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Reportable Segments
 9 Months Ended
Sep. 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 September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$18,297

 

 

$-

 

 

$9

 

 

$18,306

 

Interest expense

 

 

4,681

 

 

 

-

 

 

 

285

 

 

 

4,966

 

Net interest income

 

 

13,616

 

 

 

-

 

 

 

(276)

 

 

13,340

 

Provision for credit losses

 

 

562

 

 

 

-

 

 

 

-

 

 

 

562

 

Noninterest income

 

 

3,989

 

 

 

-

 

 

 

-

 

 

 

3,989

 

Appraisal management fee income

 

 

-

 

 

 

2,785

 

 

 

-

 

 

 

2,785

 

Noninterest expense

 

 

11,515

 

 

 

401

 

 

 

157

 

 

 

12,073

 

Appraisal management fee expense

 

 

-

 

 

 

2,182

 

 

 

-

 

 

 

2,182

 

Income tax expense (benefit)

 

 

1,215

 

 

 

46

 

 

 

(91)

 

 

1,170

 

Net income (loss)

 

$4,313

 

 

$156

 

 

$(342)

 

$4,127

 

Total assets

 

$1,601,541

 

 

$3,713

 

 

$2,010

 

 

$1,607,264

 

As of and for the three months ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$14,606

 

 

$-

 

 

$5

 

 

$14,611

 

Interest expense

 

 

671

 

 

 

-

 

 

 

147

 

 

 

818

 

Net interest income

 

 

13,935

 

 

 

-

 

 

 

(142)

 

 

13,793

 

Provision for loan losses

 

 

408

 

 

 

-

 

 

 

-

 

 

 

408

 

Noninterest income

 

 

4,080

 

 

 

2

 

 

 

-

 

 

 

4,082

 

Appraisal management fee income

 

 

-

 

 

 

2,711

 

 

 

-

 

 

 

2,711

 

Noninterest expense

 

 

10,607

 

 

 

538

 

 

 

159

 

 

 

11,304

 

Appraisal management fee expense

 

 

-

 

 

 

2,151

 

 

 

-

 

 

 

2,151

 

Income tax expense (benefit)

 

 

1,473

 

 

 

6

 

 

 

(63)

 

 

1,416

 

Net income (loss)

 

$5,527

 

 

$18

 

 

$(238)

 

$5,307

 

Total assets

 

$1,670,896

 

 

$3,298

 

 

$2,096

 

 

$1,676,290

 

As of and for the nine months ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$52,680

 

 

$-

 

 

$26

 

 

$52,706

 

Interest expense

 

 

10,466

 

 

 

-

 

 

 

791

 

 

 

11,257

 

Net interest income

 

 

42,214

 

 

 

-

 

 

 

(765)

 

 

41,449

 

Provision for credit losses

 

 

1,161

 

 

 

-

 

 

 

-

 

 

 

1,161

 

Noninterest income

 

 

9,318

 

 

 

-

 

 

 

-

 

 

 

9,318

 

Appraisal management fee income

 

 

-

 

 

 

7,469

 

 

 

-

 

 

 

7,469

 

Noninterest expense

 

 

34,118

 

 

 

1,094

 

 

 

483

 

 

 

35,695

 

Appraisal management fee expense

 

 

-

 

 

 

5,881

 

 

 

-

 

 

 

5,881

 

Income tax expense (benefit)

 

 

3,541

 

 

 

114

 

 

 

(262)

 

 

3,393

 

Net income (loss)

 

$12,712

 

 

$380

 

 

$(986)

 

$12,106

 

Total assets

 

$1,601,541

 

 

$3,713

 

 

$2,010

 

 

$1,607,264

 

As of and for the nine months ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$37,921

 

 

$-

 

 

$11

 

 

$37,932

 

Interest expense

 

 

1,801

 

 

 

-

 

 

 

324

 

 

 

2,125

 

Net interest income

 

 

36,120

 

 

 

-

 

 

 

(313)

 

 

35,807

 

Provision for loan losses

 

 

889

 

 

 

-

 

 

 

-

 

 

 

889

 

Noninterest income

 

 

11,497

 

 

 

14

 

 

 

-

 

 

 

11,511

 

Appraisal management fee income

 

 

-

 

 

 

9,656

 

 

 

-

 

 

 

9,656

 

Noninterest expense

 

 

31,518

 

 

 

1,360

 

 

 

481

 

 

 

33,359

 

Appraisal management fee expense

 

 

-

 

 

 

7,680

 

 

 

-

 

 

 

7,680

 

Income tax expense (benefit)

 

 

3,091

 

 

 

146

 

 

 

(167)

 

 

3,070

 

Net income (loss)

 

$12,119

 

 

$484

 

 

$(627)

 

$11,976

 

Total assets

 

$1,670,896

 

 

$3,298

 

 

$2,096

 

 

$1,676,290