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Note 10 - BUSINESS SEGMENT INFORMATION
9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
BUSINESS SEGMENT INFORMATION

NOTE 10 – BUSINESS SEGMENT INFORMATION

Selected financial and descriptive information is required to be disclosed for reportable operating segments, applying a “management perspective” as the basis for identifying reportable segments. The management perspective is determined by the view that management takes of the segments within the Company when making operating decisions, allocating resources, and measuring performance. The segments of the Company have been defined by the structure of the Company's internal organization, focusing on the financial information that the Company's operating decision-makers routinely use to make decisions about operating matters.

The Company’s Commercial Banking business is geographically divided by markets into the operating segments which are the four subsidiary banks wholly owned by the Company:  QCBT, CRBT, CSB, and GB. Each of these operating segments offers similar products and services, but is managed separately due to different pricing, product demand, and consumer markets. Each offers commercial, consumer, and mortgage loans and deposit services.

The Company's All Other segment includes the corporate operations of the parent and operations of all other consolidated subsidiaries and/or defined operating segments that fall below the segment reporting thresholds.  

Selected financial information on the Company's business segments is presented as follows as of and for the three and nine months ended September 30, 2022 and 2021:

Commercial Banking

Intercompany

Consolidated

    

QCBT

    

CRBT

    

CSB

    

GB*

    

All other

    

Eliminations

    

Total

(dollars in thousands)

Three Months Ended September 30, 2022

  

  

Total revenue

$

26,583

$

34,157

$

14,127

$

25,523

$

36,283

$

(36,311)

$

100,362

Net interest income

 

18,117

 

17,160

 

10,183

 

18,196

 

(3,242)

 

355

 

60,769

Provision for credit losses

 

554

 

(35)

 

(269)

 

(250)

 

 

 

Net income (loss) from continuing operations

 

7,758

 

14,475

 

4,106

 

9,196

 

29,542

 

(35,783)

 

29,294

Goodwill

 

3,223

 

14,980

 

9,888

 

109,516

 

 

 

137,607

Intangibles

 

 

1,344

 

2,184

 

14,018

 

 

 

17,546

Total assets

 

2,218,166

 

2,108,614

 

1,270,426

 

2,107,407

 

1,045,774

 

(1,020,338)

 

7,730,049

 

  

 

  

 

  

 

 

 

  

 

Three Months Ended September 30, 2021

 

  

 

  

 

  

 

  

 

  

 

  

 

Total revenue

$

22,630

$

41,415

$

11,445

$

10,886

$

36,749

$

(36,806)

$

86,319

Net interest income

 

16,862

 

14,784

 

9,303

 

7,058

 

(2,121)

 

343

 

46,229

Provision for loan/lease losses

 

247

 

(733)

 

596

 

(110)

 

 

 

Net income (loss) from continuing operations

 

8,704

 

19,730

 

3,243

 

4,590

 

31,740

 

(36,442)

 

31,565

Goodwill

 

3,223

 

14,980

 

9,888

 

45,975

 

 

 

74,066

Intangibles

 

 

1,824

 

2,816

 

5,217

 

 

 

9,857

Total assets

 

2,106,631

 

2,019,018

 

1,140,933

 

880,143

 

828,808

 

(961,025)

 

6,014,508

Nine Months Ended September 30, 2022

 

  

 

  

 

  

 

  

 

  

 

  

 

Total revenue

$

72,785

$

91,083

$

37,534

$

57,036

$

91,989

$

(92,383)

$

258,044

Net interest income

 

53,971

 

46,576

 

29,365

 

42,789

 

(7,845)

 

1,046

 

165,902

Provision for loan/lease losses

 

(88)

 

(971)

 

(554)

 

9,897

 

 

 

8,284

Net income (loss) from continuing operations

 

26,153

 

38,860

 

11,606

 

13,327

 

68,982

 

(90,768)

 

68,160

Goodwill

 

3,223

 

14,980

 

9,888

 

109,516

 

 

 

137,607

Intangibles

 

 

1,344

 

2,184

 

14,018

 

 

 

17,546

Total assets

 

2,218,166

 

2,108,614

 

1,270,426

 

2,107,407

 

1,045,774

 

(1,020,338)

 

7,730,049

Nine Months Ended September 30, 2021

 

  

 

  

 

  

 

  

 

  

 

  

 

Total revenue

$

65,590

$

98,270

$

32,677

$

28,813

$

86,699

$

(86,477)

$

225,572

Net interest income

 

48,800

 

42,395

 

26,343

 

19,606

 

(6,342)

 

918

 

131,720

Provision for loan/lease losses

 

2,495

 

759

 

2,718

 

741

 

 

 

6,713

Net income (loss) from continuing operations

 

24,547

 

42,271

 

8,414

 

10,544

 

72,008

 

(85,888)

 

71,896

Goodwill

 

3,223

 

14,980

 

9,888

 

45,975

 

 

 

74,066

Intangibles

 

 

1,824

 

2,816

 

5,217

 

 

 

9,857

Total assets

 

2,106,631

 

2,019,018

 

1,140,933

 

880,143

 

828,808

 

(961,025)

 

6,014,508

* On April 1, 2022, the Company acquired GFED and merged its subsidiary bank, Guaranty Bank, into Springfield First Community Bank with the combined bank operating under the Guaranty Bank name.