Segment Reporting

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

Note 16 – Segment Reporting

We are in the business of providing financial services and subsequent to the acquisition of Severn in the fourth quarter of 2021 we operate in two business segments – community banking and mortgage-banking. Community banking is conducted through the Bank and involves delivering a broad range of financial services, including lending and deposit taking, to individuals and commercial enterprises. This segment also includes our treasury and administrative functions. Mortgage-banking is conducted through the residential mortgage division of the Bank and involves originating first and second-lien residential mortgages for sale in the secondary market.

The following tables present certain information regarding our business segments for the three and nine months ended September 30, 2022.

	Community				Consolidated
(Dollars in thousands)	Banking		Mortgage Banking		Total
For the Three Months Ended September 30, 2022
Interest Income	$	30,420	$	156	$	30,576
Interest Expense		3,250		11		3,261
Net interest income		27,170		145		27,315
Provision for credit losses		675		—		675
Net interest income after provision for credit losses		26,495		145		26,640
Noninterest income		4,664		680		5,344
Noninterest expense		18,184		715		18,899
Income (loss) before income taxes		12,975		110		13,085
Income tax expense (benefit)		3,398		29		3,427
Net income (loss)	$	9,577	$	81	$	9,658
Total assets, September 30, 2022	$	3,432,079	$	14,725	$	3,446,804

	Community				Consolidated
(Dollars in thousands)	Banking		Mortgage Banking		Total
For the Nine Months Ended September 30, 2022
Interest Income	$	81,066	$	500	$	81,566
Interest Expense		7,177		30		7,207
Net interest income		73,889		470		74,359
Provision for credit losses		1,475		—		1,475
Net interest income after provision for credit losses		72,414		470		72,884
Noninterest income		13,581		3,643		17,224
Noninterest expense		55,535		3,788		59,323
Income before income taxes		30,460		325		30,785
Income tax expense		7,934		82		8,016
Net income	$	22,526	$	243	$	22,769
Total assets, September 30, 2022	$	3,432,079	$	14,725	$	3,446,804