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Segment Reporting
 9 Months Ended
Sep. 30, 2020
Segment Reporting Disclosure Of Entitys Reportable Segments [Abstract]  
Segment Reporting

13.

SEGMENT REPORTING

Under ASC Topic 280, Segment Reporting, certain information is disclosed for the two reportable operating segments of Bancshares: the Bank and ALC. The reportable segments were determined using the internal management reporting system. These segments comprise Bancshares’ and the Bank’s significant subsidiaries. The accounting policies for each segment are the same as those described in Note 2, “Summary of Significant Accounting Policies,” of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2019. The segment results include certain overhead allocations and intercompany transactions that were recorded at current market prices. All intercompany transactions have been eliminated to determine the consolidated balances. The results for the two reportable segments of the Company are included in the tables below.

 

 

 

 

 

 

 

 

 

 

 

All

 

 

 

 

 

 

 

 

 

 

 

Bank

 

 

ALC

 

 

Other

 

 

Eliminations

 

 

Consolidated

 

 

 

(Dollars in Thousands)

 

As of and for the three months ended September 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

6,953

 

 

$

2,008

 

 

$

4

 

 

$

—

 

 

$

8,965

 

Provision for loan and lease losses

 

 

1,038

 

 

 

8

 

 

 

—

 

 

 

—

 

 

 

1,046

 

Total non-interest income

 

 

1,294

 

 

 

167

 

 

 

710

 

 

 

(796

)

 

 

1,375

 

Total non-interest expense

 

 

6,489

 

 

 

2,009

 

 

 

388

 

 

 

(139

)

 

 

8,747

 

Income before income taxes

 

 

720

 

 

 

158

 

 

 

326

 

 

 

(657

)

 

 

547

 

Provision for income taxes

 

 

156

 

 

 

45

 

 

 

(65

)

 

 

—

 

 

 

136

 

Net income

 

$

564

 

 

$

113

 

 

$

391

 

 

$

(657

)

 

$

411

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

855,830

 

 

$

56,640

 

 

$

91,035

 

 

$

(150,564

)

 

$

852,941

 

Total investment securities

 

 

93,325

 

 

 

—

 

 

 

80

 

 

 

—

 

 

 

93,405

 

Total loans, net

 

 

622,491

 

 

 

53,903

 

 

 

—

 

 

 

(48,789

)

 

 

627,605

 

Goodwill and core deposit intangible, net

 

 

8,502

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,502

 

Investment in subsidiaries

 

 

—

 

 

 

—

 

 

 

85,096

 

 

 

(85,096

)

 

 

—

 

Fixed asset additions

 

 

156

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

158

 

Depreciation and amortization expense

 

 

404

 

 

 

30

 

 

 

—

 

 

 

—

 

 

 

434

 

Total interest income from external customers

 

 

7,276

 

 

 

2,720

 

 

 

—

 

 

 

—

 

 

 

9,996

 

Total interest income from affiliates

 

 

712

 

 

 

—

 

 

 

4

 

 

 

(716

)

 

 

—

 

For the nine months ended September 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

19,875

 

 

$

6,582

 

 

$

17

 

 

$

—

 

 

$

26,474

 

Provision for loan and lease losses

 

 

1,816

 

 

 

660

 

 

 

—

 

 

 

—

 

 

 

2,476

 

Total non-interest income

 

 

3,639

 

 

 

595

 

 

 

2,728

 

 

 

(2,960

)

 

 

4,002

 

Total non-interest expense

 

 

18,755

 

 

 

6,269

 

 

 

1,282

 

 

 

(484

)

 

 

25,822

 

Income before income taxes

 

 

2,943

 

 

 

248

 

 

 

1,463

 

 

 

(2,476

)

 

 

2,178

 

Provision for income taxes

 

 

650

 

 

 

82

 

 

 

(216

)

 

 

—

 

 

 

516

 

Net income

 

$

2,293

 

 

$

166

 

 

$

1,679

 

 

$

(2,476

)

 

$

1,662

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed asset additions

 

 

598

 

 

 

21

 

 

 

—

 

 

 

—

 

 

 

619

 

Depreciation and amortization expense

 

 

1,146

 

