SEGMENT REPORTING

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company’s reportable segments consist of Wealth Management and Mortgage. The chief operating decision maker ("CODM") is the Chief Executive Officer. The measure of profit or loss used by the CODM to identify and measure the Company’s reportable segments is income before income tax.

The Wealth Management segment consists of operations relative to the Company’s fully integrated wealth management products and services. Services provided include deposit, loan, insurance, and trust and investment management advisory products and services.

The Mortgage segment consists of operations relative to the Company’s residential mortgage service offerings. Mortgage products and services are financial in nature for which premiums are recognized net of expenses, upon the sale of mortgage loans to third parties.

The following presents the financial information for each segment that is specifically identifiable or based on allocations using internal methods as of or during the periods presented (dollars in thousands):

As of or for the three months ended September 30, 2023	Wealth Management		Mortgage		Consolidated
Income Statement
Total interest income	$	36,267	$	214	$	36,481
Total interest expense	19,715		—		19,715
Provision for credit losses	329		—		329
Net interest income, after provision for credit losses	16,223		214		16,437
Non-interest income	5,424		675		6,099
Total income before non-interest expense	21,647		889		22,536
Depreciation and amortization expense	581		8		589
All other non-interest expense	15,964		1,761		17,725
Income (loss) before income taxes	$	5,102	$	(880)	$	4,222
Goodwill	$	30,400	$	—	$	30,400
Total assets	2,989,028		13,725		3,002,753

As of or for the three months ended September 30, 2022	Wealth Management		Mortgage		Consolidated
Income Statement
Total interest income	$	26,638	$	157	$	26,795
Total interest expense	3,733		—		3,733
Provision for credit losses	1,756		—		1,756
Net interest income, after provision for credit losses	21,149		157		21,306
Non-interest income	5,333		856		6,189
Total income before non-interest expense	26,482		1,013		27,495
Depreciation and amortization expense	596		10		606
All other non-interest expense	16,761		1,893		18,654
Income (loss) before income taxes	$	9,125	$	(890)	$	8,235
Goodwill	$	30,400	$	—	$	30,400
Total assets	2,713,652		15,047		2,728,699

As of and for the nine months ended September 30, 2023	Wealth Management		Mortgage		Consolidated
Income Statement
Total interest income	$	107,009	$	556	$	107,565
Total interest expense	52,791		—		52,791
Provision for credit losses	1,862		—		1,862
Net interest income, after provision for credit losses	52,356		556		52,912
Non-interest income	13,364		2,503		15,867
Total income before non-interest expense	65,720		3,059		68,779
Depreciation and amortization expense	1,747		25		1,772
All other non-interest expense	50,687		4,902		55,589
Income (loss) before income taxes	$	13,286	$	(1,868)	$	11,418
Goodwill	$	30,400	$	—	$	30,400
Total assets	2,989,028		13,725		3,002,753

As of and for the nine months ended September 30, 2022	Wealth Management		Mortgage		Consolidated
Income Statement
Total interest income	$	67,969	$	576	$	68,545
Total interest expense	6,607		—		6,607
Provision for credit losses	2,485		—		2,485
Net interest income, after provision for credit losses	58,877		576		59,453
Non-interest income	17,043		4,232		21,275
Total income before non-interest expense	75,920		4,808		80,728
Depreciation and amortization expense	1,666		34		1,700
All other non-interest expense	51,192		6,309		57,501
Income (loss) before income taxes	$	23,062	$	(1,535)	$	21,527
Goodwill	$	30,400	$	—	$	30,400
Total assets	2,713,652		15,047		2,728,699

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