XML 33 R21.htm IDEA: XBRL DOCUMENT v3.25.1
Note 12 - Segment Reporting
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 12. Segment Reporting

 

The Company has two reportable segments. Each reportable segment is a strategic business unit that offers different products and services. They are managed separately, because each segment appeals to different markets and, accordingly, require different technology and marketing strategies. The accounting policies of the segments are the same as those described in the summary of significant accounting policies provided earlier in this report.

The reportable segments are:

 

 

●

Community Banking - The Community Banking segment involves making loans and generating deposits from individuals, businesses, and charitable organizations. Loan fee income, service charges from deposit accounts, and other non-interest-related fees, such as fees for debit cards and ATM usage and fees for brokered mortgage services, generates income for the Banking segment.

 

●

Wealth Management Services – Wealth Management Services offers corporate trustee services, trust and estate administration, IRA administration and custody services. Revenue for this segment is generated from administration, service and custody fees, as well as, management fees which are derived from assets under management. Investment management services currently are offered through in-house and third-party managers. 

 

The Company's chief operating decision maker (CODM) is the President and Chief Operating Officer of the Bank. The CODM uses income, operating expenses and net income to evaluate income generated from the operating segments. Net income is used to monitor budget versus actual results and profitability. Financials of the operating segments are reviewed monthly to assess the performance of the segments.

 

Segment information for the three months ended March 31, 2025, and March 31, 2024, is shown in the following tables. Note that asset information is not reported below, as the assets of the Company are reported at the Bank level. Assets under management by Wealth Management Services were $451 million at the end of the first quarter.

 

 

  

As of the Three Months Ended March 31, 2025

 

(in thousands)

 

Community Banking

  

Wealth Management

  

Total

 
             

Interest Income

 $23,959  $63  $24,022 

Interest Expense

  6,571   —   6,571 

Net interest income

 $17,388  $63  $17,451 

Provision for credit losses

  832   —   832 

Net interest income after provision for credit losses

 $16,556  $63  $16,619 

Noninterest Income:

            

Service charges on deposit accounts

 $1,013  $—  $1,013 

ATM and check card fees

  996   —   996 

Wealth management fees

  —   898   898 

Other operating income

  704   —   704 

Total noninterest income

 $2,713  $898  $3,611 

Noninterest Expense

            

Salaries and employee benefits

 $8,460  $229  $8,689 

Occupancy

  1,062   7   1,069 

Equipment

  1,023   1   1,024 

Legal and professional fees

  522   —   522 

Data processing expense

  726   36   762 

Investment management

  —   330   330 

Other operating expense

  5,929   10   5,939 

Total noninterest expense

 $17,722  $613  $18,335 

Income before income taxes

 $1,547  $348  $1,895 

Income tax expense

  242   55   297 

Net income

 $1,305  $293  $1,598 

 

 

 

 

  

As of the Three Months Ended March 31, 2024

 

(in thousands)

 

Community Banking

  

Wealth Management

  

Total

 
             

Interest Income

 $16,262  $72  $16,334 

Interest Expense

  5,484   —   5,484 

Net interest income

 $10,778  $72  $10,850 

Provision for credit losses

  1,000   —   1,000 

Net interest income after provision for credit losses

 $9,778  $72  $9,850 

Noninterest Income:

            

Service charges on deposit accounts

 $654  $—  $654 

ATM and check card fees

  770   —   770 

Wealth management fees

  —   883   883 

Other operating income

  1,740   —   1,740 

Total noninterest income

 $3,164  $883  $4,047 

Noninterest Expense

            

Salaries and employee benefits

 $5,668  $203  $5,871 

Occupancy

  528   7   535 

Equipment

  591   —   591 

Legal and professional fees

  452   —   452 

Data processing expense

  209   37   246 

Investment management

  —   328   328 

Other operating expense

  1,856   8   1,864 

Total noninterest expense

 $9,304  $583  $9,887 

Income before income taxes

 $3,638  $372  $4,010 

Income tax expense

  727   74   801 

Net income

 $2,911  $298  $3,209