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Reportable Segments | 3 Months Ended
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Mar. 31, 2025
Reportable Segments |
Reportable Segments | (9) 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 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 three months ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 19,963 |  |  |  | - |  |  |  | 7 |  |  |  | 19,970 |
Interest expense |  |  | 5,785 |  |  |  | - |  |  |  | 241 |  |  |  | 6,026 |
Net interest income |  |  | 14,178 |  |  |  | - |  |  |  | (234 | ) |  |  | 13,944 |
Provision for credit losses |  |  | 268 |  |  |  | - |  |  |  | - |  |  |  | 268 |
Noninterest income |  |  | 3,487 |  |  |  | - |  |  |  | - |  |  |  | 3,487 |
Appraisal management fee income |  |  | - |  |  |  | 3,042 |  |  |  | - |  |  |  | 3,042 |
Salaries and employee benefits |  |  | 6,466 |  |  |  | 220 |  |  |  | 102 |  |  |  | 6,788 |
Occupancy |  |  | 2,018 |  |  |  | 10 |  |  |  | - |  |  |  | 2,028 |
Appraisal management fee expense |  |  | - |  |  |  | 2,419 |  |  |  | - |  |  |  | 2,419 |
Noninterest expense |  |  | 3,083 |  |  |  | 188 |  |  |  | 67 |  |  |  | 3,338 |
Income tax expense (benefit) |  |  | 1,325 |  |  |  | 47 |  |  |  | (85 | ) |  |  | 1,287 |
Net income (loss) |  | $ | 4,505 |  |  |  | 158 |  |  |  | (318 | ) |  |  | 4,345 |
Total assets |  | $ | 1,687,711 |  |  |  | 4,545 |  |  |  | 729 |  |  |  | 1,692,985 |
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 |
Salaries and employee benefits |  |  | 6,683 |  |  |  | 196 |  |  |  | 101 |  |  |  | 6,980 |
Occupancy |  |  | 2,110 |  |  |  | 1 |  |  |  | - |  |  |  | 2,111 |
Appraisal management fee expense |  |  | - |  |  |  | 1,904 |  |  |  | - |  |  |  | 1,904 |
Noninterest expense |  |  | 3,313 |  |  |  | 147 |  |  |  | 61 |  |  |  | 3,521 |
Income tax expense (benefit) |  |  | 841 |  |  |  | 38 |  |  |  | (92 | ) |  |  | 787 |
Net income (loss) |  | $ | 4,165 |  |  |  | 128 |  |  |  | (345 | ) |  |  | 3,948 |
Total assets |  | $ | 1,647,611 |  |  |  | 3,847 |  |  |  | 504 |  |  |  | 1,651,962 |

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