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Reportable Segments
 12 Months Ended
Dec. 31, 2024
Reportable Segments  
Reportable Segments

(16) Reportable Segments

 

The Company has two reportable segments as described below and in Note 1:

 

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 Bank’s executive management team, which is comprised of the Bank’s Chief Executive Officer, Chief Financial Officer and executive vice presidents,  is the chief operating decision maker for the Company. The Bank’s executive management team reviews actual net income versus budgeted net income on a quarterly basis to assess segment performance.

The following table presents financial information for the reportable segments. Financial results by operating segment, including significant expense categories provided to the chief operating decision maker, are detailed below. Certain prior period amounts have been reclassified to conform to the current presentation. The information provided under the caption “Other” represents the parent company, which is not considered to be a reportable segment, is included to reconcile the results of the operating segments to the consolidated financial statements prepared in conformity with GAAP.

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Banking

 

 

 

 

 

 

 

 

 

 

 

 

 Operations

 

 

 CBRES

 

 

Other

 

 

Consolidated

 

As of and for the year ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$80,699

 

 

 

-

 

 

 

34

 

 

 

80,733

 

Interest expense

 

 

25,538

 

 

 

-

 

 

 

1,116

 

 

 

26,654

 

Net interest income

 

 

55,161

 

 

 

-

 

 

 

(1,082)

 

 

54,079

 

Provision for credit losses

 

 

(285)

 

 

-

 

 

 

-

 

 

 

(285)

Noninterest income

 

 

16,024

 

 

 

-

 

 

 

-

 

 

 

16,024

 

Appraisal management fee income

 

 

-

 

 

 

11,691

 

 

 

-

 

 

 

11,691

 

Salaries and employee benefits

 

 

27,037

 

 

 

766

 

 

 

406

 

 

 

28,209

 

Occupancy

 

 

8,683

 

 

 

3

 

 

 

-

 

 

 

8,686

 

Appraisal management fee expense

 

 

-

 

 

 

9,263

 

 

 

-

 

 

 

9,263

 

Noninterest expense

 

 

13,908

 

 

 

798

 

 

 

286

 

 

 

14,992

 

Income tax expense (benefit)

 

 

4,749

 

 

 

199

 

 

 

(372)

 

 

4,576

 

Net income (loss)

 

$17,093

 

 

 

662

 

 

 

(1,402)

 

 

16,353

 

Total assets

 

$1,647,020

 

 

 

4,340

 

 

 

602

 

 

 

1,651,962

 

As of and for the year ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$71,830

 

 

 

-

 

 

 

32

 

 

 

71,862

 

Interest expense

 

 

16,066

 

 

 

-

 

 

 

1,077

 

 

 

17,143

 

Net interest income

 

 

55,764

 

 

 

-

 

 

 

(1,045)

 

 

54,719

 

Provision for credit losses

 

 

1,566

 

 

 

-

 

 

 

-

 

 

 

1,566

 

Noninterest income

 

 

13,322

 

 

 

-

 

 

 

-

 

 

 

13,322

 

Appraisal management fee income

 

 

-

 

 

 

9,592

 

 

 

-

 

 

 

9,592

 

Salaries and employee benefits

 

 

25,501

 

 

 

758

 

 

 

381

 

 

 

26,640

 

Occupancy

 

 

7,959

 

 

 

3

 

 

 

-

 

 

 

7,962

 

Appraisal management fee expense

 

 

-

 

 

 

7,559

 

 

 

-

 

 

 

7,559

 

Noninterest expense

 

 

13,059

 

 

 

675

 

 

 

249

 

 

 

13,983

 

Income tax expense (benefit)

 

 

4,591

 

 

 

138

 

 

 

(352)

 

 

4,377

 

Net income (loss)

 

$16,410

 

 

 

459

 

 

 

(1,323)

 

 

15,546

 

Total assets

 

$1,631,767

 

 

 

3,681

 

 

 

462

 

 

 

1,635,910

 

As of and for the year ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$54,416

 

 

 

-

 

 

 

15

 

 

 

54,431

 

Interest expense

 

 

2,796

 

 

 

-

 

 

 

527

 

 

 

3,323

 

Net interest income

 

 

51,620

 

 

 

-

 

 

 

(512)

 

 

51,108

 

Provision for credit losses

 

 

1,472

 

 

 

-

 

 

 

-

 

 

 

1,472

 

Noninterest income

 

 

15,012

 

 

 

14

 

 

 

-

 

 

 

15,026

 

Appraisal management fee income

 

 

-

 

 

 

11,663

 

 

 

-

 

 

 

11,663

 

Salaries and employee benefits

 

 

24,876

 

 

 

917

 

 

 

337

 

 

 

26,130

 

Occupancy

 

 

8,045

 

 

 

3

 

 

 

-

 

 

 

8,048

 

Appraisal management fee expense

 

 

-

 

 

 

9,264

 

 

 

-

 

 

 

9,264

 

Noninterest expense

 

 

11,512

 

 

 

755

 

 

 

301

 

 

 

12,588

 

Income tax expense (benefit)

 

 

4,248

 

 

 

166

 

 

 

(242)

 

 

4,172

 

Net income (loss)

 

$16,479

 

 

 

552

 

 

 

(908)

 

 

16,123

 

Total assets

 

$1,617,212

 

 

 

3,227

 

 

 

488

 

 

 

1,620,927