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Segment Reporting
 6 Months Ended
Jun. 30, 2021
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, 2020. 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 June 30, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

7,384

 

 

$

1,927

 

 

$

1

 

 

$

—

 

 

$

9,312

 

Provision for loan and lease losses

 

 

515

 

 

 

(17

)

 

 

—

 

 

 

—

 

 

 

498

 

Total non-interest income

 

 

789

 

 

 

154

 

 

 

1,201

 

 

 

(1,335

)

 

 

809

 

Total non-interest expense

 

 

6,365

 

 

 

1,811

 

 

 

339

 

 

 

(116

)

 

 

8,399

 

Income before income taxes

 

 

1,293

 

 

 

287

 

 

 

863

 

 

 

(1,219

)

 

 

1,224

 

Provision for income taxes

 

 

275

 

 

 

71

 

 

 

(75

)

 

 

—

 

 

 

271

 

Net income

 

$

1,018

 

 

$

216

 

 

$

938

 

 

$

(1,219

)

 

$

953

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

949,711

 

 

$

51,836

 

 

$

94,203

 

 

$

(148,804

)

 

$

946,946

 

Total investment securities

 

 

123,502

 

 

 

—

 

 

 

81

 

 

 

—

 

 

 

123,583

 

Total loans, net

 

 

671,661

 

 

 

49,506

 

 

 

—

 

 

 

(43,411

)

 

 

677,756

 

Goodwill and core deposit intangible, net

 

 

8,227

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,227

 

Investment in subsidiaries

 

 

—

 

 

 

—

 

 

 

88,228

 

 

 

(88,228

)

 

 

—

 

Fixed asset additions

 

 

417

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

417

 

Depreciation and amortization expense

 

 

409

 

 

 

24

 

 

 

—

 

 

 

—

 

 

 

433

 

Total interest income from external customers

 

 

7,719

 

 

 

2,340

 

 

 

—

 

 

 

—

 

 

 

10,059

 

Total interest income from affiliates

 

 

413

 

 

 

—

 

 

 

2

 

 

 

(415

)

 

 

—

 

For the six months ended June 30, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

14,472

 

 

$

3,900

 

 

$

4

 

 

$

—

 

 

$

18,376

 

Provision for loan and lease losses

 

 

820

 

 

 

79

 

 

 

—

 

 

 

—

 

 

 

899

 

Total non-interest income

 

 

1,613

 

 

 

304

 

 

 

2,497

 

 

 

(2,654

)

 

 

1,760

 

Total non-interest expense

 

 

12,642

 

 

 

3,649

 

 

 

748

 

 

 

(244

)

 

 

16,795

 

Income before income taxes

 

 

2,623

 

 

 

476

 

 

 

1,753

 

 

 

(2,410

)

 

 

2,442

 

Provision for income taxes

 

 

559

 

 

 

119

 

 

 

(139

)

 

 

—

 

 

 

539

 

Net income

 

$

2,064

 

 

$

357

 

 

$

1,892

 

 

$

(2,410

)

 

$

1,903

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed asset additions

 

 

535

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

539

 

Depreciation and amortization expense

 

 

830

 

 

 

48

 

 

 

—

 

 

 

—

 

 

 

878

 

Total interest income from external customers

 

 

15,161

 

 

 

4,743

 

 

 

—

 

 

 

—

 

 

 

19,904

 

Total interest income from affiliates

 

 

843

 

 

 

—

 

 

 

4

 

 

 

(847

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

All

 

 

 

 

 

 

 

 

 

 

 

Bank

 

 

ALC

 

 

Other

 

 

Eliminations

 

 

Consolidated

 

 

 

(Dollars in Thousands)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

6,442

 

 

$

2,174

 

 

$

7

 

 

$

—

 

 

$

8,623

 

Provision for loan and lease losses

 

 

530

 

 

 

320

 

 

 

—

 

 

 

—

 

 

 

850

 

Total non-interest income

 

 

1,251

 

 

 

191

 

 

 

784

 

 

 

(896

)

 

 

1,330

 

Total non-interest expense

 

 

6,110

 

 

 

2,091

 

 

 

538

 

 

 

(158

)

 

 

8,581

 

Income before income taxes

 

 

1,053

 

 

 

(46

)

 

 

253

 

 

 

(738

)

 

 

522

 

Provision for income taxes

 

 

220

 

 

 

(14

)

 

 

(88

)

 

 

—

 

 

 

118

 

Net income

 

$

833

 

 

$

(32

)

 

$

341

 

 

$

(738

)

 

$

404

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

848,376

 

 

$

60,044

 

 

$

90,684

 

 

$

(153,357

)

 

$

845,747

 

Total investment securities

 

 

103,883

 

 

 

—

 

 

 

81

 

 

 

—

 

 

 

103,964

 

Total loans, net

 

 

561,253

 

 

 

56,742

 

 

 

—

 

 

 

(51,933

)

 

 

566,062

 

Goodwill and core deposit intangible, net

 

 

8,605

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,605

 

Investment in subsidiaries

 

 

—

 

 

 

—

 

 

 

84,718

 

 

 

(84,718

)

 

 

—

 

Fixed asset additions

 

 

223

 

 

 

5

 

 

 

—

 

 

 

—

 

 

 

228

 

Depreciation and amortization expense

 

 

376

 

 

 

31

 

 

 

—

 

 

 

—

 

 

 

407

 

Total interest income from external customers

 

 

6,872

 

 

 

2,907

 

 

 

1

 

 

 

—

 

 

 

9,780

 

Total interest income from affiliates

 

 

733

 

 

 

—

 

 

 

6

 

 

 

(739

)

 

 

—

 

For the six months ended June 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

12,922

 

 

$

4,574

 

 

$

13

 

 

$

—

 

 

$

17,509

 

Provision for loan and lease losses

 

 

778

 

 

 

652

 

 

 

—

 

 

 

—

 

 

 

1,430

 

Total non-interest income

 

 

2,345

 

 

 

428

 

 

 

2,018

 

 

 

(2,164

)

 

 

2,627

 

Total non-interest expense

 

 

12,266

 

 

 

4,260

 

 

 

894

 

 

 

(345

)

 

 

17,075

 

Income before income taxes

 

 

2,223

 

 

 

90

 

 

 

1,137

 

 

 

(1,819

)

 

 

1,631

 

Provision for income taxes

 

 

494

 

 

 

37

 

 

 

(151

)

 

 

—

 

 

 

380

 

Net income

 

$

1,729

 

 

$

53

 

 

$

1,288

 

 

$

(1,819

)

 

$

1,251

 

Other significant items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed asset additions

 

 

442

 

 

 

19

 

 

 

—

 

 

 

—

 

 

 

461

 

Depreciation and amortization expense

 

 

742

 

 

 

64

 

 

 

—

 

 

 

—

 

 

 

806

 

Total interest income from external customers

 

 

14,129

 

 

 

6,047

 

 

 

1

 

 

 

—

 

 

 

20,177

 

Total interest income from affiliates

 

 

1,473

 

 

 

—

 

 

 

12

 

 

 

(1,485

)

 

 

—