SEGMENT REPORTING

9 Months Ended

Sep. 30, 2024

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, 2024	Wealth Management		Mortgage		Consolidated
Income Statement
Total interest income	$	37,818	$	272	$	38,090
Total interest expense	22,522		—		22,522
Provision for credit losses	501		—		501
Net interest income, after provision for credit losses	14,795		272		15,067
Non-interest income	5,501		1,471		6,972
Total income before non-interest expense	20,296		1,743		22,039
Depreciation and amortization expense	642		8		650
All other non-interest expense	17,436		1,282		18,718
Income before income taxes	$	2,218	$	453	$	2,671
Goodwill	$	30,400	$	—	$	30,400
Total assets	$	2,897,317	$	14,631	$	2,911,948

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 nine months ended September 30, 2024	Wealth Management		Mortgage		Consolidated
Income Statement
Total interest income	$	113,813	$	729	$	114,542
Total interest expense	67,126		—		67,126
Provision for credit losses	2,907		—		2,907
Net interest income, after provision for credit losses	43,780		729		44,509
Non-interest income	16,648		4,573		21,221
Total income before non-interest expense	60,428		5,302		65,730
Depreciation and amortization expense	1,884		25		1,909
All other non-interest expense	52,284		3,872		56,156
Income before income taxes	$	6,260	$	1,405	$	7,665
Goodwill	$	30,400	$	—	$	30,400
Total assets	$	2,897,317	$	14,631	$	2,911,948

As of or 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

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