SEGMENT REPORTING

12 Months Ended

Dec. 31, 2021

SEGMENT REPORTING

SEGMENT REPORTING

NOTE 18 - 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 for the years ended December 31, 2021 and 2020 (in thousands):

As of and for the year ended December 31, 2021	Wealth Management		Mortgage		Consolidated
Income Statement
Total interest income	$	61,925	$	—	$	61,925
Total interest expense		5,416		—		5,416
Provision for loan losses		1,230		—		1,230
Net interest income, after provision for loan losses		55,279		—		55,279
Non-interest income		24,031		16,119		40,150
Total income before non-interest expense		79,310		16,119		95,429
Depreciation and amortization expense		1,147		53		1,200
All other non-interest expense		56,785		10,164		66,949
Income before income taxes	$	21,378	$	5,902	$	27,280
Goodwill	$	30,588	$	—	$	30,588
Total assets		2,494,207		33,282		2,527,489

As of and for the year ended December 31, 2020	Wealth Management		Mortgage		Consolidated
Income Statement
Total interest income	$	53,334	$	—	$	53,334
Total interest expense		7,232		—		7,232
Provision for loan losses		4,682		—		4,682
Net interest income, after provision for loan losses		41,420		—		41,420
Non-interest income		21,836		29,344		51,180
Total income before non-interest expense		63,256		29,344		92,600
Depreciation and amortization expense		1,035		70		1,105
All other non-interest expense		50,135		8,297		58,432
Income before income taxes	$	12,086	$	20,977	$	33,063
Goodwill	$	24,191	$	—	$	24,191
Total assets		1,798,416		175,239		1,973,655