Reportable Segments

6 Months Ended

Jun. 30, 2024

Reportable Segments

Reportable Segments

(10) 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 following table presents financial information for the reportable segments. The information provided under the caption “Other” represents financial information for the Company, which is  not considered to be a reportable segment, and is included to reconcile the results of the reportable 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 June 30, 2024
Interest income	$	20,060		$	-	$	10		$	20,070
Interest expense		6,371			-		283			6,654
Net interest income		13,689			-		(273	)		13,416
Provision for (recovery of) credit losses		(468	)		-		-			(468	)
Noninterest income		4,340			-		-			4,340
Appraisal management fee income		-			3,181		-			3,181
Noninterest expense		12,019			399		190			12,608
Appraisal management fee expense		-			2,523		-			2,523
Income tax expense (benefit)		1,423			60		(97	)		1,386
Net income (loss)	$	5,055		$	199	$	(366	)	$	4,888
Total assets	$	1,650,872		$	4,035	$	491		$	1,655,398
As of and for the three months ended June 30, 2023
Interest income	$	17,591		$	-	$	8		$	17,599
Interest expense		3,569			-		259			3,828
Net interest income		14,022			-		(251	)		13,771
Provision for (recovery of) credit losses		375			-		-			375
Noninterest income		3,813			-		-			3,813
Appraisal management fee income		-			2,590		-			2,590
Noninterest expense		11,038			360		172			11,570
Appraisal management fee expense		-			2,049		-			2,049
Income tax expense (benefit)		1,418			42		(88	)		1,372
Net income (loss)	$	5,004		$	139	$	(335	)	$	4,808
Total assets	$	1,606,211		$	3,511	$	1,852		$	1,611,574
As of and for the six months ended June 30, 2024
Interest income	$	39,861		$	-	$	19		$	39,880
Interest expense		12,593			-		567			13,160
Net interest income		27,268			-		(548	)		26,720
Provision for (recovery of) credit losses		(377	)		-		-			(377	)
Noninterest income		7,964			-		-			7,964
Appraisal management fee income		-			5,595		-			5,595
Noninterest expense		24,125			743		352			25,220
Appraisal management fee expense		-			4,427		-			4,427
Income tax expense (benefit)		2,264			98		(189	)		2,173
Net income (loss)	$	9,220		$	327	$	(711	)	$	8,836
Total assets	$	1,650,872		$	4,035	$	491		$	1,655,398
As of and for the six months ended June 30, 2023
Interest income	$	34,384		$	-	$	16		$	34,400
Interest expense		5,784			-		507			6,291
Net interest income		28,600			-		(491	)		28,109
Provision for (recovery of) credit losses		599			-		-			599
Noninterest income		5,330			-		-			5,330
Appraisal management fee income		-			4,684		-			4,684
Noninterest expense		22,602			694		326			23,622
Appraisal management fee expense		-			3,699		-			3,699
Income tax expense (benefit)		2,327			67		(171	)		2,223
Net income (loss)	$	8,402		$	224	$	(646	)	$	7,980
Total assets	$	1,606,211		$	3,511	$	1,852		$	1,611,574