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Reportable Segments
 3 Months Ended
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