 

 

94

 

 

 

—

 

 

 

—

 

 

 

1,240

 

Total interest income from external customers

 

 

21,405

 

 

 

8,767

 

 

 

1

 

 

 

—

 

 

 

30,173

 

Total interest income from affiliates

 

 

2,185

 

 

 

—

 

 

 

16

 

 

 

(2,201

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

All

 

 

 

 

 

 

 

 

 

 

 

Bank

 

 

ALC

 

 

Other

 

 

Eliminations

 

 

Consolidated

 

 

 

(Dollars in Thousands)

 

As of and for the three months ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

6,205

 

 

$

3,136

 

 

$

6

 

 

$

—

 

 

$

9,347

 

Provision for loan and lease losses

 

 

545

 

 

 

338

 

 

 

—

 

 

 

—

 

 

 

883

 

Total non-interest income

 

 

1,176

 

 

 

212

 

 

 

1,520

 

 

 

(1,494

)

 

 

1,414

 

Total non-interest expense

 

 

5,773

 

 

 

2,467

 

 

 

455

 

 

 

(149

)

 

 

8,546

 

Income before income taxes

 

 

1,063

 

 

 

543

 

 

 

1,071

 

 

 

(1,345

)

 

 

1,332

 

Provision for income taxes

 

 

136

 

 

 

139

 

 

 

(61

)

 

 

—

 

 

 

214

 

Net income

 

$

927

 

 

$

404

 

 

$

1,132

 

 

$

(1,345

)

 

$

1,118

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

773,036

 

 

$

109,852

 

 

$

89,141

 

 

$

(200,099

)

 

$

771,930

 

Total investment securities

 

 

114,229

 

 

 

—

 

 

 

80

 

 

 

—

 

 

 

114,309

 

Total loans, net

 

 

533,861

 

 

 

106,223

 

 

 

—

 

 

 

(95,565

)

 

 

544,519

 

Goodwill and core deposit intangible, net

 

 

8,934

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,934

 

Investment in subsidiaries

 

 

5

 

 

 

—

 

 

 

83,460

 

 

 

(83,460

)

 

 

5

 

Fixed asset additions

 

 

172

 

 

 

42

 

 

 

—

 

 

 

—

 

 

 

214

 

Depreciation and amortization expense

 

 

372

 

 

 

37

 

 

 

—

 

 

 

—

 

 

 

409

 

Total interest income from external customers

 

 

6,546

 

 

 

4,480

 

 

 

1

 

 

 

—

 

 

 

11,027

 

Total interest income from affiliates

 

 

1,345

 

 

 

—

 

 

 

6

 

 

 

(1,351

)

 

 

—

 

For the nine months ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

18,200

 

 

$

9,534

 

 

$

19

 

 

$

—

 

 

$

27,753

 

Provision for loan and lease losses

 

 

635

 

 

 

1,363

 

 

 

—

 

 

 

—

 

 

 

1,998

 

Total non-interest income

 

 

3,362

 

 

 

659

 

 

 

4,485

 

 

 

(4,536

)

 

 

3,970

 

Total non-interest expense

 

 

17,404

 

 

 

7,201

 

 

 

1,375

 

 

 

(477

)

 

 

25,503

 

Income before income taxes

 

 

3,523

 

 

 

1,629

 

 

 

3,129

 

 

 

(4,059

)

 

 

4,222

 

Provision for income taxes

 

 

647

 

 

 

403

 

 

 

(185

)

 

 

—

 

 

 

865

 

Net income

 

$

2,876

 

 

$

1,226

 

 

$

3,314

 

 

$

(4,059

)

 

$

3,357

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed asset additions

 

 

2,736

 

 

 

120

 

 

 

—

 

 

 

—

 

 

 

2,856

 

Depreciation and amortization expense

 

 

1,100

 

 

 

105

 

 

 

—

 

 

 

—

 

 

 

1,205

 

Total interest income from external customers

 

 

19,515

 

 

 

13,246

 

 

 

2

 

 

 

—

 

 

 

32,763

 

Total interest income from affiliates

 

 

3,712

 

 

 

—

 

 

 

18

 

 

 

(3,730

)

 

 

—