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Reportable Segments | 6 Months Ended
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Jun. 30, 2023
Reportable Segments |
Reportable Segments | (7) Reportable Segments The Company has two reportable segments, as described below. Banking Operations – This segment reflects the consolidated Bank, excluding CBRES. The primary source of revenue for this segment is net interest income. CBRES – A Bank subsidiary that provides appraisal management services to community banks. The primary source of revenue for this segment is appraisal management fee income. The following table presents financial information for the reportable segments. The information provided under the caption “Other” represents financial information for the Company, which is not considered to be a reportable segment, and is included to reconcile the results of the reportable segments to the Consolidated Financial Statements prepared in conformity with GAAP.
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | Banking |  |  |  |  |  |  |  |  |  |
|  | Operations |  |  | CBRES |  |  | Other |  |  | Consolidated |
As of and for the three months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 17,591 |  |  | $ | - |  |  | $ | 8 |  |  | $ | 17,599 |
Interest expense |  |  | 3,569 |  |  |  | - |  |  |  | 259 |  |  |  | 3,828 |
Net interest income |  |  | 14,022 |  |  |  | - |  |  |  | (251 | ) |  |  | 13,771 |
Provision for credit losses |  |  | 375 |  |  |  | - |  |  |  | - |  |  |  | 375 |
Noninterest income |  |  | 3,813 |  |  |  | - |  |  |  | - |  |  |  | 3,813 |
Appraisal management fee income |  |  | - |  |  |  | 2,590 |  |  |  | - |  |  |  | 2,590 |
Noninterest expense |  |  | 11,038 |  |  |  | 360 |  |  |  | 172 |  |  |  | 11,570 |
Appraisal management fee expense |  |  | - |  |  |  | 2,049 |  |  |  | - |  |  |  | 2,049 |
Income tax expense (benefit) |  |  | 1,418 |  |  |  | 42 |  |  |  | (88 | ) |  |  | 1,372 |
Net income (loss) |  | $ | 5,004 |  |  | $ | 139 |  |  | $ | (335 | ) |  | $ | 4,808 |
Total assets |  | $ | 1,606,211 |  |  | $ | 3,511 |  |  | $ | 1,852 |  |  | $ | 1,611,574 |
As of and for the three months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 11,988 |  |  | $ | - |  |  | $ | 4 |  |  | $ | 11,992 |
Interest expense |  |  | 541 |  |  |  | - |  |  |  | 103 |  |  |  | 644 |
Net interest income |  |  | 11,447 |  |  |  | - |  |  |  | (99 | ) |  |  | 11,348 |
Provision for loan losses |  |  | 410 |  |  |  | - |  |  |  | - |  |  |  | 410 |
Noninterest income |  |  | 3,882 |  |  |  | 7 |  |  |  | - |  |  |  | 3,889 |
Appraisal management fee income |  |  | - |  |  |  | 3,439 |  |  |  | - |  |  |  | 3,439 |
Noninterest expense |  |  | 10,896 |  |  |  | 421 |  |  |  | 169 |  |  |  | 11,486 |
Appraisal management fee expense |  |  | - |  |  |  | 2,757 |  |  |  | - |  |  |  | 2,757 |
Income tax expense (benefit) |  |  | 800 |  |  |  | 62 |  |  |  | (56 | ) |  |  | 806 |
Net income (loss) |  | $ | 3,223 |  |  | $ | 206 |  |  | $ | (212 | ) |  | $ | 3,217 |
Total assets |  | $ | 1,671,501 |  |  | $ | 3,298 |  |  | $ | 2,096 |  |  | $ | 1,676,895 |
As of and for the six months ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 34,384 |  |  | $ | - |  |  | $ | 16 |  |  | $ | 34,400 |
Interest expense |  |  | 5,784 |  |  |  | - |  |  |  | 507 |  |  |  | 6,291 |
Net interest income |  |  | 28,600 |  |  |  | - |  |  |  | (491 | ) |  |  | 28,109 |
Provision for credit losses |  |  | 599 |  |  |  | - |  |  |  | - |  |  |  | 599 |
Noninterest income |  |  | 5,330 |  |  |  | - |  |  |  | - |  |  |  | 5,330 |
Appraisal management fee income |  |  | - |  |  |  | 4,684 |  |  |  | - |  |  |  | 4,684 |
Noninterest expense |  |  | 22,602 |  |  |  | 694 |  |  |  | 326 |  |  |  | 23,622 |
Appraisal management fee expense |  |  | - |  |  |  | 3,699 |  |  |  | - |  |  |  | 3,699 |
Income tax expense (benefit) |  |  | 2,327 |  |  |  | 67 |  |  |  | (171 | ) |  |  | 2,223 |
Net income (loss) |  | $ | 8,402 |  |  | $ | 224 |  |  | $ | (646 | ) |  | $ | 7,980 |
Total assets |  | $ | 1,606,211 |  |  | $ | 3,511 |  |  | $ | 1,852 |  |  | $ | 1,611,574 |
As of and for the six months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 23,315 |  |  | $ | - |  |  | $ | 6 |  |  | $ | 23,321 |
Interest expense |  |  | 1,129 |  |  |  | - |  |  |  | 178 |  |  |  | 1,307 |
Net interest income |  |  | 22,186 |  |  |  | - |  |  |  | (172 | ) |  |  | 22,014 |
Provision for loan losses |  |  | 481 |  |  |  | - |  |  |  | - |  |  |  | 481 |
Noninterest income |  |  | 7,418 |  |  |  | 11 |  |  |  | - |  |  |  | 7,429 |
Appraisal management fee income |  |  | - |  |  |  | 6,945 |  |  |  | - |  |  |  | 6,945 |
Noninterest expense |  |  | 20,912 |  |  |  | 821 |  |  |  | 322 |  |  |  | 22,055 |
Appraisal management fee expense |  |  | - |  |  |  | 5,529 |  |  |  | - |  |  |  | 5,529 |
Income tax expense (benefit) |  |  | 1,618 |  |  |  | 140 |  |  |  | (104 | ) |  |  | 1,654 |
Net income (loss) |  | $ | 6,593 |  |  | $ | 466 |  |  | $ | (390 | ) |  | $ | 6,669 |
Total assets |  | $ | 1,671,501 |  |  | $ | 3,298 |  |  | $ | 2,096 |  |  | $ | 1,676,895 |

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