Reportable Segments

9 Months Ended

Sep. 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 September 30, 2024
Interest income	$	20,458		$	-	$	9		$	20,467
Interest expense		6,635			-		283			6,918
Net interest income		13,823			-		(274	)		13,549
Provision for (recovery of) credit losses		297			-		-			297
Noninterest income		4,022			-		-			4,022
Appraisal management fee income		-			3,073		-			3,073
Noninterest expense		11,988			424		168			12,580
Appraisal management fee expense		-			2,436		-			2,436
Income tax expense (benefit)		1,417			49		(93	)		1,373
Net income (loss)	$	4,143		$	164	$	(349	)	$	3,958
Total assets	$	1,656,990		$	4,183	$	477		$	1,661,650
As of and for the three months ended September 30, 2023
Interest income	$	18,297		$	-	$	9		$	18,306
Interest expense		4,681			-		285			4,966
Net interest income		13,616			-		(276	)		13,340
Provision for (recovery of) credit losses		562			-		-			562
Noninterest income		3,989			-		-			3,989
Appraisal management fee income		-			2,785		-			2,785
Noninterest expense		11,515			401		157			12,073
Appraisal management fee expense		-			2,182		-			2,182
Income tax expense (benefit)		1,215			46		(91	)		1,170
Net income (loss)	$	4,313		$	156	$	(342	)	$	4,127
Total assets	$	1,603,071		$	3,713	$	480		$	1,607,264
As of and for the nine months ended September 30, 2024
Interest income	$	60,319		$	-	$	28		$	60,347
Interest expense		19,228			-		850			20,078
Net interest income		41,091			-		(822	)		40,269
Provision for (recovery of) credit losses		(80	)		-		-			(80	)
Noninterest income		11,986			-		-			11,986
Appraisal management fee income		-			8,668		-			8,668
Noninterest expense		36,113			1,167		520			37,800
Appraisal management fee expense		-			6,863		-			6,863
Income tax expense (benefit)		3,681			147		(282	)		3,546
Net income (loss)	$	13,363		$	491	$	(1,060	)	$	12,794
Total assets	$	1,656,990		$	4,183	$	477		$	1,661,650
As of and for the nine months ended September 30, 2023
Interest income	$	52,680		$	-	$	26		$	52,706
Interest expense		10,466			-		791			11,257
Net interest income		42,214			-		(765	)		41,449
Provision for (recovery of) credit losses		1,161			-		-			1,161
Noninterest income		9,318			-		-			9,318
Appraisal management fee income		-			7,469		-			7,469
Noninterest expense		34,118			1,094		483			35,695
Appraisal management fee expense		-			5,881		-			5,881
Income tax expense (benefit)		3,541			114		(262	)		3,393
Net income (loss)	$	12,712		$	380	$	(986	)	$	12,106
Total assets	$	1,603,071		$	3,713	$	480			1,607,264