Segment Information

12 Months Ended

Dec. 31, 2024

Segment Information

Segment Information

27. Segment Information

The Company’s reportable segment is determined by the Chief Financial Officer, who is the designated chief operation decision maker (“CODM”), based upon information provided about the Company’s products and services offered, primarily banking operations. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business (such as branches), which are then aggregated if operating performance, products/services and customers are similar. The CODM evaluates the financial performance of the Company’s business components such as revenue streams, significant expenses and budget to actual results in assessing the Company’s segment and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments and deposits provide revenues in the banking operations. Interest expense, provisions for credit losses and employee benefits and compensation provide the significant expenses in the banking operations. All operations are domestic.

Accounting policies for segments are the same as those described in Note 2. Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of significant segment totals to the financial statements:

(Dollars in thousands)	Year Ended
	December 31,
Banking Segment	2024		2023
Interest Income	$	37,116	$	33,181
Reconciliation of revenue
Other revenues		5,825		5,321
Total Consolidated revenues	$	42,941	$	38,502
Less:
Interest expense		14,187		10,489
Segment net interest income and noninterest income	$	28,754	$	28,013
Less:
Provision for credit losses		534		500
Employee compensation and benefits expense		11,470		10,809
Other segment items*		9,542		9,138
Income tax expense		979		970
Segment net income/consolidated net income	$	6,229	$	6,596
Reconciliation of assets
Total assets for reportable segments		848,874		870,555
Total consolidated assets	$	848,874	$	870,555

* Other segment items include expenses for professional services, technology, occupancy and overhead.