1,347 |  |  |  | 208 |  |  |  | — |  |  |  | 24,887 |
Income (loss) before taxes |  |  | 3,274 |  |  |  | 3,074 |  |  |  | 1,382 |  |  |  | (917 | ) |  |  | — |  |  |  | 6,813 |
Income tax expense (benefit) |  |  | 321 |  |  |  | 646 |  |  |  | 290 |  |  |  | (177 | ) |  |  | — |  |  |  | 1,080 |
Net Income (Loss) |  | $ | 2,953 |  |  | $ | 2,428 |  |  | $ | 1,092 |  |  | $ | (740 | ) |  | $ | — |  |  | $ | 5,733 |
Other data: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 512 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 515 |
Depreciation and amortization |  |  | 583 |  |  |  | — |  |  |  | 63 |  |  |  | 34 |  |  |  | — |  |  |  | 680 |
|  | Community Banking |  |  | Marine Lending |  |  | Wealth Management |  |  | All Other |  |  | Eliminations |  |  | Consolidated |
Total assets at June 30, 2025 |  | $ | 1,827,117 |  |  | $ | 202,276 |  |  | $ | 890 |  |  | $ | 4,797 |  |  | $ | — |  |  | $ | 2,035,080 |
Total assets at December 31, 2024 |  |  | 1,645,219 |  |  |  | 218,055 |  |  |  | 955 |  |  |  | 1,986 |  |  |  | — |  |  |  | 1,866,215 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: 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 3: 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 Reference 4: 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 5: 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 6: 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 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: 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 25: 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 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration