Reportable Segments

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Reportable Segments

NOTE 10 – Reportable Segments

The Company’s reportable segments represent the distinct product lines the Company offers and are viewed separately for strategic planning purposes by management. The three segments include Commercial and Retail Banking, Mortgage Banking, and Corporate. The following schedule presents financial information for each reportable segment.

	Three months ended								Three months ended
	June 30, 2020								June 30, 2019
	Commercial								Commercial
	and Retail		Mortgage			Elimin-		Consol-	and Retail		Mortgage			Elimin-		Consol-
(dollars in thousands)	Banking		Banking	Corporate		ations		idated	Banking		Banking	Corporate		ation		idated
Interest income	$	23,709	282	6		(6	)	23,991	$	22,933	155	3		(3	)	23,088
Interest expense		3,723	-	500		(6	)	4,217		6,391	-	161		(3	)	6,549
Net interest income (loss)		19,986	282	(494	)	-		19,774		16,542	155	(158	)	-		16,539
Provision for loan losses		10,200	-	-		-		10,200		300	-	-		-		300
Noninterest income		3,431	5,776	-		-		9,207		1,260	2,830	-		-		4,090
Noninterest expense		10,191	2,368	85		-		12,644		9,609	1,699	60		-		11,368
Net income (loss) before taxes		3,026	3,690	(579	)	-		6,137		7,893	1,286	(218	)	-		8,961
Income tax provision (benefit)		728	775	(44	)	-		1,459		1,498	270	(47	)	-		1,721
Net income (loss)	$	2,298	2,915	(535	)	-		4,678	$	6,395	1,016	(171	)	-		7,240
Total assets	$	2,435,095	46,645	252,371		(251,816	)	2,482,295	$	2,103,085	12,497	203,335		(202,873	)	2,116,044

25

	Six months ended								Six months ended
	June 30, 2020								June 30, 2019
	Commercial								Commercial
	and Retail		Mortgage			Elimin-		Consol-	and Retail		Mortgage			Elimin-		Consol-
(dollars in thousands)	Banking		Banking	Corporate		ations		idated	Banking		Banking	Corporate		ation		idated
Interest income	$	47,378	478	10		(10	)	47,856	$	44,453	247	6		(6	)	44,700
Interest expense		9,057	-	939		(10	)	9,986		12,023	-	326		(6	)	12,343
Net interest income (loss)		38,321	478	(929	)	-		37,870		32,430	247	(320	)	-		32,357
Provision for loan losses		16,200	-	-		-		16,200		600	-	-		-		600
Noninterest income		4,681	8,444	-		-		13,125		2,397	4,687	-		-		7,084
Noninterest expense		20,690	4,175	151		-		25,016		19,075	2,821	120		-		22,016
Net income before taxes		6,112	4,747	(1,080	)	-		9,779		15,152	2,113	(440	)	-		16,825
Income tax provision (benefit)		1,499	997	(227	)	-		2,269		3,225	444	(93	)	-		3,576
Net income (loss)	$	4,613	3,750	(853	)	-		7,510	$	11,927	1,669	(347	)	-		13,249
Total assets	$	2,435,095	46,645	252,371		(251,816	)	2,482,295	$	2,103,085	12,497	203,335		(202,873	)	2,116,044

Commercial and retail banking. The Company’s primary business is to provide traditional deposit and lending products and services to its commercial and retail banking clients.

Mortgage banking. The mortgage banking segment provides mortgage loan origination services for loans that will be sold in the secondary market to investors.

Corporate. Corporate is comprised primarily of compensation and benefits for certain members of management and interest on parent company debt.