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Reportable Segments
 3 Months Ended
Mar. 31, 2024
Reportable Segments  
Reportable Segments

(10) 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 March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$19,801

 

 

$-

 

 

$9

 

 

$19,810

 

Interest expense

 

 

6,222

 

 

 

-

 

 

 

284

 

 

 

6,506

 

Net interest income

 

 

13,579

 

 

 

-

 

 

 

(275)

 

 

13,304

 

Provision for credit losses

 

 

91

 

 

 

-

 

 

 

-

 

 

 

91

 

Noninterest income

 

 

3,624

 

 

 

-

 

 

 

-

 

 

 

3,624

 

Appraisal management fee income

 

 

-

 

 

 

2,414

 

 

 

-

 

 

 

2,414

 

Noninterest expense

 

 

12,106

 

 

 

344

 

 

 

162

 

 

 

12,612

 

Appraisal management fee expense

 

 

-

 

 

 

1,904

 

 

 

-

 

 

 

1,904

 

Income tax expense (benefit)

 

 

841

 

 

 

38

 

 

 

(92)

 

 

787

 

Net income (loss)

 

$4,165

 

 

$128

 

 

$(345)

 

$3,948

 

Total assets

 

$1,665,209

 

 

$3,847

 

 

$504

 

 

$1,669,560

 

As of and for the three months ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$16,793

 

 

$-

 

 

$8

 

 

$16,801

 

Interest expense

 

 

2,215

 

 

 

-

 

 

 

248

 

 

 

2,463

 

Net interest income

 

 

14,578

 

 

 

-

 

 

 

(240)

 

 

14,338

 

Provision for credit losses

 

 

224

 

 

 

-

 

 

 

-

 

 

 

224

 

Noninterest income

 

 

1,517

 

 

 

-

 

 

 

-

 

 

 

1,517

 

Appraisal management fee income

 

 

-

 

 

 

2,094

 

 

 

-

 

 

 

2,094

 

Noninterest expense

 

 

11,564

 

 

 

334

 

 

 

154

 

 

 

12,052

 

Appraisal management fee expense

 

 

-

 

 

 

1,650

 

 

 

-

 

 

 

1,650

 

Income tax expense (benefit)

 

 

909

 

 

 

25

 

 

 

(83)

 

 

851

 

Net income (loss)

 

$3,398

 

 

$85

 

 

$(311)

 

$3,172

 

Total assets

 

$1,598,863

 

 

$3,329

 

 

$500

 

 

$1,602,692